I have IIS on an Azure VM pointing to an Azure File Share for the website files/contents.
To allow IIS to access the File Share, I created an account on the VM with the same credentials as the File Share account, and then set the Connect As for that site to said user. To be clear the Connect As user has full read/write permissions.
Q: Will anonymous IIS site visitors inherit the Connect As user rights, thus leaving a rather large hole in my site security?