Studies have shown that the number and frequency of cyberattacks have been on the rise since 2015. As technology continues to develop, the world of IT security has to stay on its toes and evolve to adapt with new software technologies. Hackers will consistently seek ways to target businesses with poor security and outdated IT infrastructures. With the copious amounts of data being stored and processed, retail organisations and enterprises face the highest threat of cyberattacks.
In this article, we shall place a magnifying glass over the security challenges businesses will encounter and how they can be handled.
Passwords and password-related issues are one of the weakest and the most common chinks in any organisation’s cybersecurity armour. Many businesses are still using password policies that are outdated, giving rise to passwords that are weak and easily stolen. With modern identity and access management (IAM) services in place, password management and password-related issues will no longer be a problem for businesses, thus enhancing IT security.
Many successful attacks from hackers come from phishing schemes that fool and manipulate the user into giving away their password and login credentials. Through emails and other social engineering tactics, even the most security-conscious user can fall prey to a phishing scam and have their accounts breached. Raising awareness and highlighting the possibility of a phishing attack may alleviate the problem, but the security risk still remains due to the reality of human error.
With an IAM system implemented, phishing attempts and other malicious attacks can be prevented.
External vendors and parties are often roped in by organisations for work purposes. However, third-party suppliers are often vulnerable and therefore create an opening in the company’s security. Organisations must therefore bear in mind the weaknesses of their external parties. Third-party vendors are also a high target by cybercriminals as they may not have the latest security controls installed. Furthermore, many third-party vendors prioritise ease of access over security, sometimes even sharing generic credentials among their employees. Once these credentials have been compromised, hackers can infiltrate into other systems to retrieve highly valuable and sensitive information such as credit card data.
Fortunately, the implementation of an IAM system can eliminate these security challenges, allowing businesses to function and continue working without the fear of online attacks. A robust IAM system will enable organisations to manage the identity lifecycles of all user accounts, including third-party suppliers. Additionally, the provisioning and de-provisioning of account privileges can become automated, preventing attacks that are incited by phishing schemes and stolen credentials. The added layers of protection through multifactor authentication and authorisation mechanisms will prohibit any replay attacks from cybercriminals. Based on the IAM model that is appropriate for the enterprise, the IT security needs of the organisation can be catered to and fulfilled, allowing organisations to invest more time and energy on large-scale initiatives and projects that will aid in company development. Modern identity and access management (IAM) products offers a plethora of solutions to any cybersecurity challenge.