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    Securing Your Business With Identity Management

    Securing your business with identity aim management (IAM) or identity (ID) management systems, is a process wherein you limit access to sensitive company data. Having ID management in place ensures that your technology resources fall in the right hands, thus, preventing both external and internal risks of a data breach or cyberattack.

    Bear in mind that IAM management solutions do not solely consist of security technologies. For example, you can boost your company's cybersecurity scheme with third-party protection products like cybersecurity insurance. Overall, strive to create a unique system framework that addresses your company's specific data protection and management needs.

    How Do You Implement Identity Management?

    Identity management frameworks consist of technical and organizational systems. The technical aspect of identity management focuses on equipping the system with the essential software programs and hardware devices to boost security, streamline daily operations, and reduce the risk of data breaches.

    Some traditional systems to incorporate into your framework include the following:

    • Multi-factor authentication
    • ID management
    • SSO authentication methods

    Although, bear in mind that technological advancements have far improved the devices you can add to your identity management framework. There's no need to limit yourself to traditional access control programs.

    On the other hand, organizational systems include strategies to execute and follow through on the framework's goals. For example, you can have a designated IT officer change the access control settings on confidential data every month or so.

    Struggling to grasp the basics of cyber insurance? Assured Standard has multiple resources on the importance of cybersecurity and how they can help business owners in the event of a cyberattack. To learn more, check out our free guide on the basics of cyber liability insurance.

    What are the benefits of identity management?

    1. Reduced Risk of Cyberattacks

    Never undermine the risk of a data breach. Statistics show that a cyberattack occurs every 39 seconds and that each piece of data you lose would cost $150 to recover. Without the proper access control framework, your entire database would be at risk.

    Fortunately, setting up efficient, streamlined authentication solutions on the personally identifiable information (PII) your business stores can go a long way in data security.

    2. Utilization of Cloud-Based Technologies

    With a structured, functional management software program, companies can confidently store sensitive data like employee user credentials, customer identity details, and sales invoices on cloud-based storage systems without worrying about data breaches. The space you free up in your physical hardware devices would lead to thousands of dollars worth of savings.

    3. Combats Internal Threats

    Expanding companies that start losing control over what their employees can access leave themselves open to internal threats. Reports indicate that 68% of modern corporations in the country fear insider threats.

    4. Boosted Employee Productivity

    Have your employees create individual users and accounts so you can remotely track their activity. Apart from ensuring that they do not access restricted files, you can stimulate productivity by limiting access to recreational apps and websites as well (e.g., Facebook, Instagram, Netflix).

    5. Faster Log-In Speed

    With single sign-on (SSO) technology, users would be able to log into their accounts without having to retype their username-password combination every time.

    What are IAM best practices?

    Here are some simple, practical tips to help you roll out security implications efficiently and maximize your new identity management framework:

    Collaborate With Different Departments

    Don't leave the administration of your identity management systems solely to the information technology (IT) managers. The company's IT administrators play a significant role in integrating modern software and hardware programs into the system to improve efficacy. However, their responsibilities stop there.

    Assess Employees Carefully

    Deciding who can access company resources is a tedious, time-consuming task. Even with an automated password management system, employers will still need to do a manual assessment. As a result, many opt to cut the process short.

    Do not make the same mistakes. The only way to utilize your internal access controls is to take your time in analyzing a person's character—especially when allocating sensitive company information. If possible, create multiple assessment stages with varying interviewers.

    Create a Proper Execution Strategy

    IAM frameworks require more than just security software programs and technologies. For these systems to yield results, you have to create a specific strategy that supports the framework. Meet your employees, install the necessary hardware devices, and assign officers to oversee daily operations.

    Give Equal Importance to External and Internal Data Security

    Focusing all company resources toward preventing solely external or internal data breaches is a common mistake. To resolve this issue, strive to stay objective. Negative emotions like fear or distrust can cloud your sense of judgment and cause unnecessary panic.

    Frequently Asked Questions

    What does IAM mean?

    IAM stands for Identity and Access Management. It is a process that helps businesses manage the users who have access to their resources, systems, data or network. This acronym may also be known as IAMM (Identity & Access Management Manager).

    Why are identity and access management important?

    IAM systems help you keep track of employee activity. Knowing that only certain employees can view programs and applications will make it challenging for someone who is unauthorized to gain access, which can improve your security.

    What is IAM role?

    IAM roles are a powerful way to limit permissions for AWS service requests. With IAM, you can create trusted entities such as an application or user that assumes the role of another entity-such as EC2 and grant it certain permissions rather than giving them complete access on their own.

    What are the components of managed identity?

    An IDM system can be used to automate access management, authentication, and provisioning of users. This helps ensure that only authorized entities are able to gain entry into the company's resources as well as provide a seamless experience for employees without having their credentials stolen or being locked out by misconfigurations.

    The efficacy of any identity management system heavily relies on proper execution. Security policies and modern access management systems play equally crucial roles, so don't prioritize one over the other. Otherwise, you'll compromise the integrity of your framework and leave the company prone to both internal and external cyberattacks.

    Also, one-size-fits-all systems never work. Instead, create a unique, customized framework for your company. Brainstorm with the different company departments to uncover areas for improvement in your current framework, and then see which access management solutions would address the identified issues.

    Does your business have sufficient cybersecurity coverage? Assured Standard explains that different companies have varying levels of need when it comes to insurance protection. Check out our guide on determining how much cyber insurance your company needs.

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