Why Must Crypto Unicorns Have Unified UAM/IAM Solutions in Place?

As of April 2024, India ranks third in the world of unicorns, just behind USA and China. With an estimated valuation of over $340 billion, these unicorns will face numerous regulatory compliance requirements enforced by regulatory and governing bodies. However, as Fintech unicorns grow, the major challenge they will encounter is addressing unfair practices, especially under standards like ISO, GDPR, etc.?

The Need for UAM/IAM Solutions?

Unicorns are among the fastest-growing ecosystems, requiring a robust, scalable user access management (UAM) system. From a deployment perspective, many of these companies operate on open-stack platforms, managing both external and internal applications under tightly controlled access levels. Proper user access management—from onboarding to authorization and reauthorization—ensures the secure and efficient handling of sensitive information.?

Use Case?

Many small, bootstrapped organizations tend to start small, eventually adding value by implementing more functional solutions and modules and integrating various offerings. This process leads to changes in their overall offerings. However, this also introduces the challenge of deploying infrastructure on the cloud or using a hybrid infrastructure to manage development, quality, and analytics testing. An effective UAM framework is crucial to address security concerns, regulatory compliance, and operational efficiency. Solutions like Skillmine Auth offer these capabilities, benefiting teams ranging from developers to quality analysts and operational teams.?

Problem Statement?

Many unicorns require a standardized process for managing user access across their systems, leading to several critical issues. The core challenge lies not in their ambition to grow but in using open-source applications to facilitate easy user accessibility. As a result, the Indian government is focusing on enforcing stricter regulations and compliance for unicorns, as they are expected to become the next big thing after Fintechs.?

Potential issues that will impact the ecosystem if UAM/IAM is not implemented in time include:?

• Security risks: Without streamlined user onboarding and deauthorization, unauthorized individuals could gain access to sensitive systems, code, or databases, potentially leading to catastrophic outcomes.?

• Compliance risks: Unicorns must comply with industry regulations like ISO 27000, DPDP, GDPR, etc. Failing to manage and control user access can lead to non-compliance, fines, and reputational damage.?

• Operational inefficiency: Undefined or manual policy-based access granted by department stakeholders without proper processes can cause bottlenecks. With a streamlined access process, employee productivity can be completed on time.?

Objective?

To achieve their goals, organizations need to adopt a simplified yet comprehensive UAM framework like Skillmine Auth which can:?

1. Secure user onboarding by integrating verification and authentication processes. Additionally, it offers role-based access to control what users can and cannot access.?
2. Simplify deauthorization to instantly revoke access for employees, contractors, or partners who leave the organization or change roles. This tool also streamlines audit processes for compliance trails.?
3. Features like multi-factor authentication (MFA), device restrictions, anomaly detection, and centralized user management for all connected applications add an extra layer of security.?

Benefits of Deploying Skillmine Auth?

By deploying Skillmine Auth, organizations can stop worrying about the following:?

1. Enhanced security for user access: It reduces the risk of data breaches or unauthorized access by automating the assignment and removal of access rights.?
2. Improved productivity and operational efficiency: Faster onboarding and offboarding processes allow employees to focus on productive work without delays in system access.?
3. Compliance and audit mechanisms: It ensures adherence to industry regulations through documented processes and audit trails, allowing comprehensive logging of user activities for security and compliance reviews.?
4. Role-Based Access Control (RBAC): It enables the implementation of a framework where access rights are granted based on user roles within the organization.?
5. Multi-Factor Authentication (MFA): It enforces MFA to secure sensitive systems.?
6. Single Sign-On (SSO): It allows end-users to access multiple apps with a single set of credentials.?
7. Customizable Anomaly Detection & Alerts: This feature enhances security by identifying and alerting users to suspicious activity.?

As India’s unicorn ecosystem grows exponentially, it is imperative for organizations to implement robust UAM/IAM systems like Skillmine Auth. These solutions play a vital role in safeguarding sensitive information, ensuring regulatory compliance, and enhancing operational efficiency while delivering a seamless user experience. By automating user access management, Skillmine Auth fortifies security and reduces the risk of data breaches. Its streamlined onboarding and offboarding processes simplify operations, saving valuable time and resources. Moreover, comprehensive audit trails help meet industry regulations effortlessly. Secure your crypto business and future-proof your operations with Skillmine Auth—your unified solution for IAM.

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Written by Shriraj K. ,AVP - Product Client Services, Skillmine Technology Consulting