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An Enterprise Identity Crisis: The Obsolescence of Traditional IAM in Today’s World

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Every business has gained a greater value and difficulty in managing identity with the advent of the digital world. Identity and Access Management (IAM) systems which once were a pivotal aspect for enterprise security are now direly out of touch with what modern businesses require. Given remote employment trends, increasing pressure on regulatory compliance and other evolving factors, businesses are understanding that making the switch to more sophisticated and scalable identity solutions is no longer a choice, it is a necessity.

The Change of Identity Within Enterprises

When considering how significant of a change the enterprise identity concept has been over the years, it is easy to see why it has altered so much. Even the historical identity management, to say the least, was basic and much simpler than today’s as it would stay within predetermined boundaries such as company buildings, a set number of users and applications. Today’s scenario is vastly different: With the rise of cloud storage, mobile employees, and third-party apps the environment mushroomed. Now companies are required to deal with an infinite number of user identities including, but not limited to, working personnel, partners and devices.

The sharp amplification of applications, tools, services, and hybrid environments has mitigated numerous challenges and increased resources. Even though the operational flexibility and faster growth can be realized by enterprises, the existing IAM systems cannot adequately protect these complicated systems.

Current Trends in Identity Management Systems  

Globalization fast-tracked the demand for hybrid workforce, that brought a distinctive set of challenges for IAM. Employees are more likely to work from different devices and locations than their office, meaning traditional IAM cannot work anymore. There is a clear distinction that IAM policies are static, and workforces across the globe are dynamic, and IAM cannot further be relied upon.  

Secondly, security threats were ever increasing and now are at an all-time high. Being a cyber security company, IAM related hacks were the apex of breaches. Considering 2023 Verizon Data Breach Investigation Report, it was observed that 80% of their data breaches were due to compromised credentials, while the use of weak or reused passwords compounded the issue causing organizations to fall prey to phishing, credential stuffing, and other nefarious schemes.  

Another challenge that IAM faces is the compliance requirement. The introduction of CCPA and GDPR has made it even tougher. Noncompliance to these regulations now leads to hefty penalties. Unfortunately, many of these compliance requirements lack in significant auditing, reporting and monitoring capability that has been the Achilles Heal of IAM.  

Hence, deploying an in adequate IAM comes at its own cost. Lack of efficient IAM systems can result in an imbalance in organizational trust, loss of efficiency across numerous business sectors and the expenses that arise from a breach.

According to the 2023 Cost of a Data Breach Report by IBM, companies who implement robust identity management and AI aided solutions on average end up saving $2.22 million dollars on a single breach. This clearly exhibits that businesses would do well to upgrade their IAM systems to modern versatile ones that reduce risks.

Making a Business Case for Modern Technology

To solve these issues, large organizations need to adopt a modern approach of managing identities and prioritize user experience as well as security and scalability. AI-aided biometrics help us in the creation of Modern IAM systems which aid us in many forms such as:

  • Improved Protection: The capability to use multi-factor authentication (MFA) and biometric verification lowers the chance of having unwanted and unapproved access.
  • Increased Productivity: Admin work such as governance and identity provisioning can be automated.
  • Wider Range of User Experience: Employees and customers can securely sign in with a single set of credentials which uses SSO and adaptive authentication.
  • Law Agility: Any modern IAM solution has the added features of reporting and auditing, which takes away the hassle of agile law regulations because one does not have to do it manually.

Factors of Strategy Considerations

In ensuring a business goal is met and there is proper long-term growth, the modern IAM solution must have a strategic way of implementation.

Key factors to keep in mind are:

  1. Conduct a Comprehensive Needs Assessment: Identify current pain points and future requirements to select a solution that meets your organization’s unique needs.
  2. Establish Zero Trust Architecture: Implement a security model that assumes no user is trustworthy and every access request should be verified at all times.
  3. Implement AI and Machine Learning: Deploy AI-driven insights for identifying deviations through threat forecasting and optimizing identity governance procedures.
  4. Build for Growth: Invest in a solution that is likely to encompass new users, applications, and integrations as your business expands.

TrueID: Revolutionized Identity Management

The demand for effective identity management has no doubt intensified in this fast-growing digital era. TrueID is well aware of such challenges and thus, enables enterprises to build strategy with up-to-date tools.

Solely built for business and compliance requirements, TrueID’s identity security platform offers tools from biometric encrypted authentication through to AI powered authentication anomaly tracking So whether you are looking at hybrid workforce security, customer experience enhancement, effective IT strengthening, you can rest assured to have a trustworthy partner in TrueID.

Conclusion

Enterprise identity crisis isn’t only a technical issue, it has turned into a business strategic issue too. An institution can improve its growth by moving away from the past IAM systems to more modern intelligent systems which will secure their possessions and empower their employees.

TrueID is willing to assist C level leaders rethink about the identity management for the digital age. Because securing the identity in today’s world is not only a necessity, it is a competitive edge, let us demonstrate how your identity management strategy can be adapted through your understanding of AI and advanced biometrics concepts.

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