In a world of interconnected people, systems and things, identity and access management (IAM) is a fast-paced game of managing the other players that you will have to play against. Digital transformation, extended global enterprise, and consumerization of information technology has shifted identity and access management to the core of digital businesses.
Initially a means to manage user identities and manage access to systems or devices, IAM is now used to uniquely profile users, track their needs and behaviors, and drive efficiency and engagement. While digital transformation initiatives deliver significant value, they potentially put more resources at risk and increase the enterprise security threat surface. You have no choice but to play the game of identity.
But why should you take this IAM game seriously? It is projected that the identity and access management market will grow to be $24 billion by the year 2022. The marketing of it is segmented into provisioning, single sign-on, advanced authentication, audit, compliance and governance, directory services, and password management.
A proficient IAM platform can be a game changer for all businesses that manage customer, business partner and device identities, especially as they grow in scale. Handling these identities, protecting sensitive data, and providing continuous authentication, can be extremely costly without an IAM platform to manage these intricate processes.
It is no surprise that the high degree of complexity within multi-tiered partners and user relationships, significantly increases the risk of security vulnerability. So let’s share a few game-changing facts:
- 1 in 4 companies will have a major breach each year
- Average cost of a data breach is $3.6 million, with an average 5% decrease in share value
- Fines associated with security breaches are projected to increase by 4,500%
- 53% of data breaches result from human error
- 34% of cybercrimes are committed by an insider
Further, the Internet of things (IoT) is expected to reach 20 billion connected devices by 2020, exponentially increasing security risk. Heterogeneous and high-velocity IoT environments cause havoc in navigating complex ecosystems. They also dramatically increase the surface attack that product managers and process operators need to protect. Long gone are the days of static policies and traditional identity and access management. Digital transformation and IoT call for new techniques to identity and authorization management that are dynamic, transient and contextual.
So, here are some key rules that will help you manage through the game of identity:
- Ability to securely share information with a large network of external organizations
- Built-in support for external organization constructs and managing access at different levels
- Cross-organization delegated administration supporting multiple-level organizational hierarchy
- Out of the box support for integration, from cloud to enterprise WAM and legacy applications
- Ease of use and ease of support from a true cloud-native vendor
Having a sound strategic approach to IAM can drive real savings and value. Reduced software cost through cloud IAM, reduction in threat surface area with a single sign-on (SSO) model, and reduced cost in compliance penalties to name a few. These are just some of the benefits that OpenText Covisint solution for IAM has provided to enterprises for over 15 years. Our platform is unique in its ability to manage not only the identities of people, systems and things, but also the dynamic permissions that govern how they can securely exchange data with each other.
But you will need to decide how you approach the game. Here are a few thoughts to start with:
- How do you manage all the external identities that touch your enterprise?
- Do users have access to the resources they need to drive your success?
- How do you ensure all interactions are secure, authorized and compliant?
- How do you de-provision organizations and users when access is no longer needed?
- How much to you spend each year on fees associated from security breaches?
Fact is, IAM is a fast-paced, ever-changing game, and one that you can’t afford to lose, nor choose not to play.
We can help. Learn more about OpenText™ Covisint solutions for IAM and IoT here.