In this era, every astute business owner knows how indispensable digital tools are for managing systems effectively. Technology is changing companies, and online credential management solutions streamline issues like managing credentials.
Corporations and small businesses alike must consistently create or revoke the credentials of customers and employees. Because processes and policies constantly evolve, companies need reliable, efficient credential management tools to succeed.
What Are Credentials?
Before going any further, let’s start with some basic definitions. Without getting too technical, a credential is simply proof of someone’s identity. There are plenty of physical forms of credentials that we use every day, like driver’s licenses or credit cards.
Credentials must establish the person’s identity, typically using identifiers like State of residence or address, and connect it to the company organization assigning the credential. For example, a driver’s license has an assigned license number, address, name, and state seal.
Why Do Credentials Matter?
Although credentials are tied to identities, they are not the same thing.
Credentials usually serve as a connection. They establish an individual’s identity and then connect them to a company and purpose. For example, a driver’s license confirms someone’s identity and shows that the person can drive and reside in a specific state.
Because of this connection, credentials do not stay static. They can regularly change and often expire.
For companies today, credentials are more important than ever. Every time someone logs into an online store to place an order, they’re establishing another credential. Likewise, every time a business hires a new employee, new credentials must be created.
Because these continuous edits must occur, managing credentials becomes much more difficult for growing organizations.
What is a Credential Management System and What Does the System Provide?
A credential management system is a type of software in charge of managing credentials securely. These systems often need to contain a massive amount of data about the people businesses sell to and the people they employ. It also includes personal data that identifies someone and their relationship with the company.
Credential management tools establish who has access to what information and control the privileges someone has. If a customer is part of a subscription with a membership to the company, they probably have special discounts and benefits.
It’s not merely a way to keep track of employee and customer data efficiently. Instead, credential management tools have become fundamental in ensuring organizations can validate people’s identity.
What are the Benefits of a Credential Management System?
Virtually all companies in this modern age require credential management solutions. With privacy regulations rising in response to identity theft and related security attacks, it is therefore vital to have strong credential management solutions.
There are numerous legal benefits
Credential management tools organize employee and customer identities alike. These systems are crucial for many legal reasons. Every company understands the importance of keeping track of their employees for tax season. Having a current, accurate account of who is working for you and their position will make the entire process easier.
It’s become crucial for businesses
For a lot of companies, credential management tools are vital. There has to be some system in place for managing credentials. Any business with an online platform where customers log in must keep a careful record while managing new credentials.
Likewise, corporations with hierarchies of employees need a way to monitor levels of access and edit their credentials. There’s no way around it. A successful company must have successful credential management solutions.
What are the Risks that Come With Credential Management?
Unfortunately, some risks come with credential management solutions. With cyber-attacks regularly occurring, managing credentials online can lead to impostors infiltrating corporations to gain access and a host of other problems.
Here are some common issues that plague managing credentials:
Credential management tools with weak security can jeopardize customer and employee trust. Even recently, there have been numerous high profile incidents of customer data leaking because of hackers. These hacks have significantly increased people’s expectation that their data should be efficiently protected.
Some tools can analyze the quality of a credential management system’s security and expose these concerns to the public. Not only could this potentially lead to legal danger, but it damages corporations’ long-term prospects, customer trust, and reputation.
Credential validation rates might not work as quickly as the rest of the credential management system. These slow validation rates mean that instead of getting an accurate and current insight into customer and employee data, there’s only a list of contradicting information.
Although this lagging might not seem like an issue at first, if it’s allowed to continue, it leads to giant administrative problems. Managing employees is infinitely more difficult with incorrect information.
Impostors hacking a companies’ system will wreak havoc. Imagine a hacker infiltrating a system and assuming the credentials of a trusted employee. There are thousands of malicious actions they could take to ruin an organization. Hackers could steal information and leak it to rivals, edit or erase large data chunks, or even release customer’s data just to cause chaos.
Any of these events can cost millions and send a corporation into bankruptcy. It takes time and requires a lot of money to find compromised credentials and fix the litany of resulting problems. Many organizations have experienced the wrath of ransomware.
How to Prevent Credential Management Flaws and Attacks
It’s clear that credential management systems come with many risks, but the benefits still outweigh the risks.
So, how can people find reliable systems without glaring flaws that prevent these damaging attacks?
Without getting too technical, there must be a process to encrypt all critical corporation information. Hosting an extensive database with personal details that are in plain text is a horrible decision. Even adding passwords or underlying security can easily be compromised by the right people.
Unless one is an expert in coding and cybersecurity, there’s no way to prevent credential management attacks by creating a system from scratch.
Creating systems managing the credentials of so many individuals is costly, time-consuming, and perilous. Suddenly, the full legal responsibility of any unlawful data breaches falls on one person. It’s far more productive to find a preestablished credential management system with previous experience and an interface that everyone can utilize.
Protect your account
How Teamstack Provides Secure and Simple Credential Management
Teamstack offers its customers free, secure cloud identity management. With features like multi-factor authentication, secure cloud directory, one-click provisioning, and much more, Teamstack is a fantastic option for businesses looking to optimize their processes and use reliable, trustworthy credential management tools.
- Multi-factor authentication means that every identity confirmation uses several factors to ensure no imposter sneaks into company data.
- A secure cloud directory lets people in the administration efficiently manage their employees online. It allows for easy management.
- Group-based credential management means executives can put employees in groups, assign permission levels, and instantly synchronize data changes.
- One-click provisioning makes controlling users incredibly straightforward. With only one click, an administrator can add or remove a user from accessing the organization’s applications. Now, there’s no need to change passwords every time an employee leaves.
Teamstack’s cloud identity and access management platforms guarantee businesses have credential management solutions that are convenient, simple, and secure. It makes management so much easier and integrates with over 500 applications. For people looking to modernize their company and streamline their processes, look no further than Teamstack’s powerful platform.