In a context of continuous evolving technology becoming more entwined into our daily lives, Identity Access Management (IAM) solutions need to be effective to manage and secure access to critical information within organizations only by authorized users.
IAM is the enabling framework of business processes, policies and technologies for the management of digital identities, and its components can be classified into four major categories:
Authentication is the module through which a user provides sufficient credentials to get initial access to an application system.
Authorisation determines whether a user is permitted to access a particular resource.
User management modules define the set of administrating functions such as identity creation, propagation, and maintenance of user identity and privileges.
Central user repository stores and delivers identity information to other services and provides service to verify credentials submitted from clients.
As traditional methods of identity authentication, such as passwords and usernames, have proved to be ineffective against cyberattacks, biometric authentication technology has emerged as one of the most effective solutions for IAM.
Biometric technology uses unique physiological or behavioral characteristics, such as fingerprints, facial recognition, and iris scans, to verify a user's identity.
This technology is more secure than traditional password-based authentication, as it is virtually impossible for someone to replicate another person's biometric data.
According to a report by MarketsandMarkets, the global biometric authentication and identification market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billon in 2027, at a CARG of 14.1%. This growth is due to the increasing demand for secure authentication and identification systems across various industries.
Biometric technology is an effective solution for IAM. As the demand for secure authentication and identification systems continues to grow, biometric technology is expected to become even more prevalent in the future.
However, biometric technology may face some challenges. To address them, organizations should implement best practices when using biometric technology for IAM. This includes:
Research has shown that biometric technology is highly effective in securing IAM systems. A study by the Biometrics Institute found that the use of biometric technology can significantly reduce the risk of security breaches and data theft, as well as improve the overall security of IAM systems.
Biometric technology has several advantages over traditional IAM solutions, including:
1. Stronger security: Biometric authentication is much more secure than password-based authentication, which can be easily hacked or stolen.
At B-FY our main concern is protecting people and their identity. Our system does not require passwords that could be hacked or stolen and does not store any of the user’s biometric patterns.
2. Improved user experience: Biometric authentication is faster and more convenient for users than traditional authentication methods, as there is no need to remember passwords or carry around authentication tokens.
B-FY’s solution is user friendly and as it utilizes the biometric tools integrated into the users’ device operating system, does not require any extra effort from the user and does not require a learning curve.
3. Cost-effectiveness: Biometric authentication can be more cost-effective than traditional authentication methods, as there is no need to continually issue and replace authentication tokens or reset forgotten passwords.
B-FY is an agile, cost-effective solution. It prevents economic losses due to security breaches, implementation of hardware, or costs associated to sending text messages (SMS) whenever authentication is needed.
4. Scalability: Biometric authentication can easily scale to meet the needs of large organizations, making it an ideal solution for companies with many employees.
B-FY is a biometric system of “Identification as a Service” (IDaaS), designed for quick integration. B-FY onboard is activated in minutes, without the need to make any significant changes to our client’s system.
As it is implemented with market standards such as OpenId, straightforward integration, scalability and robust operation are guaranteed.
Do you want to know more? Request a free demo here.