The banking and healthcare sectors have been among the most at risk of data breach in the past several years, throughout North America and in nations abroad. The cost of information exposure continues to climb, and few organizations have deployed an adequate level of protections to secure their sensitive data and systems against hackers and cybercriminals.
Regulatory compliance has evolved substantially with respect to the healthcare and banking industries, but still do not act as comprehensive templates for total security. Rather, banking and healthcare executives must go several steps beyond the simple achievement of regulatory compliance, and closer toward the most advanced possible privacy protection and access management capabilities.
New study unlocks helpful facts
Frost and Sullivan recently released a new analysis of the identity access management market, which revealed that increasing rates of fraud in governments, healthcare organizations and financial services providers are driving interest in these products. Regardless of which industry a business might operate within or where it is located, the threat of fraud and theft has been on the rise.
According to the research firm's Payment Privacy Protection – Global Security Implications Report, the market for identity access management solutions will grow at a compound annual growth rate of just under 30 percent from 2012 to 2018 in the government sector. Additionally, the organization stated that financial services firms will increase their purchases of these solutions by 31.2 percent per year in that same time period.
"Effective IAM solutions enable companies to identify users and create profiles," Frost and Sullivan Information and Communication Technologies Global Program Director Jean-Noel Georges stated. "This helps determine whether they should be allowed access to sensitive data and also to simplify access management. The single sign-on (SSO) technology requires users to be identified only once. In fact, new entrants and niche players in the payment privacy protection market could significantly benefit from offering flexible, cost-effective, cloud-based payment security solutions."
Payment processors have been under the spotlight since the Target, Neiman Marcus and Michaels breaches that occurred within the past several months, while public sectors have also come under fire due to breaches. More advanced IAM solutions, including multi-factor authentication, can help to bring down the rate of these crimes.
Data Privacy Day
The Washington Attorney General's Office recently urged business leaders to become more proactive with their security practices in honor of Data Privacy Day, which fell on Jan. 28 this year. Washington State's Attorney General Bob Ferguson pointed out that data flows more quickly and freely in the modern economy than ever before, and that the private sector needs to lead the charge to strengthen overall security performances.
The Federal Trade Commission and Consumer Financial Protection Bureau have also been extremely active in the fight against identity theft and other crimes that are symptomatic of data exposure, as these crimes have hindered economic growth substantially in recent years. Organizations in the financial services and healthcare sectors, as well as government agencies, must deploy more effective access management tools and policies to avoid becoming victims in the future.