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How Improving Your Company’s IAM Will Save You Money

Identity and access management tools help organizations streamline their processes without compromising security. What follows are a few ways in which a robust IAM strategy can save your company money. 

Reduced Insurance Rates

Prevention, detection and response are the triumvirate of cybersecurity strategy. Since another phrase: “a breach is not a question of ‘if,’ but when” is also dominant within the industry, organizations understand the need to create a robust cybersecurity strategy but it must also prepare for the inevitable worst-case scenario. 

Enter cyber insurance. Cyber insurance policies are gaining traction and many major business insurers offer digital protection. Insurers are able to provide the response necessary to mitigate legal fees, recoup losses and restore brand reputation. An organization IT department can lower rates by providing a security infrastructure that complies with regulations, meets high standards and implements the latest cybersecurity technology. Investing in your company’s identity and access management support will save money in the long run.

Refined Access Controls

When Microsoft unveiled its Active Directory program, managers and IT departments received their introduction to access management. Employers were able to track users across the enterprise. They were also able to limit access to sensitive information. However, this was a machine-to-user security that depended on firewalls and other perimeter-centric security strategies that are no longer relevant within a cloud-based digital infrastructure. The result of outdated security measures is increased access, privilege creep and lack of monitoring.

Privilege creep occurs when employees move to different positions within an organization but never have their passwords changed or access denied. This can also occur when employees retire or switch jobs. Role-based access management is a feature of IAM that works to limit access and prevent privilege creep. It also works across devices, meaning that employees will not be able to access information on public networks, on private devices or other insecure areas. 

It has been estimated that up to 60-percent of data breaches are employee-caused. When unauthorized parties enter restricted digital areas, IAM specialists recognize reported flags and respond appropriately. Not only does monitoring access, rapid de-provisioning and attention to the identity management lifecycle contribute to improved security, but it also reduces the risk of sensitive information appearing on the dark web due to a disgruntled, or a bribed employee.

Increased Efficiency

The shipping and logistics industry is one of many industries that rely on third-party vendors and partnerships to achieve their business goals. When logistics companies require efficient communication between vendors in field settings, they find that increased security can slow things down. IAM strategies mitigate these problems by providing single-sign-on technology. Single-sign-on allows authorized employees access to multiple, cloud-based applications with one password, thanks to improved integration technology. 

When combined with a robust IAM strategy that focuses on rapid provisioning and de-provisioning of identities, supply and logistics organizations are able to limit or open access as needed.

Simplified Regulatory Compliance and Reporting

Legal firms, insurance companies and pharmaceutical organizations are a few industries that struggle with regulatory compliance. For organizations with multi-state or international reach, regulatory compliance can be something of a nightmare. IAM solutions that are embedded within existing digital infrastructure simplify data-gathering and reporting, while continuously meeting regulations through automated updates and settings. 

In order to reap the full security and monetary benefits of identity access management, IAMs must be deployed across existing systems. In other words, if an organization uses a mix of legacy data alongside numerous applications that fail to communicate with one another, then deploying an IAM strategy is difficult if not impossible. Choosing a cloud-based IAM strategy with the capacity to work across platforms and applications allows each piece of digital real estate to report back to the system which can then monitor and track user activity. For financial institutions, such a coordinated security system is a necessity as it impedes employees from accessing information that could compromise the organization’s integrity.

Using security strategies like single-sign-on, role-based access, biometrics, multi-factor authorization and other measures, organizations can reduce the risk of external and internal data breaches. A reduction of risk results in decreased insurance rates, higher customer satisfaction, improved brand reputation and an increase in employee productivity.

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