Why is IAM Implementation important.

 

Identity and Access Management (IAM) is a critical component of enterprise security. IAM solutions allow organizations to manage user identities, control access rights, and define authentication methods for all users across their networks. With IAM in place, businesses can ensure that only authorized personnel with correct privileges have access to sensitive data and systems.

Identity and Access Management market size & Need

• The cloud-based identity & access management market is anticipated to grow at a CAGR of more than 16% over the forecast timeline due to its several benefits, such as economies of scale, no hardware deployment, reduced costs, and simplified management.Cloud IBN – one of the top cloud company in Pune India helps your organization with cloud deployment, management and migration services.
• The market is projected to grow from USD 13.41 billion in 2021 to USD 34.52 billion in 2028 at a CAGR of 14.5 % 2021.
• About 90% of financial institutions are affected by data breaches, out of which 60% are cases of identity abuse.
• 61% of all breaches involve credentials, whether they be stolen via social engineering or hacked using brute force.
• 99% of IDSA’s respondents who had suffered an identity-related breach believe that these types of attacks are preventable.

IAM impacts different industries.

Identity and access management (IAM) is becoming increasingly important for a variety of industries as we move towards more interconnected digital ecosystems. IAM solutions can help organizations in different sectors protect their data and resources by establishing consistent policies, processes, and protocols. Here are some ways that IAM has the potential to impact different industries:

Healthcare:

The healthcare industry is rapidly adopting new technologies to improve patient care, but these advancements also bring with them new security challenges. With the rise of electronic health records (EHRs), identity management systems can ensure that only authorized personnel can access sensitive patient information such as medical histories, diagnoses, and prescriptions.

Hospitals and clinics must comply with stringent industry regulations such as HIPAA, which requires organizations to protect patient data with advanced security measures. IAM solutions can help healthcare providers ensure compliance, while also protecting patient data from unauthorized access.

Financial Services:

Financial institutions must adhere to stringent industry regulations such as GDPR, PCI-DSS, and SOX to protect customer information and financial assets. Identity management systems can provide a secure authentication process for customers, as well as enforce consistent policies around user authorization and access control. This helps financial service organizations minimize the risk of cybercrime and comply with government regulations.

Retail:

Online retail stores are increasingly vulnerable to cyberattacks due to their reliance on digital technologies. IAM solutions can help retailers protect customer data by establishing strong credentials and multi-factor authentication processes. Additionally, identity management systems can enable employees to easily access the data they need to do their jobs efficiently while still protecting customer information from unauthorized users.

These are just a few examples of how identity and access management can impact different industries. As businesses move towards more digital ecosystems, IAM solutions will play an increasingly important role in keeping data secure and compliant with industry regulations.

What Are the Benefits of Using IAM?

There are numerous benefits to implementing an IAM system, from preventing breaches to lowering your IT overhead.

• Prevent Breaches
• Integrate Identity Governance and Authentication Tools
• Improve Compliance
• Streamline Provisioning and Deprovisioning
• Provides Data Confidentiality
• Reduces the Chance of Human Error
• Effective Ways of Accessing the Resources
• Single Sign-on Capabilities
• Centralized Identity Store
• Supports an Organization’s Incident Management & Response
• Potential Insider Threats Can Be Detected in Real-Time.