Emerging Trends in Identity and Access Management: What to Watch in 2024

The most significant downside to technological advancements is the accessibility power they provide to malicious intents. Studies show that 80% of cyberattacks use identity related attack methods. Without proper security systems in place, even minor threats to security can become fatal to a business venture.

Therefore, it is imperative to choose identity and access management services, which aid in concealing user identities and limiting access to sensitive data like applications, networks, and user data. Identity and access management (IAM) systems implement tools like biometrics, behavioral biometrics, Two-factor or Multi-Factor Authentication (MFA), passwordless authentications like OTPs (Time Passwords), Backup codes, etc., to ensure secured access within the organization's framework and the user. This system works by controlling access to crucial data and preventing data breaches through unauthorized access, thereby mitigating security threats.

Why there is a need for Identity Access Management Solution?

User interactions are critical to sales and development in a business organization, especially online businesses. However, if not managed properly, these interactions can also jeopardize crucial company resources. IAM solutions can prevent this security risk by concealing user identities and limiting access by employing procedures through advanced technological tools.

Global identity and access management market is growing at the CAGR of 13.7 %, and expected to reach $53.1B by 2032.

• Enhanced Data Security
  

  Controlling access to resources allows security teams to decide the accounts of employees or users with access privileges. The IAM immediately blocks and reports suspicious activity if an unauthorized account attempts to access denied data.

  SSO creates a single platform to manage critical resources like cloud data, on-site applications, and networks. Passwords, MFAs, biometrics, etc., can protect this portal for complete defense. IAM can also implement machine learning to mitigate security risks by analyzing user behavior and revoking access privileges in case of discrepancies.

• Efficiency and Scalability
  

  IAM provides automated identity management, improving employees' onboarding and de-boarding data accuracy. This is convenient for security teams, as they are unburdened by the lengthy processes of providing access to new hires and revoking access to terminated employees.

  The automated identity and access management services does this job well, thus reducing security risks of unauthorized access while simultaneously minimizing work hours

• Compliance Advantages
  One task of IAMs is to ensure that the implemented security policies align with the regulations laid down by the GDPR, SOX, HIPAA, and PCI-DSS for airtight security detail. All data security policies aim to revoke access prevention of unauthenticated users and provide minimum access to privileged accounts.

• Improved Third Party Management
  

  Third-party access management is a sensitive part of any security system. With limited access, IAMs provide the minimum consent to third-party vendors so that they can carry out their roles properly.

  This blocks access to sensitive data and user identities, thereby enhancing security. IAMs have specialized Vendor Access Management Solutions to classify challenges and solutions related to third-party access.

• Better User Experience
  Identity access management solutions provide unified access to all interfaces, thus improving user experience by simplifying things through automated passwords. This saves time and human effort. IAMs make information transfer easy and secure. Authorized users can send or receive sensitive information freely through these systems.

• Empowering Remote Work
  With proper authentication procedures like MFA or concealed login credentials, the access management of remote employees is improved. It saves unusual login time or location and triggers the access block response in case of unauthorized malicious activity. This helps remote users log in and work safely from anywhere and anytime.

• Rapid Incident Reporting
  Consistent user activity monitoring enables identity management solutions to detect suspicious activity quickly, reducing threats' dwell time and prompting immediate action through alert triaging. This reduction in dwell time of threats limits the damage and cost of repair, making this real-time detection, analysis, and prompting mechanism vital for the security detail of a business organization.

Emerging Trends in Identity, and Access Management Solutions

Trend 1: Zero Trust Architecture in IAM

For enhanced security detail, a generalized procedure of prompting authentication and validation on every new login to company systems is being implemented by multitudes of business organizations in 2024.

This procedure, known as the Zero Trust Architecture, works on the belief that no user is trustworthy enough to be allowed continued access. Before allowing access to sensitive data and resources, the verification prompts allow IAMs to keep track of login activity, thereby identifying unauthorized login attempts or malicious intents.

This helps in subduing the threat before any significant damage is caused. In hybrid work cultures, employees can access company resources only after proper authentication and credentials are used. This tightening of login security efficiently safeguards crucial company information.

Trend 2: Identity-as-a-Service (IDaaS)

Identity and access management solutions use cloud-based services, known as IDaaS, to verify users' identities and prevent unauthorized logins.

• Clouds "as-a-Service" can be of several types, like
• Software-as-a-Service (SaaS) refers to software in the cloud.
• Platform-as-a-Services (PaaS): developmental tools and services hosted in the
• cloud to develop applications.
• Infrastructure-as-a-service (IaaS): Refers to servers in the cloud
• Function-as-a-Service (FaaS): serverless computing in the cloud

Identity-as-a-Service is a type of SaaS. It is a type of identity software hosted in the cloud that helps with cloud-based IAM security.

Trend 3: Behavioral Biometrics

IAMS implements unique behavioral biometrics to identify the right users and employees. Unlike physical biometrics, Behavioral Biometrics involves tracking a user's activity through their digital footprint to identify and flag suspicious activity conducted by an authorized account.

Trend 4: Password less Authentication

Due to their vulnerability to being decoded by hackers or other users, passwords are not completely secure against cyber-attacks. The number of passwords one must remember for various interfaces also makes password less authentication an absolute necessity.

Identity management solutions employ myriads of password less authentication metrics, such as MFA or Multi-Factor Authentication, biometric identification, behavioral biometrics, etc., which implement advanced AI and machine learning tools to identify unique user interactions and activities.

Trend 5: AI And Machine Learning In IAM

Implementing AI and Machine Learning tools in IAMs has improved access management precision. These automated tools improve the accuracy of verification, detection, and user provision.

It conveniently tracks all user activities. It detects and religiously prompts against suspicion with perfect precision. Automated AI and Machine Learning tools reduce potential damage to business assets by automating appropriate actionable responses in case of a breach and isolating the impacted system from the network.  

Trend 6: Decentralized Identity and Blockchain

Through decentralized identity, the identity credentials are saved in a decentralized wallet, which is then encrypted by blockchain technology. This enables top-tier security and quick verification of identity information.

Through blockchain-based identity solutions, individuals are relieved of concerns regarding the involvement of third parties in verification procedures or the disclosure of sensitive data to unauthorized entities.

This setup guarantees enhanced security against fraudulent activities and identity theft, as all user data is safeguarded through cryptographic measures and solely retained within the users' identity wallet applications.

Trend 7: Implementing Cloud-Based IAM Solutions

Cloud-based IAM solutions offer a wide range of benefits that transform the way IAMs handle identities and access. These advantages encompass improved security measures, simple user authentication, and consistent monitoring.

By transitioning to cloud-based IAMs, businesses can ensure precise data security and regulatory compliance, creating a more secure environment for sensitive data.

Cloud platforms provide scalable, cost-effective solutions, making them highly appealing to businesses of all sizes. They align perfectly with IAM trends, offering flexibility that traditional on-premise solutions struggle to compare with.

Trend 8: Biometric Authentication and Multi-Factor Authentication (MFA)

As advancements in cybersecurity attacks gain traction, the need for a solid security system that is harder to breach or replicate arises. Password based attacks are ten times more as compared to the previous year. Biometric authentication fulfills this necessity.

It prompts users to verify themselves through unique biological features like fingerprints and eye and face scans. Only after successful authentication can the user access company resources.
Biometric security can take numerous forms, like

• Facial recognition: This reads and saves information about the user's facial features, including their nose, chin, or eye placement.
• Fingerprint recognition: This records an employee's unique fingerprint and prompts them to scan the digit whenever they need access to company systems.
• Eye recognition: Eye recognition sensors require users to get an eye scan.

Another such protective mechanism is Multi-Factor Authentication, which employs diverse authentication factors for login. These factors are only accessible to the user and are more secure and accurate.

For example, two-factor authentication on social media apps prompts users to enter OTPs or Backup codes sent to them personally in order to access their accounts. Therefore, biometrics and MFA are harder to breach, thereby emerging as one of the most valuable IAM tools.

Trend 9: Decentralized Digital Identity

Centralized and decentralized digital identity differs in terms of identity management. In a centralized identity approach, user identity is managed and controlled by a central authority, whereas in a decentralized digital identity approach, the identity of a user is created, managed, and controlled by the user through various decentralized identity tools like blockchain, distributed ledger technology, and cryptographic techniques.

Identity and access management service allows users to take full ownership of their digital identities. This gives them unique digital identifiers through which IAMs can identify a security threat.

Trend 10: Multi-layered Security Strategy

The need for layered security arises from advancements in digital threats against businesses and their networks. By implementing multi-layered security strategies like MFA or SSO (single sign-on), businesses can enhance the identification of access-granted user logins from unauthorized logins.

The MFA or SSO creates multi-level security layers that filter unauthorized users' entry through various entry points.

Trend 11: IAM for the Internet of Things (IoT)

IoT employs unique identifiers and metadata on devices, sensors, and objects to create a custom user-friendly interface for every user. IAM allows administrators to determine who can be authorized and authenticated to utilize these specialized IoT resources.

It helps identify user devices, manage and control access through authentication methods, and implement multi-layered security stacking to prevent cyber-attacks.

Consult Cybalt for Identity and Access Management Service

In today's digital age, businesses and organizations are vulnerable to cyber attacks, which makes awareness of cybersecurity a necessity. The latest trend in cybersecurity, "the identity and access management" system, has provided thorough security from access to company resources and from revealing user identities.

The efficient and precise approach to monitoring, detecting, analyzing, and responding to a digital threat makes it a vital security measure for all businesses. To know more and to secure your  business, have a free assessment with team Cybalt. We offer advanced identity and access management service.