If you start a company in today’s borderless and digital world, the protection of sensitive systems and the confidential data of your customers are critical to be able to gain an edge over your competitors. When it comes to protecting these assets, the phrase identity as a service, or simply IDaaS, comes up frequently. With significant data breaches and scandals in the headlines almost every day, more and more companies are starting to use IDaaS types of service from providers that can help them manage and secure confidential information as well as sensitive systems using identities.
So, what is Identity as a Service? IDaaS simply refers to identity and access management services that are offered on the cloud or through a subscription, such as other SaaS platforms. The primary aim of IDaaS is to authenticate users and also provide every user with the correct access to files, software, and other resources that are permitted to use. IDaaS also involves logging events, collecting intelligence and generating reports on users, including when the users accessed systems as well as what information they accessed for monitoring and audit trail reasons. Also, IDaaS offers organizations a wide range of additional benefits, such as enhanced marketing opportunities, reduced fraud as well as convenient customer services.
Why is IDaaS important? As a business person, you need to know that your customer data has a direct impact on your bottom line. Protecting and thoughtfully leveraging digital ID information is very critical from both a customer and a business perspective. Protection starts with recognizing how sensitive customer data is collected, who can access those records as well as how the information is being used. Your company can be held liable when your customer’s data are misused or stolen because of poor maintenance or ineffective data security. Not only does this lead to business losses, but potentially also heavy compliance fines as well as other legal penalties for data mismanagement.