Expanding scope of identity and access management (IAM) in healthcare
December 2019 by Global Market Insights, Inc.
Growing digitalization trends and the consequent rise in cyberthreats and cyberattacks have significantly accelerated the demand for efficient identity and access management (AIM) solutions. The application scope of IAM tools continues to expand as more and more businesses are migrating to the cloud and adopting microservice architectures.
As the management of modern identity environments becomes more complex, IT leaders are focusing to evolve their existing IAM environments. The need to implement viable and efficient IAM frameworks for the BFSI sector has never been greater. Financial organizations reported around 819 cyberattacks to the Financial Conduct Authority (FCA) during 2018, compared to 69 in 2017.
Prominent players in the financial services industry have been relying on identity and access management solutions for over a decade. Small and mid-sized businesses are now looking to implement access managing systems to help restrict unauthorized access to vulnerable systems and ensure better regulatory compliance. It is estimated that global IAM market size will surpass US$20 billion by 2025.
While the global BFSI sector has been one of the major users of IAM technologies over the years, healthcare has emerged in recent times to become a key application target for IAM industry players. In recent times, healthcare systems have become increasingly vulnerable to cyberthreats and the risk of cyberattacks.
Identity and Access Management (IAM) Market
Whether a healthcare organization stores its data on the cloud, on-premise or in a hybrid environment, it requires a secure, seamless and scalable IAM framework to restrict unauthorized access and protect patient health records. Statistically, healthcare organizations today experience up to 5 times more cyberattacks compared to financial service providers and other high-value targets, mostly from internal threats and business associates.
Increased incidences of healthcare breaches may be due to the fact that stolen health data is highly lucrative and has a longer shelf life compared to financial data. Healthcare service providers are responsible for safeguarding private health information, which is among the most valuable data currently available on the internet.
According to experts, over 53% of healthcare breaches and cyberattacks occur due to carelessness of the hospital staff in managing patient information or account credentials, making personal patient health information easier target for cyber criminals. This indicates a strong need for the deployment of safe and reliable IAM frameworks in the healthcare sector.
Identity and Access Management is constantly evolving in terms of critical functions such as authentication, data security, synchronization of internal data, meeting privacy compliance requirements and enabling consumer contact preference management. Increased use of social media will create a greater need for reliable IAM solutions.
The future of identity and access management technologies may involve increased use of blockchain technology as well as biometrics in identity management systems. Incorporation of these technologies will expand the application outlook of IAM tools in cloud-based services and enable edge computing via IoT devices. Artificial intelligence (AI) will enable a greater number of systems and devices to interact with and learn from one another without human assistance, further propelling the scope of IAM technologies beyond people, places and things.