For the vast majority of IT and security professionals, securing data is the number one priority. This is according to a new report from LastPass, a LogMeIn-owned password management company.
The report also claims businesses are intent on improving identity and access management. In an effort to secure their data and better manage employee access, more than a quarter of IT and security professionals polled for the report (28 percent) said they were planning to invest in multifactor authentication (MFA) tools.
LastPass also notes that companies operating in different industries have different security-related priorities. While IT security firms focus on data security, financial service organisations focus more on reducing risk of cybercrime.
“It’s not surprising,” LastPass says, “given financial institutions experience the highest cybercrime cost out of all verticals.” According to the report, these businesses lose an average of $18.3 million a year to cybersecurity incidents.
For mass communication companies, meanwhile, access management is the top priority, along with improving user experience.
“Finance is focused on reducing risk and integrations, IT is prioritising the security components of IAM, whereas media is focused on improving employee productivity,” said John Bennett, General Manager, Identity and Access Management Business Unit at LogMeIn.
“It’s clear that flexibility, breadth of functionality and ease of use are critical so businesses can customise their IAM strategy in alignment with their business objectives. Organisations need to evaluate what their business needs are and build their IAM strategy based on those requirements.”