As per IBM Security’s annual Cost of a Data Breach Report, the global average cost of a data breach reached USD 4.45 million in 2023 – an all-time high and 15 per cent increase over the last 3 years. The US had the highest average total cost of a data breach at USD 9.48 million in 2023, an increase of 0.4 per cent from last year’s USD 9.44 million. Phishing and stolen or compromised credentials were the two most common initial attack vectors. They were responsible for 16 per cent and 15 per cent of breaches (costing USD 4.76 million and USD 4.62 million, respectively). Although relatively rare at 6 per cent of occurrences, attacks initiated by malicious insiders were the costliest, at an average of USD 4.90 million, which is 9.6 per cent higher than the global average cost of USD 4.45 million per data breach.

Further, breaches that initiated with stolen or compromised credentials and malicious insiders took the longest to resolve. This year, it took nearly 11 months (328 days) to identify and contain data breaches resulting from stolen or compromised credentials, on average, and about 10 months (308 days) to resolve breaches that were initiated by a malicious insider.

IAM plays a pivotal role in minimizing data breaches by enhancing control over user access and safeguarding sensitive data. To begin with, IAM solutions ensure automation of routine tasks and security processes such as user provisioning, deprovisioning, and access control, enabling organizations to better protect their sensitive data and ensuring that users have the appropriate access privileges at all times. Further, an IAM platform ensures integrating a variety of external, identity-aware applications in a seamless manner, ensuring secure and efficient access to these applications while maintaining centralized control over user identities and permissions.

A robust IAM system also ensures efficiency and security across diverse deployment environments, whether on-cloud, on-prem or hybrid, along with effectively managing user access, reducing security risks, and ensuring compliance with regulations. Being a highly scalable solution, IAM system can effectively adapt to the evolving demands of your growing business while maintaining security and performance standards. The solution helps companies to define access control policies to ensure compliance with regulations. Further, it enables organizations to maintain detailed audit trails to track and report on access activities for compliance purposes.

IAM solutions are critical in preventing data breaches by controlling who has access to sensitive healthcare data. IAM systems establish strict control over user access, authentication, and authorization, ensuring that only authorized individuals can access healthcare data.

To begin with, IAM solutions ensure automation of routine tasks and security processes such as user provisioning, deprovisioning, and access control, enabling organizations to better protect their sensitive data and ensuring that users have the appropriate access privileges at all times.

Further, the IAM platform also ensures integrating a variety of external, identity-aware applications in a seamless manner, ensuring secure and efficient access to these applications while maintaining centralized control over user identities and permissions.

A robust IAM system also ensures efficiency and security across diverse deployment environments, whether on-cloud, on-prem or hybrid.

IAM ensures implementing access governance practices such as Role-Based Access Control (RBAC) within your IAM framework, which can effectively manage user access, reduce security risks, and ensure compliance with regulations.

Being a highly scalable solution, IAM system can effectively adapt to the evolving demands of your growing business while maintaining security and performance standards.

IAM solution helps companies to define access control policies to ensure compliance with regulations. Further, it enables organizations to maintain detailed audit trails to track and report on access activities for compliance purposes.

How Identity Bridge Helps in Addressing your IAM Challenges?

As a leading provider of advanced identity and access management solutions, Identity Bridge offers robust options for securing access to enterprise applications, whether deployed in the cloud or on-premises. Our platform empowers businesses to seamlessly manage identities, control access, and govern their infrastructure with utmost efficiency and security across diverse deployment environments. It brings together a comprehensive suite of features to streamline identity and access management, access governance, provisioning, deprovisioning, joiner and leaver programs, privilege access management, seamless integration, and data security.