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The Importance of Identity and Access Management Should Never Be Overlooked

This article lists the reasons why IAM or Identity and Access Management matters in today’s digital world in the field of cyber security and data protection.

  • Identity and Access Management makes sure that the legitimate parties have the right to access to the right information at the right time, while shunning out the illegitimate parties out of the systems. This is one of the key roles of IAM in information security. The parties encompassing the employees, customers, contractors, vendors, and even devices require access to systems and as such they also need the establishment of their identities and access provisioning while the on board process is ongoing. Subsequent processes are required to eliminate access as soon as the relationship has ended and monitor activities to inspect if any hacking or unauthorized activities have been attempted.

 

  • The parties who have been granted the access to the system pose the greatest risk, as they are often the identity theft target of hackers who require to gain their access privileges to the systems. Whether the access management mechanism is deployed, the simplest way for hackers to access the system is to steal the current access. One of the procedures for stealing the current access and obtaining unauthorized access to the systems is by the means of phishing emails. These emails are the root cause of most of the hacking and data breach cases. In other words, no matter if you have invested in information security and leading edge security systems, access is prone to be compromised if the current access is not safeguarded and often parties with current access can pose the greatest risk. This is why you need to integrate IAM.
  • The parties who have access to the systems and resources tend to make judgment errors when they are faced with phishing attacks and other hacking means by offering their sensitive access information to the hackers. This is because of lack of education and training about the importance of keeping their information confidential and the methods for detecting and mitigating the attempts of the hacker to steal the access information.
  • The parties who have access to the systems and the authority to perform tasks are commonly the ones that commit fraud and cover their tracks to prevent or delay the detection. Corrupt insider risks are a real thing and this is another aspect where IAM solutions can be integrated to monitor the user activities and look for unusual transactions on the basis of predetermined criteria.

  • And last but not the least, IAM matters as the regulatory requirements expand for customer identification, identity theft prevention, suspicious activity detection and reporting, IAM solutions are required to validate, track, and report for compliance purposes. From a standpoint of regulatory compliance, integrating IAM services can help the companies handle various requirements like KYC or Know your Customer, and other related CIP or Customer Identification Program, transaction monitoring for SAR or Suspicious Activity Reporting, and Red Flags Rule for identity fraud prevention.

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