Your organization’s top management is doing everything it takes to scale the business and ensure the brand enjoys goodwill and valuable market standing. However, despite putting in solid effort—from implementing brilliant business strategies, innovative products and services to spending enormous funds on marketing activities and embracing digitalization—the business does not achieve the desired scalability. This might be an indication of a glaring need for identity and access management. Here are five parameters or signs that will help you assess if your organization needs to deploy an IAM solution.
#1 Your Business Suffers Frequent Cyber Attacks
Malicious actors are never at rest. They are always operating and scanning for companies that might be vulnerable enough for their next attack. To make things difficult, they have improvised on their attacking techniques by leveraging technology.
Some loopholes in the organization like obsolete authentication, insider threats, inefficient cyber security assessment, orphan accounts etc. open the doorway to massive cyberattacks and data hacks.
As organizations deploy IAM, they can secure identities with new-age, password-less authentication1 techniques like MFA2, biometrics3, soft-tokens, etc. This reduces insider threats and aids in better cyber security assessments.
#2 Inefficient Management of Cloud Environment
The Covid-19 influenced business climate has accelerated the adoption of cloud technology by businesses. As these cloud-based businesses gain momentum, they primarily focus on the benefits of cloud technology such as scalability, better operational efficiency, reduced IT costs, etc. but take a step back when it comes to securing their cloud infrastructure and the data associated with it.
Ideally, cloud businesses must adopt IDaaS (Identity as a Service). IDaaS is a third-party cloud environment where business information including identities and various types of data are hosted. Our blog on IDaaS4 delves into how businesses end up with an inefficient cloud environment due to unsuitable IDaaS providers, calling for the need for a good IAM solution for businesses operating on the cloud.
#3 Low Productivity and Operational Efficiency
While scaling a business, bringing in great talent is absolutely crucial. You need to recruit the best of minds who bring in innovative ideas and strategies to turn things around. However, when many employees are onboarded, provisioning accesses is not an easy task if done manually. Onboarding the employees, granting and managing accesses based on their roles, revoke accesses due to role changes or exits – These are taxing processes that dissipate productivity and efficiency.
An IAM solution will automate access provisioning and the identity governance capability will monitor accesses, ensuring that only the right user has access to the right applications.
#4 Lack of Budgets and Resources for IT Teams
The IT or tech support department is primarily responsible for securing the organization from cyber threats. However, lack of IT work force and budgets is a common problem faced by the IT teams. In fact, if the organization gets breached, the costs for implementing remedial measures are much higher. Instead, investing in a robust IAM solution proactively is the best way to preempt attacks and the resulting costs. It is mostly a one-time investment and ROI is high.
#5 Adherence to Compliance Is a Struggle
As cybersecurity and privacy management gain importance, organizations are encouraged (and in most cases, compelled) to adhere to certain security laws and standards such as GDPR5, HIPAA, CCPA, etc.
Good IAM solutions are built as per these security standards. Implementing an IAM solution makes adherence to regulatory compliance a seamless process.
So, if your organization experiences one or more than one of the above-mentioned signs, you should consider deploying a comprehensive IAM solution.