In the financial services sector, there is a lot of sensitive and confidential information to be protected. Since banks and financial institutions are in possession of important personal data (such as private banking information), they are much more likely to become targets of cyber threats. Securing such is of critical importance.
Not only is a potential data breach damaging to the reputation of your institution, the loss of the personal information can result in large fines to your organization or worse. A strong Identity & Access Management solution can alleviate these potential risks and help ensure your financial institution remains compliant.
Below, are 4 advantages of using HelloID for organizations in the financial sector:
# 1 Securely manage access
In the financial sector, the systems landscape often consists of a diverse mix between modern and older systems. Access right management is resultingly complex. When managed manually, there are often no role-based access models that determine what proper rights for each user should be, nor an overview to determine who may have unnecessary privileges.
When working in an industry as private as the financial services industry, it becomes critical to limit the number of users with those bloated access rights. The last thing an organization wants is their employees to potentially commit inadvertent fraud or violations due to unjustified access to systems, resources, or customers’ Personally Identifiable Information (PII).
With HelloID, access rights can be automatically assigned and revoked to users (employees, partners, or sometimes customers) based on an authorized model based on predefined roles. By structuring access this way, you can prevent a user from acquiring or continuing to hold unnecessary rights or licenses. This prevents accidental (or malicious) security and compliance risks.
In addition, new users are provisioned proper account access according to their role/title/job function, with rights to all of the resources they require. When an employee shifts roles within the organization, the rights are automatically updated. When that employee departs, the access rights are immediately revoked. By using HelloID, you can even attach set durations for certain access rights to remove privileges after a defined period (e.g., ad hoc projects, temporary workers)
# 2 Reduce operating costs
Without a centralized Identity & Access Management (IAM) solution within your organization, IT staff typically manually conducts these efforts. Given the potential risk of human error, oversight, and delays, this can result in a lot of unnecessary work for the helpdesk at best and severe security breaches or compliance violations at worst. In addition, there are often high costs and wasted time associated with manually managing resources.
By automating this entire process, your financial institution will no longer need to manually manage access rights to its’ data and resources. Once your access models and processes are configured, HelloID executed them accordingly. HelloID synchronizes data from the HR system throughout your environment to always remain up-to-date. Cost reduction even extends to saving on unnecessary license costs.
With automated and executable processes, your IT staff spends much less time on routine matters and basic data entry, reclaiming valuable bandwidth for higher priority matters. HelloID does not require additional infrastructure, hardware, storage, or security, so these associated costs are reduced as well.
# 3 Remain compliant
During an audit, your organization must collect and report all necessary information. This includes active or inactive user accounts, access rights, system changes, and more. It is imperative that you are able to demonstrate that the private data your organization is responsible for (e.g., financial statements, employee information, and customer information) remains securely stored.
With HelloID, these processes are carefully recorded, so that all information is within reach when preparing for a planned reviews or unexpected audits. Activity logs and easily pulled reports always provide insight into who has accessed which applications and data, as well as when and where such occurred. Log-in attempts from suspicious IP addresses are also revealed, identifying potential threats in time.
In addition to all of this, HelloID runs in a highly secure Azure environment, which is thoroughly checked every six months by Deloitte Risk Services, eliminating vulnerabilities to help guarantee compliance and security.
#4 Multifactor Authentication (MFA)
As already mentioned, the financial services industry requires more security than others due to the value of sensitive data attracting cybercrime. Financial institutions remain under strict supervision by both regulators and customers. This makes securing your systems and data extremely important. When users access data, more than just usernames and passwords must be required.
With Multifactor Authentication (MFA), employees (and customers) will be required to use an extra authentication step during logons. This extra step could be a security key, SMS, token authenticator/one-time password (OTP) client, or other method. With HelloID, advanced MFA secures authentication and single sign-on (SSO) streamlines access while minimizing poor password management. You can configure access rules to set login restrictions based on location, time, network, device, and more for adaptive security that meets your organization’s specific needs.
Want to learn more?
HelloID from Tools4ever provides a complete, cloud-based Identity-as-a-Service (IDaaS) solution. You don’t need to invest in your own identity management infrastructure, hardware, storage, security, or software, and you won’t have to tackle updates or fixes yourself.
Our solution runs on highly-secured servers. Thanks to HelloID, you no longer have to worry about potential audits or compliance concerns, and can still benefit from the efficiency of an SSO solution that makes your applications accessible.
To learn more about HelloID, or to set up a time for your own personal demo, contact email@example.com