The flow of information is vital for a business to function. The right kind of information can save an organization even in turbulent times. Given the importance of information, if it falls into the wrong hands, it can lead to the potential ruin of a company. Data breaches in companies cost billions of dollars. Many companies are vulnerable to data breaches. These companies need to secure enterprise networks before fully digitizing their entire enterprise architecture. Blockchain identity management is a potential new solution.
For efficient operation of an organization, smooth flow of information to concerned entities is vital. Effective identity and access management mean providing the right information to the right people at the right time. This implies granting just enough permission to employees and partners to perform specific activities. For example, if a customer calls the company customer support then the marketing executive will ask for accurate and appropriate information, and nothing more. Such provisions prevent the use of data being used for unethical ends. With competition getting stiff, if a company fails to implement secure enterprise systems, corporate espionage is a possibility.
Business and security leaders should understand that a dynamic security system is necessary to strike a balance between the ease of data and the strength of user authentication mechanisms. Instead of generalizing security protocols, an organization should define access privileges for employees on a case-to-case basis. Accounts with highly sensitive parts of enterprise data should be regularly re-evaluated and validated. Secure ways of logging into enterprise networks such as biometric-based access and multi-factor log-in mechanisms can prevent unauthorized access and identity fraud. A strict security protocol and sufficient training provided to employees to create and manage strong passwords are necessary. Security measures tend to fail when employees are not aligned or committed to security.
The blockchain is an emerging technology and is being explored by companies for securing data. Blockchain uses cryptographic hashing which means encrypting data by converting it into an unrecognizable digital string. Even if hackers break into the system, the information is hidden by cryptographic code. The data is safe even if the employees lose or leak their password. Blockchain can be used to record general information and specific data on the unchangeable and distributed ledger. This promotes transparency in the data storage and governance process.
Check out: Top Identity and Access Management Consulting Companies in Europe
