When it comes to cyber-security, companies should create a formal and well-documented set of data security procedures to cover all the employees in the company. The business must enforce a strict protocol for security and train people to create and effectively manage strong passwords. A good cyber-security policy can do a lot if aligned and practiced well in the organization.
Does blockchain make access management & identity more secured?
Blockchain can offer you secure and decentralized storage of data, which is why there are several managements of blockchain solutions that experts are now theorizing. However, with regard to the above, you should also keep in mind that making the enterprise data secure goes much beyond the above.
The importance of the internal and external flow of data
For instance, take the human body- it needs the proper circulation of blood flow to function properly. Likewise, the flow of information throughout the organization should be seamless to ensure its optimal performance in the market. This flow of data should be both internal and external to boost the company’s overall performance in the competitive market irrespective of the scale, the industry, and the nature of services and goods sold.
If you see the modern business climate today, it is characterized by rapid changes. When businesses are able to get the right information correctly when needed, the company stays afloat even during turbulent times. However, this information helps you operate the business, and if it is exposed to the wrong people or companies, the organization’s future will be at stake.
Protection from data breaches
The massive data breach that took place with the Marriott International network compromised the personal information of 500 million guests. The costs incurred by the company in this data breach have been estimated to be around $200 million to $1 billion.
Now, this is just one case that took place. Several other companies are victims of data breaches every year. 2020 saw many top names like Facebook and the like falling prey to them. From these breaches, it is only evident that businesses need to secure their enterprise networks due to the rampant digitalization of business during the COVID-19 Pandemic. This is where a potent and new solution has emerged when it comes to fortifying data and identity security – blockchain technology management.
An insight into the need for blockchain technology management
Every process or action in a company is initiated and primarily driven by data. The information is made available to the concerned person in time. This data is essential for the task to be performed efficiently. This is where the organization has to rely on effective identify and access management to offer the right type of information to the correct person at the proper time. This, in turn, means providing the employees in the company and their partner’s access to adequate information when needed to perform specific tasks and nothing more.
For example, a customer supports professional needs to interact with the company’s customers for query and complaint resolution. The executive needs to have access to the customer ID and contact data like name, phone number, email address, product information like its ID, the quantity involved, the date of the order, the location where the order was placed or delivered, etc.
Similarly, at the same time, the marketing team also needs information for research and analysis. However, here the nature of the information sought will be different. The team only needs demographic information like gender, age group, geographical location, and more without knowing the customer contact details or ID.
So, in both cases above, access management implies providing both the customer care and marketing professional just the adequate amount of information or data they need for their jobs- not less or more. If the company stops the possibility of employees getting access to more data than what is needed, the possibility of being used unethically is very high.
Specialists from the esteemed company in database management, administration, and consultation, RemoteDBA.com, say that with the competition between businesses in the market being stiff and widespread in the market today, it is only obvious that corporate espionage is on the rise and becoming one of the biggest threats today. Suppose companies fail to protect their enterprise databases against external entities. In that case, they will make an effective business strategy fail and ineffective, especially if their competitors plan counter-measures to survive and supersede them in the market.
Therefore, it is only evident and paramount that companies must restrict this data only to authorized people to view them and use them for organizational tasks. It is prudent for companies to allow only authorized employees or senior staff to access critical business data.
The security practices embraced should not be lax
Business enterprises must ensure that the security measures they embrace should not be generalized at all. This will enhance the damage caused by cyber-attacks that are targeted at specific verticals in the organization.
For instance, if a senior official based in marketing gets their personal accounts hacked into, the attackers will also get information relating to other verticals like research and development or finance. This can be detrimental to the company. This, in turn, will lead to the loss of data on a larger scale, and had the proper security measures in place, it could have been easily prevented. In short, the HR of any company should ensure database security, and recruitment of IT experts for the task should be on the top of the list.
Therefore, identity and access management should be viewed and managed with great care by companies, both big and small. Businesses must ensure that accounts that have been given access to critical parts of the database should be re-evaluated and validated periodically.
Secure logging in the network with multi-factor log-in mechanisms and biometric-based access will reduce identity fraud and unauthorized access. They also prevent data breaches to a large extent, and the company’s critical data will not fall into the wrong hands.