Individuals who deal with sensitive data regularly need to have an assurance that the information they use is kept safe. Whether working in industries such as healthcare, insurance, banking, or higher education, companies need security measures in place that make sense and do not open them up to liability. The use of Identity Access Management (IAM) technology can guarantee that all confidential information remains safe while it is still easily accessible to those who need it.
Modern IAM solutions help enforce company policies and ensure compliance with industry-specific external regulations. For example, an employee may have permission to access certain files and documents, like customer information. But that same person does not have permission to access other areas of the system, such as the payroll module. An IAM solution can automatically manage each system user to ensure that only those who have permission to access specific areas are allowed to do so. This is referred to as the principle of least privilege (POLP), which is a security best practice that limits user access rights to the minimum number necessary for them to perform their work.
By using an IAM system to handle permissions in an automated fashion, the margin for error is significantly decreased. Your internal systems are more secure, and the employees assigned to these previously manual tasks should see a decrease in their workload, allowing for increased productivity in other areas of their job.
How Does IAM Work?
Identity Access Management manages digital identities using specific security measures and frameworks to create preventative solutions. Identity management works by securing the authentication of identities and authorizing access that allows users to perform particular actions. While different IAM products have different features, Provision™, Exclamation Labs’ flagship product for Identity Access Management elevates security by enforcing user-specific, policy-driven permissions through a single source of provisioning system access.
While an IAM user may have one digital identity for themselves, they may have administrative privileges to set up provisioning for many other accounts that belong to customers or clients. Each of these accounts also has different access information that helps keep confidential details safe. IAM systems allow companies to track every system data access point and to produce audit-ready documentation upon request from auditors, HR professionals, or other IT professionals.
Think of all the different systems an IT team manages in a day. Everything from email solutions to the HR database and software subscriptions. It can be overwhelming to manage all of these tasks, particularly when employees quit, get promoted, etc. It is virtually impossible to keep up with unless there is an automation component to your system.
Why is IAM so Important?
Financial institutions face a significant risk with security breaches because they must store a lot of personal details on the same system linked to their customer’s bank account. The ability to keep your client’s information safe can help your company be more successful.
Having strict permissions in place is beneficial when it comes to preventing a breach of security. One universal problem for IT at financial institutions, for example, is remaining compliant with the numerous regulations set by the FDIC and the NCUA. When you use an IAM system, you largely eliminate that issue. That’s because the IAM system helps provide informative data trails and clear permission reports for employees, which are often requested by auditors. This is an excellent time-saver for the IT staff when preparing for the next audit.
What are the Benefits of Implementing IAM?
There are several reasons why IAM is essential for various industries that deal with confidential data. Here are a few things to consider if you are thinking about implementing IAM technology for your data security.
Decrease the Risk of Security Breaches
Security breaches are rampant with small businesses and major corporations alike. And most occurrences are tied to digital credentials that are either mismanaged or very weak. Login information such as email addresses and passwords can become very difficult to keep track of when there is no proper control system in place. An IAM system allows system administrators to implement automation for many account-related tasks such provisioning and de-provisioning. Provision IAM provides both identity management and governance, and actively documents all data in a well-structured audit log.
Help Companies Meet Compliance Requirements
Different industries count on varying levels of security to keep their information safe. Identity access management platforms help organizations meet the specific compliance demands for their industry. The technology also helps improve digital safety in the areas of personnel turnover, role changes, and providing access to new employees.
The Ability to Have More Control Over Who Has Access to Confidential Data
When you have more control over the confidential information stored on your system, you have a better chance of keeping those details safe. IAM systems make it possible for businesses to control who sees their client’s personal information, and who doesn’t. It adds a layer of security to this information and helps protect against dangerous system breaches.
Not sure if an IAM solution is right for your bank or credit union? Schedule a complimentary call with one of our IAM specialists to assess Provision for your institution.