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How to Manage the Risk of Service Based Digital Business Technologies

 The Digital Transformation of Business is becoming a hot topic for companies across the globe. It affects virtually all industries where connecting things with apps and services causes new challenges. Some of them refer to product security and liability, as well as dealing with customer “big” data.

Digital transformation is actually the use of technology to radically improve performance or reach of enterprises. It continues to accelerate the pace of change in today’s business through the use of information and data to automate traditional services. Everything becomes connected and organisations need to understand which people, systems and devices are working together. This means that organisations will have to rethink their IT, which will probably move more into the centre of the business. According to several surveys, after security, IAM was ranked the second most important factor in their company’s success in digital transformation. But how can you achieve that? And respectively - how you can build trust? Тhe answer is hidden into two key words: Identity and Access Management and Governance, Risk and Compliance monitoring.

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First of all, it is important for the business to understand the importance of vulnerability and risk management. Undoubtedly they need not only a comprehensive, proactive approach to security, but proper tools and adequate staff. Identity and access management is a key success factor for your digital transformation and this phenomena brings a unique set of risks and security concerns for a great percent of enterprises.

So, what business really needs in this case? To say that Cloud identity management provides a foundation for secure and easy connections between your digital business and your customers is not enough…What business actually needs is implementing the right IAM solutions for automating and accelerating administration of user access while minimizing the potential impacts of access risk. Besides, Access governance technologies are essential in delivering access to digital services and applications.

It’s essential to choose a trusted and experienced IAM provider, which is able to develop a strong strategy around security, compliance, and threat management. The security services that can benefit your business could be:

- Identity Access Governance Management

- Role management and Privileged access management

- Centralized Provisioned and Management of Accounts and Entitlements

- User Activity and Compliance Reporting

- Governance, Risk and Compliance monitoring, including risk management and tracking

- Analysis of core business processes in respect to vulnerability, security and risk

- Validating and developing of company compliance and governance policies

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But that’s still not enough…! Right at the heart of every successful digital transformation programme, lies a well-defined and structured information security plan which must consist of several strategic points:

- Safe and Secure Environments

- Focus on Security

- Components of IAM (Authentication method, Identity management, Digital rights management, Privileged account management, Compliance)

- Awareness

- Fiscal Responsibility

- Best Practice

No matter it is a customer wanting to buy goods or services online, or an employee accessing sensitive data on internal systems, all these processes should protect the user and the business, but also ensure there are no barriers to use. Identity, Access, and Security become critical success factors for the Digital Transformation of Business, especially when included early in the planning process. When done right, with the proper identity and access management solution, the digital transformation can help organizations become more agile, more connected, more informed and more secure, as well as lower the cost of security and compliance.

Author: Dr. Ina Nikolova