Why Identity and Access Management is Important for Cybersecurity

Cybersecurity threats are on the rise, and it’s crucial for organizations to take proactive measures to protect their data and assets. Identity and Access Management (IAM) is a critical part of any cybersecurity strategy, as it helps to mitigate many of the most common cyber threats. In this article, we’ll explore some of the top cybersecurity threats that can be mitigated with IAM, provide examples, statistics and facts, and explain how to implement an effective IAM solution.

Phishing Attacks

Phishing attacks are one of the most common types of cyber threats. They occur when cybercriminals send fraudulent emails that appear to be from a legitimate source, such as a bank or government agency, in an attempt to trick recipients into revealing sensitive information or downloading malware. With IAM, organizations can implement multi-factor authentication and other security controls to prevent unauthorized access to their systems and data.

• According to the FBI, phishing attacks cost businesses $1.8 billion in losses in 2020 alone.
• Google’s security research team found that 68% of phishing attacks targeted Gmail users in 2019.

Insider Threats

Insider threats occur when an employee or contractor with authorized access to an organization’s systems and data intentionally or unintentionally causes harm. With IAM, organizations can implement access controls and monitoring mechanisms to prevent or detect unauthorized access or data exfiltration.

• A report from the Ponemon Institute found that insider threats cost organizations an average of $11.45 million per year.
• According to a survey by Cybersecurity Insiders, 53% of organizations have experienced an insider attack in the past 12 months.

Ransomware Attacks

Ransomware attacks are a type of malware that encrypts an organization’s data and demands a ransom payment in exchange for the decryption key. IAM can help prevent ransomware attacks by ensuring that only authorized users have access to the organization’s data, and by implementing security controls such as anti-malware software and intrusion detection/prevention systems.

• A report from Cybersecurity Ventures predicts that ransomware damages will cost businesses $20 billion in 2021.
• A study by Coveware found that the average ransom payment increased by 43% in Q4 2020.

How to Implement an Effective IAM Solution

To implement an effective IAM solution, organizations should follow these best practices:

• Perform a risk assessment to identify potential threats and vulnerabilities.
• Develop an IAM policy that defines roles, responsibilities, and access controls.
• Implement multi-factor authentication and other security controls to prevent unauthorized access.
• Regularly review and update the IAM policy to ensure it aligns with the organization’s evolving security needs.

Identity and Access Management is a critical part of any cybersecurity strategy. By implementing IAM best practices, organizations can mitigate many of the most common cyber threats, such as phishing attacks, insider threats, and ransomware attacks. With the increasing frequency and severity of cyber attacks, investing in IAM is essential for protecting your organization’s data and assets.