Friday, May 17, 2024

The Benefit of Identity Access Management to a Business

Identity access management (IAM) is an IT tool that enables authorized persons to access business resources when needed. It only allows the right people to use the enterprise premises and IT resources. Previously, companies used on-premise IAM, but with the continuous integration of cloud-based services, it is now possible to combine both frameworks.

Security within an organization cuts across diverse department within an organization; from finance to administration and even human resource management, it can become disastrous when confidential information falls into the wrong hands. Suitable IAM services should address security issues while at the same ensuring that the framework does not hinder the effectiveness of business activities. Here are some of the benefits of integrating IAM strategies into your business:

Enhance security

Large and small businesses experience both employee turnover and interdepartmental transfers. What happens when the employee leaves but they still have access to company’s confidential information such as sales, targets, strategies, legal issues? Well, former employees can share with competitors or use it in any way they feel like. IAM platforms enable the IT staff to delete or block such users when they leave the company or get transferred to another department.

Increase business value

It can also provide an opportunity for employees to share information across departments and branches located in different locations. Users working on the same projects can all be grouped under one IAM platform to share data and research results thus increasing collaboration with other companies.

It is actually cheaper in the long for a business to use Identity management services. The management does not have to worry who has access to what. Putting up IAM strategies makes it easy to run the business without security or reputation concerns.

Boost employee productivity

With businesses outsourcing their services to remote workers all over the world, it is no longer a necessity to report physically to an office. Even permanent employees can access company’s details when they are not in the office. A robust IAM service helps a business to allow such employees have access to only the required information. They can, therefore, finish assignments and submit them wherever they are in the world. This is just one example of the many ways that IAM can help to boost productivity!

Reduce IT workload

In the past, IT workforce had to go through each user in the organization to determine who has access to what and who doesn’t. But with IAM they can classify users according to roles, departments and even rank to determine accessibility to resources automatically. It is also much faster and easier to use IAM software that depends on humans for authorizing accessibility to resources.

Compliance with industry standards

Noncompliance with regulatory bodies such as FCA, GDPR, and the Data Protection Act can lead to fines and even closure of the business. An automated system helps companies to have access to detailed reports to show their compliance to set rules and regulations when needed. IT staff can also monitor and audit how users’ credentials are being operated. In case an employee credential is comprised then they can quickly identify when and who was affected and make the necessary changes.

Some advanced IAM solutions also restrict access based on user’s location and time of day. This a unique feature that helps business makes the process of identifying users easier.

Although an IAM service can be seen as costly, the benefits outweigh the costs. It will only be an expensive project if it does not fulfill the security needs of the enterprise. Companies should, therefore, identify IAM strategy that is easy, fast and secure to use and revoke but still in compliance with regulatory bodies.

Elliot Preece
Elliot Preece
Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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