CyberArk & DSCI: Multi-Cloud Identity Management Report

CyberArk recently presented, in association with DSCI, a new report at Impact World Tour 2024, Mumbai, discussing SaaS-driven identity management in multi-cloud environments.
This report establishes securely integrated SaaS adoption to ensure the optimization of identity and access management.
Vinayak Godse, DSCI CEO said advanced SaaS solutions play a critical role in managing identity security across the cloud infrastructures.
"Advanced SaaS solutions offer incredible flexibility, which allows identity and access to have a unified and strong security posture across multi-cloud environments," he said while highlighting how SaaS, as an identity and access management solution, offers flexibility and integrated management.

Issues with SaaS Adoption in Critical Sectors of India

They are also high-risk sectors, such as health, finance, and government. At the same time, they grow increasingly dependent on legacy systems containing inherent vulnerabilities. 
Gradually transiting to cloud services, the diffusion of SaaS, however, encounters specific barriers: Stringent regulatory and compliance requirements.

Key sector-specific insights drawn from the report include:

1. Banking: Banks globally could cut as much as 30% in costs with SaaS adoption expected to reach 60% by 2026. Still, this change is slow merely due to fear about security and compliance.
2. Healthcare and Pharmaceuticals:Expected to reach a whopping USD 42.13 billion by 2027. However, the adoption of SaaS in the healthcare and pharmaceutical industries still remains hindered mainly due to   fears  regarding data privacy and integration issues.
3. Manufacturing and Logistics:SaaS adoption grows at 15% per annum in the industries for efficiency needs but with persistent security concerns.

Security Benefits of SaaS in a Multi-Cloud Environment

It eliminates common myths concerning SaaS security, and its effectiveness in mitigating cyber threats is shown through the following:
1. Centralized Identity Management through SaaS: utilizing Single Sign-On (SSO), streamlines access, mitigates the risks associated    with password security, and lowers vulnerabilities to phishing attacks.
2. Real-Time Threat Detection: AI-driven monitoring offers 24/7 threat detection, speeding up response times.
3. Rapid Patch Management: SaaS providers commonly implement critical patches within hours or days, far faster than the average of   97 days for in-house patching, hence greatly strengthening overall security.
4. Cost Effectiveness: Scalable SaaS offerings provide more affordable options to even smaller companies to access advanced levels of security.
5. Compliance: The mechanism of encryption and data residency is designed to meet local compliance. This is an assistant to organizations in complying with the regulations.

All these new-age technologies, which include artificial intelligence, blockchain, edge computing, and quantum-safe cryptography, would further advance identity management within the SaaS landscape.
As a result of this technological-led gain, the resilience against threats of these organizations would improve.

CyberArk on Securing Identity in SaaS Meaningful SaaS integration means the right choice of the partner and continued vigilance on security and compliance that always lie at the core of identity management,
Rohan Vaidya, Area Vice President for India and SAARC at CyberArk mentioned.

Regarding CyberArk

CyberArk is the identity security solutions leader in protecting human and machine identities across cloud, hybrid, and DevOps environments and is listed on NASDAQ under the symbol CYBR.
The DSCI, which was founded by NASSCOM, collaborates with the government, industry leaders, and think tanks to foster and promote data protection practices in India.
This includes raising awareness of cybersecurity, formulating policies, and even facilitating best practice exchange.

This report shows how a SaaS implementation coupled with proper identity management practices is helping bolster the cyber defenses of India's vital sectors as threats continue to rise.