iC Consult’s partner, Saviynt, has conducted an analysis [1] of identity & security trends 2024. In this tl;dr, we provide a summary that distills the essence of six key identity and security trends identified by Saviynt executives and partners, which are worth taking a look at for the coming year.
Trend #1: Identity Security as a Boardroom Concern in U.S. Public Companies
The new U.S. Securities and Exchange Commission (SEC) regulations have elevated identity security to a board-level issue for U.S. public companies. Prompt reporting of significant cybersecurity incidents and transparent disclosure of risk management strategies are now mandatory. This shift necessitates a deeper focus on identity-first security practices and enhanced access visibility.
To adapt, companies need to diagnose the effectiveness of their policies, procedures, risk assessment, controls, and controls monitoring, to prove disclosure capabilities. Companies should also build an identity data warehouse to centralize identity, access, and activity data, and expand identity security conversations, especially regarding third-party access management.
Trend #2: Integrating AI for Enhanced Identity Security
Artificial Intelligence transforms identity security from a theoretical ideal to a practical necessity. AI and machine learning can analyze behaviors, detect vulnerabilities, and optimize security operations. Their integration can help enforce the principle of least privilege and identify unusual activities effectively.
Enterprises can leverage AI for access activity reviews and assessments, and embrace behavioral profiling to enforce the least privilege, enhancing both user experience and risk management.
Trend #3: Extending Governance Beyond Third-Party Vendors
The focus has shifted to managing risks associated with “nth-party” vendors, which refers to indirect relationships in the supply chain beyond direct third-party vendors. This trend calls for a unified governance approach to manage identities across the entire value chain. Companies should emphasize integration between security capabilities and solutions to manage these extended vendor relationships and prioritize time-bound access management.
Trend #4: Addressing CISO Burnout Strategically
With many CISOs facing burnout, it’s vital to address this challenge. Strategies include setting clear risk tolerance levels, recognizing cyber defense as a collective effort, and fostering a supportive community among security professionals. Companies should define specific risk appetite and tolerance levels, adopt tools for continuous risk monitoring, and support open-source projects like the Open Cybersecurity Schema Framework (OCSF).
With runtime authorization, a promising evolution in identity security is underway, allowing real-time access decisions based on the current business context. This marks a significant move towards achieving Zero Standing Privilege and enhancing dynamic access control.
To respond, enterprises should focus on fine-grained policy management and invest in dynamic approaches to authorization, considering automated Identity Policy as part of a broader control strategy.
Trend #6: The Increasing Relevance of FedRAMP
The growing importance of the Federal Risk and Authorization Management Program (FedRAMP) signifies a broader trend toward stringent security standards. Organizations should conduct a comprehensive risk inventory and establish a comprehensive least privilege policy as part of a NIST-based Zero Trust strategy.
FedRAMP’s growing importance, especially for cloud service providers, signifies a broader trend toward stringent security standards. Achieving FedRAMP authorization is now a benchmark for security excellence, extending beyond government contracts to other regulated sectors.
Conclusion: Embracing Change for Future Resilience
Facing these emerging trends head-on, organizations must choose between maintaining the status quo and proactively adapting to stay ahead. This decision will be pivotal in determining their future success and resilience against digital threats.
As the leading consultancy, system integrator, and managed services provider for identity and access management, iC Consult is uniquely positioned to help organizations navigate these trends. Our expertise combined with Saviynt’s cutting-edge solutions offers a robust response to the challenges outlined in these trends. We are committed to empowering businesses with the tools and strategies they need to stay ahead in the cybersecurity game.
Reach out anytime to our iC Consult experts for tailored solutions and expert guidance or read Saviynt’s full report for a deeper dive into these trends.