One of the key functions of an effective Identity and Access Management (IAM) solution is data logging, to capture and store information about which users access what applications, and when. These logs can help to drive effective decision-making through auditing in three key areas – financial, security, and compliance. Here’s how.
Optimization of software licensing is an area where your IAM can play a role in financial auditing.
Through the logs maintained by your IAM, it is possible to extract actionable insights on the actual usage of software licenses that your organization owns, and therefore the number of users actively using each application, and whether there is very low usage of certain applications.
This makes optimization possible by reducing the number of licenses for specific applications if they are in excess, and by dropping or retiring applications that are not being used.
It is important to note that most IAMs will only capture the base data that would feed such audits and analysis, and generally would not provide these insights within the platform. However, if you are working with a highly flexible IAM, such customizations should be possible to implement.
Logging user actions can help companies improve security as it is a way for administrators to detect breaches early, and also analyze and provide verifiable evidence of the source of breaches.
An effective IAM solution would maintain detailed logs monitoring all access and activity on the organization’s apps, ensuring that there is no unaccounted access. This provides complete visibility into which users have accessed which applications, and when.
Security auditing verifies whether all documented protocols are being followed and assists in preventing and tracking down malicious activity. To maximize the security benefits of audit logging, logs should be reviewed regularly and often enough to detect security incidents.
Compliance audits help to ensure the efficiency of compliance programs, to ensure that your organization achieves and maintains certifications and recognized standards, in turn leading to improved customer loyalty and satisfaction.
Your IAM can help to provide verifiable evidence of compliance with security, data protection, and privacy standards and laws. This is achieved through features such as multi-factor authentication and enforcement of strong password policies. Similarly, prompt deprovisioning of user accounts through a single sign-on (SSO) functionality, and dissemination of mandatory employee communications through the common platform of the IAM go a long way towards complying with statutory standards.
Compliance logs are also useful when it comes to following General Data Protection Regulation such as respecting employees’ right to be forgotten.
Are you making the most of the logs captured by your IAM to manage financial, security, and compliance audits at your organization? Unlock the value of your data, and take it even further with customized reporting and dashboards with a highly flexible IAM solution like Akku.