As an IT admin, you’ve probably seen dramatic changes in how businesses operate. In the last few years, employees vacated highrises in droves and fled to home offices for remote work, trading daily commutes for short walks to their desks and Starbucks cups for homemade brews. But those aren’t the only shifts in lifestyle we’ve seen of late: A major challenge for businesses has been overseeing cybersecurity.
This challenge has been amplified during the transition from in-office to working from home: unsecured at-home WiFi and many personal devices, like tablets and laptops that employees use to access business data, make cybersecurity even more complex. While businesses may struggle to secure these devices, hackers see an opportunity.
These cybersecurity vulnerabilities aren’t just a result of remote work, though. Cloud-based storage and BYOD (bring your own device) policies have long provided hackers with opportunities for cyberattacks. Additionally, regulations like the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPR) are putting an added burden on companies to abide by strict legislation.
But it’s not hopeless—IAM (identity and access management) is an automated tool that thoroughly examines your organization’s network connections and user activities to identify risks and resolve cybersecurity gaps. Effective IAM can 1) protect organizations from costly hacks and breaches and 2) save IT admins hundreds of hours of work each year, freeing up their time for more complex tasks.
The projected global IAM market size by 2027 is $25.6 billion, a compound annual growth rate of 13.7% from 2022.
More than ever, cybercriminals are able to circumvent corporate firewalls and launch malware attacks. And these cyberattacks do not come cheap. The median costs of incidents and breaches to small and medium-sized businesses in 2020 were as follows:
A lack of resources, like budget and personnel, is a major contributing factor to these types of breaches and another reason small and medium-sized companies are hit the hardest. Without the ability to manage in-house cybersecurity and suspicious network activity, businesses are at an increased risk for cyberattacks.
IAM is an automated, cloud-connected system that can help companies manage user activity, identify and flag cybersecurity gaps, and automatically implement changes, easing the pressure on admins. Here’s a quick overview of the specifics. IAM can:
A real-time overview of network connections and user activities is essential for businesses to manage in-house cybersecurity. This overview is exactly what IAM provides through four domains: authentication, authorization, user management, and a central user repository.