With prominent companies like Salesforce and Google announcing last year that they will allow employees to work from home permanently, one thing is for certain. The needs of the workplace will continue to evolve as more organizations adopt a more flexible “work from anywhere” model. This new reality means that IT and Security teams will need to continue to invest in technology that protects user access to sensitive resources and data without impacting business agility and user productivity, while also keeping costs down.
A surprising amount of organizations, however, have yet to adopt basic Identity & Access Management (IAM) functionality, which is often the result of budget constraints or complex digital transformation projects. In fact, in a recent survey we conducted of 615 individuals who are involved in purchasing or evaluating IAM solutions, we found that in smaller companies (less than 100 employees), only 40% of respondents provided a single sign-on portal. Additionally, a dismal 26% of medium-sized companies (between 100 and 2,000 employees) reported having a user provisioning solution in place. Considering that an IAM solution provides both a convenient and secure app portal for end users as well as automated user lifecycle management, many businesses are losing out on the potential efficiency and time gains a cloud IAM solution provides.
Equally important is the value an IAM platform brings, which goes beyond a checklist of features and capabilities, and looks more at benefits, such as short time to implement and ability to support the deployment in production–both of which significantly impact the overall TCO of IAM in your organization.
Read on for more on the four ways an IAM solution saves you time, money, and resources:
- Protecting Your Assets by Improving Your Security Posture
- Optimizing Resources
- Increasing Employee Productivity
- Consolidating Vendors
1. Protecting Your Assets by Improving Your Security Posture
Besides keeping your corporate data safe, a robust IAM platform reduces the threat of a potential breach, which can cost businesses upwards of $3.86 million on average. Another factor to consider is the lost revenue from future customers as a result of a damaged reputation due to a breach. An IAM platform securely and seamlessly authenticates all your users with added security features, like adaptive authentication, biometrics, device trust, and compromised credentials check. Improving your security posture with an IAM strategy that sufficiently reduces the risk of a potential breach, therefore, saves you money in the long term.
2. Optimizing Resources
An IAM platform not only increases overall security posture, but also helps reduce the strain on IT resources to manage users throughout the identity lifecycle. According to Forrester, IAM professionals report that a user forgets a password at least five times annually. Based on the number of hours in a work year, compensation for a help desk admin, and the number of minutes spent per call, there’s a hard cost associated with each password reset ticket.
The fact that an identity solution provides a single pair of credentials to access all apps and allows admins to set strong password requirements for their users, self-service password reset ends up reducing service desk labor costs associated with password reset, so IT can focus on higher priority initiatives. Additionally, automated user provisioning and directory integration sync reduces the time your IT spends on onboarding and offboarding, while also providing quick and easy access for your users on day one.
3. Increasing Employee Productivity
With employees working anytime, anywhere, you need to ensure fast access to business-critical applications, such as order management systems, CRMs, and customer service portals. At the same time, you need to balance convenience with strong security. Adaptive authentication goes beyond traditional Multi-Factor Authentication (MFA) by adjusting security requirements in real-time so that users are only prompted for MFA if the risk is particularly high.
OneLogin’s SmartFactor AuthenticationTM solution leverages risk insights from Vigilance AITM to increase or decrease the level of authentication, such as requiring biometrics or bypassing MFA altogether, depending on the context of a particular login attempt. This way, you can reduce friction for low-risk logins, while simultaneously protecting users and data when the context of a login is particularly outside the norm.
Equally important is offering convenient options for users to unlock their accounts, such as submitting an alternative MFA factor or email magic link. By reducing account lockout and providing convenient authentication when you need and not when you don’t, you can employee productivity, reduce MFA costs, and increase user satisfaction.
4. Consolidating Vendors
Overtime, companies accumulate more vendors and technologies, which ultimately results in rampant application sprawl, adding complexity to IT management. For instance, you may have a separate MFA or password management solution, neither of which support automated user provisioning and deprovisioning–one of the single most useful benefits of an IAM platform for IT organizations. Or perhaps you have a separate access management system for your workforce and customer identities, whether that be a cloud or on-premises solutions. Labor costs for a cloud IAM or IDaaS solution are typically 80% to 90% lower for initial and ongoing maintenance than on-premises or Commercial Off-the-Shelf (COTS) solutions. Thus, choosing a cloud identity provider that can do it all and scale with you as your company grows, reduces the amount of time and money your IT team needs to spend on maintaining and integrating different identity systems.
With evolving requirements in a hybrid work world, IT teams need a single platform that can provide the strongest point of defense against unauthorized access, while also reducing the time, complexity, and cost of managing users and applications. It is important to select a platform that does not cut corners on robust authentication and authorization capabilities. That’s why OneLogin is the number one value leader in the IAM space, offering advanced functionality and fast time to value at a price that works with your budget.
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