Identity and Access Management (IAM) Trends

Identity and data security is a serious challenge that enterprises have been facing for a long time. With the developing technologies and changing work environments, data, identity, and access management have become important, now more than ever. As per a recent report, almost 78% of businesses have reported an identity-related breach that has directly impacted their business. Ninety-six percent of respondents think that by using better identity-based zero-trust protections, they might have prevented the hack and its effects.

With the increasing security risks, many businesses have had to make major adjustments to the way they handle access and identities. By understanding these challenges, their business impact, and catering to requirements, a powerful, scalable, and adaptable identity and access management (IAM) solution can be devised. Here are five identity and access management trends for 2023 to keep an eye on and get ready for.

Cloud Managed IAM Technologies:

“By 2024, more than 45% of IT spending on system infrastructure, infrastructure software, application software, and business process outsourcing will shift from traditional solution to the cloud” reports Gartner.

Cloud-managed IAM technologies are the future of access management. It enables employees to access resources from anywhere. IAM solutions that are situated in the cloud are becoming a more advantageous choice for securing that access. By adopting cloud IAM, users can experience better visibility across their services, platforms, and applications. Users can deploy faster, enjoy increased agility, and leverage a reduction in IT workload. In addition to this, one of the biggest benefits that users can avail of is quick and easy implementation.

Cloud-managed IAM technologies will benefit users by offering them access beyond the office environment thus allowing the remote workforce to work seamlessly by leveraging mobile technologies. Also, using a cloud offering organizations of any size can integrate their directory with their main cloud-based services in no time.

Converged Solution:

Although IGA and IAM are not new concepts, they must advance to meet the needs of the modern, dynamic workplace environment. Organizations can move toward a more powerful identity-based security architecture while decreasing complexity by integrating identity and access management, Identity governance and administration platforms, and weaving an identity fabric paradigm.

To comply with regulatory standards, identity life cycle management alone is insufficient. The secret to raising awareness and a forthcoming trend will be a system that integrates privileged access management (PAM), identity and access management, and identity and governance administration (IGA) capabilities.

Converged IAM makes it possible for the IAM industry to provide comprehensive solutions with a proactive approach to security by significantly improving the cybersecurity landscape, making IAM widely accessible for businesses of all sizes, and reducing the financial overruns associated with obtaining numerous different IAM solutions.

Advanced Authentication Mechanism:

Advanced authentication mechanisms are required to enhance the security of basic authentication in an expanding digital environment where system access is in high demand. It’s more crucial than ever to make sure data is safe from miscreants and hackers, given how much sensitive and confidential information is kept and exchanged electronically. Hence, it is fast catching up as an upcoming IAM trend.

It is a mechanism for user authentication that makes use of several elements to confirm a user’s identity. These factors can be something the user does, such as a fingerprint or iris scan, something they have, like a security token or smartphone, or something they know, like a password or PIN. When many authentication factors are employed as opposed to conventional techniques that rely on a single element, such as a password, modern authentication security is improved. Since only authenticated users can access data and resources, adaptive authentication has recently been integrated with CIAM (consumer identity and access management) platforms and is thought to be the ideal strategy and has come up as an emerging trend.

Users may find advanced authentication more convenient because they no longer need to memorize a complicated password to log in; instead, they may use their fingerprint or iris scan. Modern authentication is consequently gaining popularity among both enterprises and consumers.

Artificial Intelligence:

AI makes it simple to automate authentication and can monitor minute details of user behavior for low-risk access circumstances, which lessens some of the IT department’s administrative workload associated with IAM.

Even if 8o% of the firms haven’t yet developed their IAM strategies, AI is no longer just some hazy, far-off concept that nobody can deploy. Enterprises must start integrating smarter technology into security measures due to increased interconnectedness, an increase in the number of human and device identities, and the trend toward worldwide access. Using intelligent, adaptable IAM policies, it is possible to visualize network access and lower total breach risk when AI and ML are combined with the right monitoring and reporting tools.

Artificial Intelligence in IAM helps increase visibility, automate, detect breaches, prevent data loss, and assist with compliance. AI technologies are crucial to developing a successful IAM strategy and can help to avert many problematic circumstances. Artificial intelligence (AI) helps businesses transition from a completely technical approach to access control to one that is understandable at all organizational levels.

Decentralized Identity Ecosystem:

Organizations from various sectors are seeking to embrace decentralized identity ecosystems and avoid using centralized systems for identity management because of the rise in identity theft and privacy leakage over the past few years. Because of this, IAM product and vendor developers are concentrating on using blockchain to advance identity management in a decentralized manner.

By using blockchain technology, a decentralized identity ecosystem may be implemented that protects user identity because it is user-centric. The users will be in charge of maintaining their identifying information. Additionally, it will encourage identity access and management (IAM) and other types of legal compliance that are in line with the organization’s architecture for data protection and security.

Users in a decentralized ecosystem are completely free to decide which information to divulge to a service or application in exchange for access. Decentralized identification also gives the identity owner total control over their personal information and online identity.

Keep Up with the Modern IAM Requirements with Evolved Solutions

To adapt to changing business needs, user expectations, commercial opportunities, and hazards – security and risk management leaders must design more adaptable IAM infrastructure, and IAM teams must collaborate with other functions. To better meet their shifting demands and address contemporary concerns with identity, data security, and access control, organizations must adapt their IAM installations.

With the changing requirement in the identity and access landscape, AccessFlow offers an automated, centralized, and compliant Identity Governance and Administration solution with Access Management and Privileged Access Management (PAM) capabilities that not only caters to the current identity requirements but also future challenges. Built on ServiceNow, it offers the performance, GUI, and security of the platform making it easier for organizations to kick-start their robust IAM framework quickly and easily.

To learn more, please contact us at information@alcortech.com.