The modern world is highly digital already, and it is digitalising even more. It is largely a good thing but there is a trade-off: A digitalised world is full of cyber threats, and they are growing more sophisticated by the day. The frequency in which cybercriminals use them is increasing as well, putting organisations around the world at risk of a potentially costly—or maybe even dangerous—cyber attack.
This trade-off is the reason cybersecurity is critical now and moving forward, and central to it is what is called “identity security” (otherwise known as “identity governance” or “identity management”). Identity security is a solution against cyber threats that provides technology access to members of an organisation, from higher-ups to staff (both in-house and remote) to contractors and anyone else connected to the organisation in some way, shape or form. It is possible because identity security allows access management and governance for every digital identity—a unique identifier that enables computing systems to identify a user and the extent of their access.
Setting the standard in identity security is SailPoint, which recently announced a couple of product suites that go far beyond identity security basics. These innovations put next-gen identity security at the customers’ fingertips, keeping pace with an ever-expanding cybersecurity landscape and taking into account the different trends shaping businesses today.
Chern-Yue Boey, Senior Vice President at SailPoint, identified these trends in an exclusive virtual media brief:
Operations anywhere on any device.
A rapidly changing and evolving IT environment.
The explosion in cyber threats and data privacy regulations.
These trends, as Boey explained, are a result of digital transformation, a larger trend that figures to continue for the next few years.
“Digital transformation has been very big . . . Lots of companies and enterprises are moving more and more into the digital space, and digital transformation is driving that evolution,” noted Boey. “Part of it is how the market is actually consuming the services and the products being put out in the market. And that has been accelerated [over] the past few years, driven mainly by the pandemic. Companies have to evolve quickly and adapt to the situation.”
Unfortunately, all these trends and the ongoing digitalisation of companies have also resulted in the rise of cyber attacks, with as much as 94% of data breaches being identity-related, according to Boey. That can mean anything from a malicious actor assuming the identity of a credentialed member of the company or an inside threat abusing their access privilege and everything in between.
This is why identity security is so important nowadays, as it affords companies a critical layer of protection in a world full of threats. Beyond that, identity security doubles as a business driver because:
Additionally, the returns on investment of innovative identity security, according to Boey, include the following:
Reducing the length of access certifications from 1 year to 1 month.
Automating new user access from 14 hours to 2.5 minutes.
Deprovisioning worker accounts from over 30 days to minutes (resulting in USD $800K+ cost savings).
Faster self-service access requests (resulting in an estimated USD $1 Million in annual cost savings).
Better password management (resulting in approximately USD $150K in cost savings).
These are the benefits companies stand to get with SailPoint, more so with the two offerings it recently launched: SailPoint Identity Security Cloud Business and SailPoint Identity Security Cloud Business Plus. The former is a set of essential identity security capabilities anchored on Artificial Intelligence (AI) and Machine-Learning (ML). The latter, on the other hand, is a comprehensive, AI- and ML-based identity security suite that enables organisations to discover, secure, and manage identities across an entire hybrid infrastructure.
That SailPoint is constantly launching new products and enhancements is not surprising. After all, innovation, as Boey pointed out in the media brief, is in the SailPoint DNA, and it has the history to prove it. It pioneered identity governance in 2007, revolutionised provisioning in 2010, introduced SaaS identity provisioning in 2013, incorporated AI and ML into identity analytics in 2017 and launched autonomous identity security in 201. This year, Sailpoint launched Identity Security Cloud Business and Identity Security Cloud Business Plus—and they will not be the last.