The Significance of CIAM for Your Customers and Brand
Protecting your brand means protecting your customer and consumer data.
Consumers increasingly expect seamless, consistent, and secure user experiences across multiple devices, channels, locations, and applications. Over 2/3 of customers don’t trust brands with their personal data. According to a PwC report, 32% of customers will abandon a brand after just one poor experience. Furthermore, a Ping Identity report from 2019 revealed that 81% of customers would disengage with a brand online following a data breach, and 24% would cease all interactions. Thus, the requirement for brands to deliver more robust online security and privacy protections has become paramount.
The primary objective of CIAM is to balance personalized customer experience with strict data privacy and security measures. CIAM helps businesses securely capture and manage customers' identity and profile data, controlling the access to various applications, services, and information. It continuously assesses the trustworthiness of each customer's identity, dynamically adjusting the level of authentication required based on real-time risk assessments, making security visible only when absolutely necessary.
Selecting the Right CIAM Platform
As the range of CIAM use cases expands, more businesses are turning to third-party CIAM suppliers for their customer identity management needs. The appropriate CIAM platform varies depending on the specific business needs. It is advisable to opt for a supplier that offers cloud-based hosting for access to not just the CIAM infrastructure, but also CIAM expertise and assets.
Look for platforms and managed service providers that focus on a seamless customer experience. It allows businesses to personalize each customer's visit with custom login processes, ensuring data protection regulation compliance. According to the Gartner Magic Quadrant for Access Management, published in November 2022, CIAM leaders included CyberArk, ForgeRock, Microsoft, Okta, and Ping.
CIAM solutions offer a comprehensive view of customer data, allowing organizations to create personalized and relevant experiences. A robust CIAM solution builds customer trust and loyalty, which is essential in today's digital era, while ensuring compliance with privacy regulations.
CIAM is critical for organizations dealing with high volumes of external user activity in an ever-evolving digital landscape rife with cyber threats. CIAM solutions not only provide assurances of data privacy but also simplify the online experience for customers across digital platforms, making it an indispensable tool in the modern digital business environment.
Nabeel Nizar, MajorKey EVP Advisory Consulting & PreSales