Financial companies have the highest cybercrime costs of any vertical, averaging 18.3 million dollars a year, which is not shocking considering that 35 percent of IT professionals in this field believe hackers have obtained access to their organizations in the past.

FREMONT, CA: Identity and Access Management (IAM) goals vary by industry vertical, and a one-size-fits-all method to IAM does not work because every industry and sector within that industry is exclusive. Each industry vertical has its own set of business requirements, and as a result, each IAM program has its own set of priorities.

Finance Aimed at Reducing Risk While Integrating IAM Infrastructure

Top 10 Identity and Access Management Companies in Europe - 2020Financial services firms have higher stakes than other industries, affecting how they handle employee access and authentication. Financial companies have the highest cybercrime costs of any vertical, averaging 18.3 million dollars a year, which is not shocking considering that 35 percent of IT professionals in this field believe hackers have obtained access to their organizations in the past. According to the survey, minimizing risk is a top priority for 70 percent of IT professionals in the finance industry, and integrating security infrastructure is the main area for growth for 65 percent.

IT Concentrated on IAM Security Benefits and Optimized MFA

Since information technology companies are so close to IAM technologies and handling consumer data, it is evident that their partnership with technology influences their IAM approach. Securing data is the top priority for 77 percent of those in this sector while enhancing identity and access control is less of a priority for 61 percent. In this sector, 28 percent of IT and security professionals intend to invest in Multi-Factor Authentication (MFA) solutions to help solve their security issues because MFA ensures that only the right workers have access to sensitive data.

Media Needs A Safe, Automated Way to Handle User Access

To conduct their services, mass media firms collaborate with various external consultants, resulting in a large number of customers, both internally and externally, accessing business tools, exacerbating IAM. Compared to the overall average of all industries, 34 percent of IT professionals in this industry claim controlling user access is essential to their organization (9 percent). End-users demand an easier-to-use solution, according to 44 percent, and automating IAM processes is an area for development, according to 49 percent.

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