IAM is the first choice to avoid a data breach. Many organizations, and government agencies seem to ignore this fact completely or simply don’t give importance to it. IAM is also termed access management or digital identity. IAM is designed to define security policies and technologies ensuring that the right people in an organization, have the correct access, to technology resources.
With cyberthreats everywhere, IAM broadens and widens the security scope and brings more security power to an organization. IAM ensure the right people get the right access at the right time securely without any obstacles and manages the digital assets in an organization.
IAM tools include password-management tools, provisioning software, security-policy enforcement applications, reporting and monitoring apps and identity repositories. IAM is also available in on-premises systems like Microsoft SharePoint and cloud-based systems like Microsoft Office 365.
Here is what makes identity management critical to enterprises:
- User Credentials are often compromised which serves as an entry point into an organization’s network and its digital assets.
- SSO with SAML with multi factor authentication (MFA) layer
- IAM also helps in Managed services and for certain specific users, they can be granted Privilege Access Management
- Enterprises use identity management to safeguard their information assets against the rising threats of ransom ware, criminal hacking, phishing and other malware attacks.
- Regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley, and HIPAA hold organizations accountable for controlling access to customer and employee information.
- IAM helps in organization’s compliance and regulation policy.
- The growing popularity of connected devices and the Internet of Things (IoT) are expected to create a substantial demand for IAM solutions within organizations.
- Government bodies with its strict compliance to restraint the increasing number of data theft has made organizations to improve their IT security.
- The demand for IAM is soaring high which is due to the policy-based compliance and audit management.
The global IAM market size is expected to reach USD 24.12 billion by 2025, at a CAGR of 13.1% over the forecast period according to a new report by Grand View Research, Inc. Proliferation of cloud services and Bring Your Own Devices (BYOD) within the organization have raised concerns and provided a potentially gateway for threats.