I don’t know about you, but every few months someone steals my credit card number, and I end up with a new card. It is no longer a question of if someone can get my personal information, but when. We all go to work every day to provide for our families. And in the blink of an eye, our identities can be stolen and our lives turned upside down. We are now fighting an uphill battle to repair personal finances and restore our reputations.
So what do we do to protect ourselves from identity thieves? We pay organizations to monitor our credit reports, download apps on our phones to keep an eye on credit card activity, and shred personal information before throwing it in the trash. We establish our own best practices for protecting personal information and get alerted to suspicious behavior so that we can better protect ourselves from disaster.
The business world is much different. Companies place much value in protecting the identities of their employees. They work hard to offer superior products and services to their customers, grow their market share and provide a return on investment to their stockholders. Employees make all this happen; they are the lifeblood of any organization.
Because employees are so valuable to a company, they have access to most sensitive information: financial data, intellectual property, personal customer information, and other mission critical systems that are vital to company success. So the stolen identity of an employee can be detrimental to an organization— just like in our personal lives. Not only is the financial burden associated with resolving the problem damaging but the potential loss of customers and growth to the business also hurts a company. A hard-earned reputation can be destroyed overnight.
A recent Verizon report cited that 63% of breaches in 2015 came from compromised identities. So what do companies do to protect themselves from identity thieves?
At Micro Focus, we believe the solution lies in identity-powered security. We want to provide an easy way to provide secure access to the applications and systems that employees need to do their jobs. However, like in our personal lives, we have to assume that the cyber-criminals have already breached our systems and that perimeter security is no longer enough. Therefore, focusing on identity and access management is more critical than ever.
Our identity-powered solutions empower the business to understand and approve what systems their employees need. Additionally, our portfolio includes solutions that control access through single sign-on capabilities and risk-based and multifactor authentication. And last but certainly not least, we provide a way to monitor what users are doing with their access.
When organizations combine these elements, they can put context around their user communities, allowing them to respond quickly to threats on compromised identities.