Four Benefits of an Identity & Access Management Solution in Financial Services
In financial services, organizations handle a large volume of sensitive and confidential business information. Because banks store sensitive personal data linked to money, they are more likely to be targeted by cyber threats. For financial institutions, safeguarding this information is therefore critical. The risk is not limited to reputational damage; the loss of personal data also incurs costs. A robust Identity & Access Management solution provides the answer.
An Identity & Access Management (IAM) solution, such as Tools4ever’s HelloID, relieves the organization. Below are 4 benefits of our HelloID solution for financial services.
#1: Manage Access
In the financial sector, the systems landscape often consists of a mix of modern and legacy platforms. As a result, access rights have been implemented in different ways. There is no complete overview of who has access to which information, and in some cases, users even have extensive rights to high-risk systems and data. It is essential to limit the number of users with such rights. The last thing organizations want is for employees to commit fraud without detection or to access customers’ personal information without a valid need.
With HelloID, rights can be automatically granted to and revoked from users (employee, partner, or customer) based on an authoritative source, for example, AFAS, combined with defined roles. This prevents users from receiving or retaining unnecessary privileges or licenses and, therefore, from gaining access to resources they have no business need to use in performing their role. A new user has an account and the correct permissions on their first day of work; changes to an internal role automatically adjust permissions; and, upon departure, access rights are removed immediately. You can even set a time window so that access stops automatically after a defined period. Managers can easily maintain an overview of which employees are active and which licenses, applications, shares, and other resources they use.
#2: Reduce Operating Costs
Without a centralized Identity & Access Management (IAM) solution, authentication and authorization across technical platforms are usually managed manually by IT staff. Given the risk of human error, this generates significant work for the service desk. In addition, operating and maintaining such a model incurs high costs.
By automating the entire process, organizations no longer need to manage data access rights manually. HelloID imports all data from the HR system and applies it across connected systems, which reduces unnecessary licensing costs. IT staff spend far less time on routine tasks, reducing the risk of human error and saving high costs. With HelloID, you also do not need to invest in your own infrastructure for hardware, storage, security, and Identity Management software.
#3: Stay Compliant
During an audit, an organization must collect all information needed for reporting, such as active and inactive user accounts, access rights, and system changes. It must also demonstrate that private data, such as financial statements and employee and customer information, is stored securely.
With HelloID, these processes are carefully recorded so that all information is readily available in the event of an unexpected audit. Reports always show which applications were accessed, when, and from which location. Login attempts from suspicious IP addresses are also displayed, enabling timely detection of potential threats. HelloID runs in a highly secure Azure environment that is also thoroughly reviewed every six months by Deloitte Risk Services. Compliance with strict security requirements is therefore assured.
#4: Two-Factor Authentication (2FA)
Unlike other sectors, the financial sector requires a higher level of protection because it is a primary target for cybercriminals. Financial institutions are under strict supervision from both regulators and customers. Securing systems and data is therefore essential. Unfortunately, logging in with a username and password does not provide sufficient protection because these are relatively easy to compromise.
Two-Factor Authentication (2FA) adds an additional factor to a username and password. Examples include SMS, a security key, a token, or an application. With HelloID, users gain access to all their business applications with Single Sign-On and one-time 2FA. Based on department, location, time, and device, you can configure access rules for the portal or for specific applications.
These 2FA Solutions are Available
Want to Learn More?
HelloID from Tools4ever provides cloud-based Identity & Access Management. You do not need to invest in your own hardware, storage, security, or Identity Management software, or perform updates and patches yourself.
This software-as-a-service runs on well-secured servers, so you don't need to worry about unannounced audits and still benefit from the efficiency of an SSO solution that makes your applications accessible.