With modern businesses attempting to increase revenue and implement a digital transformation, CIAM (Customer Identity and Access Management) solutions are more important than ever. An Aberdeen Strategy and Research report revealed that when CIAM is integrated into a customer’s digital experience, there is a positive impact on the customer’s lifetime value and total profit. Here are the main reasons to invest in CIAM, when planning a customer’s identity journey:
1) Prevent Reputational Damage From Leaked Data
Many organizations that suffer breaches of data lose the confidence of investors and customers. This can have a negative impact on the share prices of these businesses, over the long and short-term. Research by Sustainability showed an average drop of 18.5 percent in share prices, over a twelve-month time period following announcements of data breaches. Also, in America, major breaches of data reported in the media have ended the careers of CEOs, like those of Target and Equifax.
IAM and CIAM solutions offer protection against cyberattacks, so businesses can show investors and customers that they are taking effective measures to mitigate online security threats. This form of certification helps to secure corporate data and minimize the risk of future data breaches. Also, if a breach did occur, less damage would be done to a brand’s reputation.
2) Improve the IT Department’s Efficiency
In-house IT departments have fewer overheads and less work to do when a business invests in CIAM. Of course, somebody in that department will have to check the CIAM for governance, administration, problems, and alerts. Nonetheless, the workload will be much lower compared to a solution that is managed in-house.
3) Increase Your Business Intelligence
A CIAM platform enables businesses to enhance their consumer profiling, while acquiring, managing and monitoring identities in an automated way. The access permissions of customers are simpler to manage too. With the SSO (Single Sign-On) component, customers can use your services easily.
Marketing and sales teams can analyze CIAM data to acquire valuable insights to assist your business decisions. Also, you can personalize the content that customers view to encourage them to be loyal. CIAM tools have dashboards displaying the apps most commonly used for access and the most popular access periods, total log-ins, and log-in failures, to offer key data and highlight problems.
4) Facilitate Secure Remote Working
During the coronavirus pandemic, many staff could not work on business properties. Most of these businesses have opted to keep home working practices in place. Nonetheless, because this change happened so quickly, many organizations failed to appreciate the security demands of working remotely. According to the FBI, cyber crimes like phishing and brute force attacks increased by 300 percent after the pandemic began.
By making an investment in CIAM, businesses in any industry (and of any size) can switch to hybrid or remote working practices. SSO eliminates the possibility of phishing because users access applications after being issued tokens. Alternatively, they might use passwords in an automated manner, without disclosing their credentials. These authentication methods make brute force attacks more difficult because they use complex passwords that thwart typical scams like credential stuffing. This keeps your online real estate secure.
5) Comply With Privacy Laws
The laws concerning privacy issues and digital rights are constantly changing. CIAM can safeguard an organization and its customers, while these matters evolve. It is easy to automate a notable change to privacy policies, by logging into your CIAM dashboard. Moreover, you can monitor compliance automatically, then provide a table of evidence in the event of any queries.
After you have invested in CIAM, you receive the standard SaaS (Software as a Service) advantages of regularly updated features, and new tools included with the package. Also, it is easy to scale things up when you achieve business growth. In the future, CIAM will make building a business easier, once IdaaS (Identity as a Service) becomes a common feature.
Final Thoughts to Consider
In every region of the world, data is valuable property to corporations. This is why many companies have prioritized data security and safety. Given the huge expenses linked to breaches of data, along with the benefits of productivity and efficiency, IAM solutions provide a significant advantage to many companies for an affordable price.
Data Science and Business Intelligence Strategist at Symbolic Data
George Wilson is the Lead Editor at Symbolic Data, where he spearheads the editorial direction and content strategy. With over a decade of experience in business intelligence and data management, George has established himself as a thought leader in the field. His expertise lies in translating complex data concepts into actionable insights for business executives and CEOs.
