Take a detailed look at what IAM is, the benefits it can provide for your business, and the best IAM tools available on the market today.
March 25th, 2022
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Discover everything you need to know about identity access management (IAM) in our handy guide. We’ll take a detailed look at what IAM is, the benefits it can provide for your business, and the best IAM tools available on the market today. We’ll also show you exactly how (and why) you should get started with Veriff.
Before we start to discuss the benefits of IAM tools, we first need to ask the question, “what is identity access management?”
Put simply, IAM ensures that the right individuals gain access to the right resources for the right reasons. Identity access management is the process of defining and managing the ever-changing roles and privileges of identities across a business. In essence, IAM systems are designed to identify, authenticate, and authorize.
For example, when a user inputs their login information, their identity will be checked against a database to verify if the entered credentials match the ones stored in the database. This person will then be granted permissions that match their role. For example, a contributor logging onto a content management system will be allowed to post their work, but they will not be able to make changes to the work of another user.
In reality, this example is a very simplistic version of IAM. In the modern world, systems used for IAM include single sign-on systems, two-factor authentication, multifactor authentication and privileged access management. Plus, these technologies also offer the ability to securely store identity and profile data as well as data governance functions, ensuring that only data that is necessary and relevant is shared. Without an IAM system in place, anyone could access company files, which could create a data breach.
In today’s world, identity access management is vital for preventing data breaches. After all, since the Covid-19 pandemic, we’ve become more reliant on digital technology than ever before. This is particularly true of the younger generations, who are more prone to using online services. But, whether we’re applying for a bank account or signing up for a new service, it’s vital that we protect our identity and keep sensitive information secure.
Plus, in the world of business, the Covid-19 pandemic has also led to a sharp rise in the adoption of cloud technology and remote working. Due to this, companies must now maintain a consistent experience for employees who need to connect to corporate resources without sacrificing security.
Identity access management is hugely important for businesses that need to protect access to corporate resources. It automatically ensures that the right people have the right access to the right information.
Thanks to this real-time access control, identity access management tools can ensure that companies meet risk management and compliance mandates. On top of this, identity access management frameworks also ensure that users cannot gain access to sensitive information.
Although some people believe that identity access management is for large businesses, the technology is suitable for everyone. In fact, in smaller businesses, it can play a significant role in the security of a business, ensuring all sensitive information is managed in an automated way. Plus, the technology is highly scalable and can grow with your company.
An effective IAM solution will provide your business with numerous benefits, including:
When utilized correctly, IAM tools can manage identities, accesses, and permissions. This limits the likelihood of a data breach from an insider threat (for example an employee storing the organization’s business assets on their personal computer) or outsider threat (such as a data breach).
As technology has improved over the course of the last decade, identity access management tools have been revolutionized.
In the olden days, access management systems used to use passwords and digital certificates to authenticate an identity. However, advancements in technology now mean that access management systems are even more secure. Today, it’s far more common for these systems to use biometrics, AI and machine learning, and risk-based authentication.
Various tools are used to set up processes and procedures as part of an IAM framework. But, all of them have different purposes and use cases, so you’ll need to identify which IAM tool is right for the needs of your business. That said, three of the most popular IAM tools are:
CloudKnox manages identities within the cloud. It has an activity-based authorization system, and uses machine learning to analyze previous activities across all platforms.
It labels itself as the “only multi-cloud, hybrid cloud permissions management platform that provides granular visibility, automated remediation, and continuous monitoring”. Using CloudKnox, you can discover who is doing what, when, and where across your cloud infrastructure.
With the help of CloudKnox, you can know your exact level of insider threat risk. Plus, you can also enjoy streamlined and easy-to-understand reports that can help you take immediate action to mitigate avoidable risk.
Due to its position as a market leader, CloudKnox is popular in the identity access management industry. As a result, the tool has also won a number of awards, including the Info Security Products Guide Global Excellence “Gold” Award (2020). The company was also a Cybersecurity Excellence Awards Winner (2020) and a TAG Cyber Distinguished Vendor (2021).
Although Microsoft Azure is usually used in the cloud, its use can also be extended to physical devices. Like CloudKnox, it’s also one of the market leaders and is one of the largest identity access management tools around.
Microsoft Azure Active Directory currently manages more than 1.2 billion identities and processes over 8 billion authentications every day. On top of this, it’s estimated that Microsoft invests over $1 billion annually on cybersecurity research and development. The company also employs 3,500 security experts.
Microsoft Azure Active Directory has more certifications than any other cloud provider, and Microsoft claims that it can protect users from 99.9% of cybersecurity attacks. The tool uses:
CyberArk is a leading provider of identity access management tools and the company is loved for the variety of solutions it provides.
CyberArk breaks down the identity and access management sides of the process into different offerings, giving customers a chance to use the specific type of IAM they need to successfully secure their company.
According to the company, CyberArk software can “secure access across any device, anywhere, at just the right time”. As an identity security leader, CyberArk products are used by more than 6,900 customers from 110 countries. This includes around 50% of Fortune 500 companies and around 35% of the Global 2000.
One thing that sets CyberArk software apart from the crowd is the company’s drive for innovation. As well as being consistently ranked a leader in the industry, the company currently has more than 230 patents and pending applications in the US and worldwide.
CyberArk also claims that 40% of the companies that experienced the largest breaches in the last decade turned to them for a solution.
Today, identity management solutions are offered by a range of providers. However, several identity and access management vendors provide solutions that fail to meet the needs of the modern customer.
Here at Veriff, we make customer identity and access management easy. With our identity and access management solutions, you can manage user access and keep your business safe, all without damaging customer retention rates.
We understand that remote onboarding is vital in the modern world. This is why our products have been designed to provide a seamless customer identity and access management process. We provide a smooth UX for honest users, and a fraud engine that detects, prevents, and adapts to fraudsters in real-time. It’s fast, accurate, and ensures customer satisfaction while keeping your business safe and compliant.
Our best-in-class customer IAM system integrates into business enrollment and verification protocols. It utilizes identity verification for user onboarding and identification to comply with KYC and AML regulations. Plus, our Face Match technology can be used for authentication purposes. It allows for passwordless access and improves the security of high-value transactions.
On top of this, to help support your business and keep all parties safe, we employ automated biometrics-based identity verification for a seamless, AI-guided user experience. We also offer data validation and enhanced document tampering detection.
At Veriff, we’re confident that our product will make your customer identity and access management process fast, accurate, and secure. We ensure customer satisfaction while keeping your business safe. Plus, you can keep regulators happy and increase customer conversions.
Ready to see how Veriff can help your business? Speak to the team to see exactly how our solutions can provide you with safe, secure, and scalable onboarding processes. Book a free consultation today to learn more. Alternatively, discover more about us and see what our customers have to say.
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