The New World Order of Data Security
If your policies are inadequate, your processes inefficient, and your controls almost non-existent, then you’ll be unable to manage the security of the ever-increasing volume of highly sensitive data. It’s a frightening scenario when you consider the growing trend of Bring Your Own Device (BYOD), Internet of Things (IoT), mobility and remote employees—all generating data and all heightening the vulnerability of the company to being breached.
Because of these factors, the need for Identity and Access Management (IAM) has exploded. Consider the 2018 Verizon Data Breach Investigations Report finding that hacking (93% of breaches) was the most common threat action reported as one of the causes of data breaches, and that within the hacking category 81% of the attacks used stolen credentials. For instance, the massive eBay breach in May 2014 compromised 145 million users—all because hackers gained access into the company network for 229 days using the credentials of three corporate employees.
What also adds pressure and reinforces the need for identity security and governance measures are compliance regulations such as the new European Union (EU) GDPR (General Data Protection Regulation) and Canada’s PIPEDA (Personal Information Protection and Electronic Documents Act). The foundation of IAM principles are Authentication and Authorization. With these programs and technical controls in place, you can prevent attacks like the eBay breach mentioned above.
It’s critical, therefore, that you implement a sound IAM approach to manage the complexity and volume of data and to bolster your company’s ability to protect intellectual property and individual privacy from both internal and external threats. IAM protects your company through password-management tools, multi-factor authentication, security-policy enforcement, provisioning software, reporting and monitoring apps, identity repositories, and more.