Introduction
With technology evolving by leaps and bounds and businesses always striving to deliver the best experience to their customers, the role of customer identity and access management can’t be overlooked.
Whether we talk about delivering a seamless authentication experience or reinforcing the overall business and customer identity security, a CIAM solution leaves no stone unturned in scaling business growth.
However, there’s much more than security and user experience when discussing a CIAM. Access management through a robust CIAM can help businesses save a lot of their money!
Let’s uncover the aspects of leveraging a CIAM to minimize overall operational costs and why businesses must put their best foot forward in adopting a cutting-edge CIAM.
What is Access Management? How Does a CIAM Improve Access Management?
Access management is a process that refers to the methods and tools used to control and monitor network access for both on-premises and cloud-based systems.
Access management aims to ensure that only authorized individuals can access the information they need while also ensuring that unauthorized people cannot access data.
CIAM (Customer Identity and Access Management) solution is a type of access management system that businesses can use to maintain a firm security policy. These solutions offer robust security for access management without compromising user experience.
While most renowned organizations across the globe rely on a cutting-edge CIAM, many aren’t leveraging its true potential, especially when it comes to saving overall operational costs.
Let’s look at some aspects depicting the role of access management in cost optimization.
#1. Cost Efficiency while Onboarding and Offboarding Users
Automating the onboarding and offboarding process is the fastest way to make your IT more efficient and productive.
But don't just take our word for it—here's why: when you automate these processes, you can streamline your user management, reducing costs in the long run.
Do you know how your business is trying to automate everything? Well, it's not just about the cost—it's about the people. Automated onboarding and offboarding not only save time but also saves money.
Even as every company is trying to get on board with automation, onboarding and offboarding employees are still done manually. But why? These activities are minor when considering how much they can affect your budget over time.
The resources and labor costs associated with these tasks don't even factor in the overall price tag of making them happen manually! So by deploying an automated CIAM that supports these processes, you'll be able to speed up productivity and IT efficiency without breaking the bank.
#2. Reducing Fraud and Risks
In today's world of digital business, you can't afford to take a risk with your identity management strategy.
You need to authenticate users quickly, securely, and efficiently. That's where CIAM comes in. It uses multi-factor (MFA) and risk-based authentication that helps mitigate the risks of identity theft and prevents a breach.
So how does CIAM work?
CIAM is an integrated digital security platform combining advanced and user behavior analytics with cloud-based identity access management (IAM) solutions. The result is a comprehensive solution that lets you verify identities while providing the highest levels of security possible.
And if you're wondering how it all fits together, here's how: CIAM incorporates MFA and risk-based authentication that helps mitigate the risks of identity theft and prevents a breach by gathering data about user behavior patterns for each employee or user account based on their specific role within your organization.
Risk assessments are performed based on this data to determine whether or not an unauthorized user should have access to sensitive information via an online portal or application portal.
Once your organization is shielded from fraud and risks, you eventually save millions of dollars that otherwise would get squandered in containing breaches or paying the ransom.
#3. Meeting the Compliances
A customer identity and access management (CIAM) platform help businesses comply with every data regulation and privacy compliance, including the GDPR and the CCPA.
A CIAM could be the best way to stay ahead of the competition since it offers endless business opportunities that help enhance leads and eventually improve conversion rates. As a leading GDPR-compliance-ready CIAM platform, LoginRadius works seamlessly for any business model.
LoginRadius simplifies data compliance by bringing all the consumer data under a single roof, which enables complete profile management of an individual consumer in a single intuitive admin console.
And this ensures your organization is saved from hefty fines imposed by data regulation agencies for non-compliance.
Our platform ensures you remain compliant with GDPR and stay ahead of your competitors regarding securing essential consumer data.
In Conclusion
In short, implementing a good CIAM is essential to businesses. The task of choosing one wisely can be daunting and can take a significant amount of time. Finding the right one means you maximize security and minimize your expenses.
Some critical factors to consider when choosing one are the scalability, expandability, upgrade flexibility, openness, and customer support of a CIAM vendor.
LoginRadius' extensive experience in the identity and access management market will help you ensure robust security & user experience, meet compliance requirements, and minimize overall expenses.
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