In recent times, the role of Identity and Access Management (IAM) has gone beyond providing a vital layer of security. Efficiency, flexibility, and scalability aside, IAM products help business owners save person-hours, minimize errors, and reduce costs. It is currently expanding functionalities across a range of cutting-edge technologies such as cloud computing and the Internet of Things as the threat of data breaches increases in the post-pandemic world. In fact, identity management market analysis suggests that successful hacks will cost companies a whopping $5 trillion by 2024. Further complicating things for companies is the new normal of remote working. In this case, Authentication management becomes challenging when sensitive data is scattered across devices beyond the confinements of the office premise. Needless to say, these factors make IAM an investment that needs to be doubled down on.
However, a couple of roadblocks keep organizations from going all-in, from choosing the right technology to implementation to ensure the IAM program’s efficiency and efficacy in the long term.
Addressing these issues is another challenging feat to accomplish as there is a scarcity of IAM specialists in the industry—even though there are many claiming to offer IAM services.
According to a recent survey by the Center for Strategic & International Studies, more than 80 percent of employers lamented the lack of available talent. They blamed the gap for direct harm to their companies. In 2019, the U.S. found itself around 314,000 cybersecurity experts short. The number of unfilled positions has increased by 50 percent over the last five years. Most IT experts lack the knowledge about IAM and struggle to explain how IAM works and can benefit organizations. Though they can help to a certain extent, their ability to help companies tap into automation is still questionable. All these factors clearly make things extremely daunting for companies looking to secure their infrastructure.
To help organizations select the best IAM Services providers, we present to you Enterprise Security Magazine’s “Top 10 Identity and Access Management Service Companies - 2021.”