Here's why businesses should take identity and access management (IAM) solutions seriously

2023 is approaching fast, and numerous businesses are carrying stakeouts to strengthen their identity security strategies. More and more businesses slowly realize the value behind protecting critical data and applications from unauthorized access. Industries popularly known to use IAM solutions for decades include Banking, Financial Services, and Insurance (BFSI), healthcare, IT and telecom, government, and others. However, the problem with these industries is that they are still stuck to the conventional centralized platforms to manage user access and permissions.

2023 is approaching fast, and numerous businesses are carrying stakeouts to strengthen their identity security strategies. More and more businesses slowly realize the value behind protecting critical data and applications from unauthorized access. Industries popularly known to use IAM solutions for decades include Banking, Financial Services, and Insurance (BFSI), healthcare, IT and telecom, government, and others. However, the problem with these industries is that they are still stuck to the conventional centralized platforms to manage user access and permissions.

Currently, progressing towards innovative IAM solutions is filled with numerous challenges:

• Vast amounts of information owing to numerous identities must be verified and secured
• Higher level of technical debt and security baggage
• Staggered speed of change or a lack of willingness to embrace transformative technologies
• Poor identity management solutions

Disparate or scattered IAM solutions have taken a backseat. Biometrics, like retinal scans, facial recognition systems, and fingerprints, are highly preferred among business leaders today for ensuring authorized users in networked systems. However, what might seem like a fool-proof strategy has an inherent challenge - biometrics are non-modifiable and permanent, thus inviting security risks. This calls for an added layer of protection focused on safeguarding biometric data.

Disparate or scattered IAM solutions have taken a backseat. Biometrics, like retinal scans, facial recognition systems, and fingerprints, are highly preferred among business leaders today for ensuring authorized users in networked systems. However, what might seem like a fool-proof strategy has an inherent challenge - biometrics are non-modifiable and permanent, thus inviting security risks. This calls for an added layer of protection focused on safeguarding biometric data.

In the coming days, self-sovereign identity, or the concept of individual control over one’s entire identity rather than giving powers to a third-party provider, is about to be launched. The individual’s information is kept secure through encryption in a permanent blockchain across a distributed system. This is known to grow into a significant contributor to the recently developed decentralized access systems as only the individual gets to decrypt their data on a need-basis. An audit trail is another technology that can draw out a user's entire login history, access request, permission grants, changes performed, or engagement recorded. Additionally, it involves monitoring activities, detecting fraud, and meeting compliance requirements.

During close interactions with industry leaders, our cybersecurity professionals have observed that many security-first organizations lean towards a single comprehensive authentication system. Recent studies suggest that almost 75% of businesses will leverage a single vendor for identity and access management solutions. Moreover, Cloud, Artificial intelligence (AI), and Machine Learning (ML) technologies are used to create IAM innovations.

Cybalt is a leading IAM solutions provider that has helped many businesses find the right comprehensive package depending on the organization's size, needs, and budget. Many businesses, as a result, have accelerated their progress with high-velocity deliverable digital solutions that ensure holistic and round-the-clock cyber protection. Get in touch with the cybersecurity experts at Cybalt to know more about how you can step up your identity verification systems.