At IDBRIX, we are on a mission to protect the world’s sensitive data! In this context, we are constantly seeking to explore the client data protection market, tracking trends, predicting possible issues, and working on solutions to mitigate the possible risks.
Given the economic slowdown in the US and continuing uncertainties in other leading regional economies globally, we could observe the following five trends across the client data protection segment over the first quarter of 2023.
Heightened Awareness of the Risks Associated with IoT Devices
The Internet of Things (IoT) is rapidly growing, with more devices being connected to the internet every day.However, these devices also present significant security risks, as they are often not designed with security in mind. In the first quarter of 2023, we could see a heightened awareness of the risks associated with IoT devices, with organizations taking steps to secure these devices and protect client data.
Greater Collaboration Between Organizations for Data Protection
Data protection is a shared responsibility, and collaboration between organizations can help to strengthen security measures and enhance protection against potential cyber-attacks. The past three months witnessed an increase in the number of businesses collaborating with their value partners for data protection, with industry-specific collaborations and joint initiatives for improving data protection practices.
Increased Use of Multi-Factor Authentication
Multi-factor authentication (MFA) is becoming increasingly popular as a way to secure access to sensitive data. In the first quarter of 2023, MFA continued to stay on top of CIO’s priority list as organizations looked for ways to enhance their security posture and protect client data from unauthorized access.
Greater Focus on Identity and Access Management
As cloud computing and mobile devices make inroads into developing economies, there is a greater focus on adoption ofIdentity and Access Management s organizations look for ways to enhance their data protection strategies and mitigate risks associated with unauthorized access to client data.
Identity-as-a-Service (IDaaS)solutions have emerged as focus area for small and medium-sized enterprises that may not have the resources to implement and maintain their own IAM solutions. IDaaS is a cloud-based IAM solution that offers several benefits, including reduced IT costs, simplified management, and enhanced scalability.
Data Governance is no longer ‘Optional’
Data governance refers to the process of managing the availability, usability, integrity, and security of the data used in an organization. In the first quarter of 2023, we could see a growing importance of data governance, with organizations looking to establish policies and procedures that govern the collection, storage, and use of client data to ensure that it is protected against potential security threats.
