Identity Management Day is an international initiative aimed at increasing awareness about the significance of safeguarding our digital identities. It is observed every year on the second Tuesday of April, with this year's event coming on April 11th. The day acts as a reminder to individuals, businesses, and governments to take the required precautions to protect their identities from cyber dangers.
Identity management is a vital component of cybersecurity, particularly in today's digital environment, when we rely largely on technology to store and transmit sensitive data. As the world becomes more digital, the requirement for strong Identity Management systems is more vital than ever.
According to IDSA research, 79% of firms have had an identity-related security breach in the last two years, and 99% believe their breaches were avoidable. According to the 2020 Verizon Data Breach Investigations Report, weak, stolen, or otherwise compromised passwords are used in up to 81% of hacking-related breaches.
Identity theft and cybercrime are two of the most serious problems that individuals and companies confront in the digital age. According to a Cybersecurity Ventures estimate, cybercrime will cost the globe $10.5 trillion per year by 2025. Identity theft is responsible for a major percentage of this cost, which is estimated to cost businesses and individuals $16.9 billion each year in the United States alone.
Purpose of Identity Management Day
Identity Management Day aims to raise awareness about these threats and encourage individuals to take precautions to safeguard their digital identities. The day also provides an opportunity for firms to assess their identity management procedures and ensure they are doing everything possible to secure the identities of their consumers.
One of the key messages of Identity Management Day is the importance of using strong passwords and changing them regularly. According to a study by SplashData, "123456" and "password" were the two most common passwords used in 2020. This is in spite of the fact that most websites and applications require users to create a password that is at least eight characters long and contains a combination of letters, numbers, and symbols.
Another significant theme of Identity Management Day is the significance of utilizing multi-factor authentication (MFA) to safeguard your accounts. To access their accounts, MFA requires users to submit two or more means of authentication, such as a password and a fingerprint scan. According to a Microsoft research, MFA can prevent 99.9% of account hacks.
Identity Management Day is not just about protecting your personal identity; it's also about protecting your professional identity. According to a report by the Ponemon Institute, the average cost of a data breach for a company is $3.86 million. This cost includes expenses such as lost business, legal fees, and the cost of remediation.
Identity theft and data breaches may have a severe financial and reputational impact on firms. That is why it is critical for businesses to have strong identity management processes in place to secure the identities of their employees and consumers.
Identity Management Day provides an opportunity for individuals and companies to assess their identity management policies and ensure they are doing everything possible to safeguard their identities from cyber threats. We can all contribute to a safer and more secure digital environment by using strong passwords, activating multi-factor authentication, and adhering to best practices for identity management.
Latest Developments & Challenges in the world of Identity Management
The adoption of Identity as a Service (IDaaS) has been one of the most significant advancements in Identity Management in recent years. According to Gartner, the IDaaS market will grow at a 20% annual rate and reach $6.5 billion by 2024. IDaaS is a cloud-based Identity Management solution that allows businesses to manage their users' identities across numerous platforms and applications, resulting in a more seamless and secure user experience.
The rising use of biometric authentication is another key breakthrough in Identity Management. Biometric authentication verifies a user's identification by using unique physical traits such as fingerprints or facial recognition. According to MarketsandMarkets, the biometric authentication market will reach $59.31 billion by 2025, owing to rising need for secure and convenient authentication solutions.
These developments, however, bring with them new obstacles. The growing threat of cyber-attacks is one of the most critical concerns in identity management today. Cybercriminals are becoming more adept in their tactics of stealing identities and gaining access to sensitive information, emphasizing the importance of strong security measures.
Finally, another issue that firms must handle in Identity Management is privacy concerns. Individuals are becoming more conscious of the value of privacy and the necessity for transparency in the way their data is utilized as the amount of personal data collected and retained grows. Regulations that have been introduced to safeguard individuals' privacy rights include the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
In conclusion
The world of Identity Management is continually changing as a result of new technologies, trends, and difficulties. Organizations must be aware of these trends and take a proactive approach to identity management. We can safeguard our digital identities from cyber dangers while preserving individuals' privacy rights by introducing cloud-based Identity Management technologies, biometric authentication, and rigorous security measures. Make sure you are protecting your digital identities today. Contact us at info@wydur.com or visit us at https://www.wydur.com/ to learn how we can protect your identity and data today.
