Unveiling Critical Industry Insights, Bravura Security Advocates for Stronger IAM and PAM Strategies on Global Awareness Platform
[ALBERTA, CANADA — April 9, 2024] — Bravura Security, an industry-recognized identity, password governance, and privileged access management company, today announced that it will participate in the fourth annual ‘Identity Management Day,’ an annual awareness event that will take place on April 9, 2024.
On Identity Management Day, the Identity Defined Security Alliance highlights the importance of robust identity management amid rising cybersecurity threats. Bravura Security, in support of this initiative, shares insights from a Gartner Peer Insights survey that reveals most organizations' IAM and PAM practices are only moderately mature. This survey among 100 IT leaders found that IAM and PAM practices average a maturity level of 2-3 out of 4, suggesting considerable room for enhancement in these areas. With most organizations hovering around a moderate maturity stage, there is a clear imperative to strive for full automation, seamless user experiences, and robust governance mechanisms to bolster their cybersecurity posture and address the ever-evolving threat landscape.
Key findings include:
- Most organizations have implemented Multi-Factor Authentication (MFA), yet only 11% have achieved frictionless user experience, highlighting a need for continued innovation to combat MFA fatigue.
- More than half of the respondents leverage Privileged Access Management, with 56% utilizing enterprise-wide vaults for credential storage, but only 6% adopt Just-In-Time approaches for minimizing risks.
- While 59% automate basic Role-Based Access Control (RBAC) workflows, comprehensive policy application across all identities is less common, representing an area for growth.
- Lifecycle management automation varies significantly, with only 2% of organizations achieving full automation and synchronization across internal and external identities.
- Governance maturity is relatively low, with 61% conducting partially automated access reviews but 32% still relying on manual processes, suggesting an urgent need for more effective automated solutions.
“According to a recent report, identity-related incidents continue to plague organizations with an alarming 90% reporting one in the last 12 months,” stated Jeff Reich, Executive Director of IDSA. “Protecting digital identities has never been more important in the fight against increasingly savvy cyberattacks. While managing and securing identities continues to be called out as a top priority by organizations, meaningful shifts in proactive investment and leadership are necessary to reduce risk. Identity Management Day is an opportunity for all of us to evaluate our role in protecting our digital ecosystem. Whether acting as consumers or employees or partners, our online behaviors matter, and we need to #BeIdentitySmart every day.”
"As we recognize Identity Management Day, it's clear that solid IAM and PAM practices are more than just IT protocols; they're the guardians of our digital universe. Think of them as the bouncers at the door of our network, deciding who gets in and who stays out.,” said Nicholas Brown, Chief Executive Officer of Bravura Security. “In our ever-changing digital ecosystems, where cyber threats lurk around every password and privilege, mastering your identity and access management security posture isn't just smart—it's essential. So today, let's not just talk about security; let's simplify it, strengthen it, live it, breathe it, and champion it across every facet of our operations."
About Bravura Security
Bravura Security, an analyst-recognized leader, delivers decades of experience and the industry's only single Identity, Privileged Access, and Password Governance platform, the Bravura Security Fabric. This end-to-end platform offers users a robust and frictionless security experience, governance and compliance checks, and streamlined service-level agreements via a single platform, which further decreases overall risk and lowers the total cost of ownership for deployment and administration.
About Identity Management Day
Established by the Identity Defined Security Alliance, in partnership with the National Cybersecurity Alliance, Identity Management Day, held the second Tuesday of April each year, aims to inform about the dangers of casually or improperly managing and securing digital identities by raising awareness, sharing best practices, and inspiring individuals and organizations to act. Identity Management Day is presented by IDSA, the Secure Identity Alliance, and IdentityXP in partnership with the National Cybersecurity Alliance (NCA) and co-chaired by Saviynt. To learn more, visit www.identitymanagementday.org. To join the conversation on social media, use #BeIdentitySmart and #IdentityManagementDay.