Why Is Identity Management Important?

Why Is Identity Management Important?

The demand for rapid digital transformation has increased over the recent years as consumers and businesses alike transition to using online platforms for their activities – from shopping for commodities and services to completing financial transactions.

Unfortunately, the increased reliance on the internet has created an open season for fraudulent individuals to breach business systems and steal sensitive data. Cybercriminals are developing more sophisticated tactics to circumvent heightened cybersecurity measures implemented by IT teams.

For this reason, industry leaders have created an identity management day to spread awareness among business leaders, IT teams, and the general public about the importance of implementing the best cybersecurity practices to counter fraud.

This includes strengthening cybersecurity protocols on business networks by implementing a robust identity proofing system that leverages multi-factor authentication (MFA). By doing so, business organizations can properly secure and manage the digital identities of their employees and clients – this is imperative for risk management and fully digitalizing their business operations.

Among the benefits of implementing MFA are providing more layers of security, assuring consumer identity, and complying with regulations. Accordingly, such benefits make MFA an effective cybersecurity solution.

With the benefits of multi factor authentication, many businesses now invest in identity as a service (IDaaS) to employ an effective cybersecurity solution in their systems. IDaaS is a cloud-based authentication or identity management solution built and operated by a third-party provider. This service aims to ensure that businesses can implement robust identity proofing measures into their systems for robust security and seamless customer experience. For more preference you can visit LoginID for more information.

Businesses must protect their systems, as account takeovers, fraud, and data breaches, among other crimes, can pose overwhelming consequences to organizations. Such include reputation damage, customer distrust, and significant revenue losses.

To learn more about identity management and what is IDaaS, and how these can help businesses eliminate fraud risks, visit www.authID.ai. authID is among the leading providers of an IDaaS platform that delivers secure mobile, biometric identity authentication solutions.