There Is Serious Profit Potential in User Authentication as a Service
Many MSPs I’ve spoken to over the past year or so have had a lot of questions about the very apparent shift toward improved and advanced authentication security in nearly every industry and market. With a renewed focus on user authentication and technical safeguards from industry and government entities alike, it’s clear that things are changing rapidly.
Industries that are subject to compliance standards (HIPAA for healthcare, CJIS for law enforcement, PCI DSS for any business that accepts credit cards, to name just a few) are being forced to get up to speed. It seems inevitable that soon enough, just logging in to programs with a single password will become a thing of the past, obsolete—especially in business and government settings where the private information is handled.
For some MSPs, this is nerve-wracking. It’s hard enough to handle password security for a client on your own—additional compliance rules can make it seem impossible. These MSPs often call me as their last resort. They’ve got a compliance deadline approaching, or they just have no idea where to start with a new client who has serious security problems.
Other MSPs call me because they see this movement toward authentication security, they know it means big money is being and will be spent, and they don’t want to miss the boat. Their clients are in need of a password management system that works, and they are getting the calls from other clients looking for security help. They’re also seeing the headlines and data. This study forecasts the global Identity and access management software market will grow from $5.13 billion in 2013 to $10.39 billion in 2018.
Consider multi-factor authentication (MFA). In the past few years, MFA has grown from an unknown term to a required safeguard for many organizations and businesses; it is poised to become the norm. Companies like PayPal, Facebook, Google, and Twitter now offer their users MFA options. Once requiring costly hardware tokens or biometric software, MFA authentication is now affordable and easily accessible with an advanced password security suite. Users can use a keychain fob, or have a one-time code generated through a secure mobile app on their smartphone. The heightened security it provides spurs businesses to consider other advanced security options as well, like single sign-on (SSO), which allows users to conveniently log into all needed applications from one centralized secure portal.
Regardless of their reason for contacting me, I tell MSPs who are interested in password security the same thing: Now is the time to become a password management expert.
Why now? Because there is an ever-growing sense of urgency across industries and markets. High-profile security breach scandals are hitting the press with alarming frequency, and compliance standards are advancing at a pace that businesses and organizations simply can’t keep up with.
Password security has long been an unspoken broken rule in offices of all sizes. This simply won’t do anymore, and your current and potential clients know it. The risk is too real. Cybercrime is growing more advanced, and a company with poor security protocol doesn’t stand a chance against modern hackers. Plus, there’s a renewed focus on enforcing compliance standards through security audits. Companies found in non-compliance could face fines or lose access to valuable industry resources.
As journalist Robert McGarvey writes in a recent Credit Union Times article about multi factor authentication:
“In an era of epidemic insecurity, security is primed to win.”
So yes, there's serious profit potential in reselling password management.