Protecting sensitive and confidential information is critical for organizations in the financial services industry. Organizations often have a mix between modern systems and older (legacy) systems. As a result, ensuring secure user management can be difficult for organizations as employees’ access rights become unclear across the different systems. This creates security and compliance risks, as employees may have unnecessary access to sensitive information. Also, it makes it difficult for the IT department to manually provision accounts and resources while still ensuring the user has the correct level of access. Therefore, a secure and automated user management solution is necessary for financial organizations with these challenges.
The Solution: HelloID
HelloID is a full-fledged native cloud application. It automates the entire Identity lifecycle process within the Financial Industry. As a result, users get easy and secure access to their IT services, and the IT Departments are relieved of the burden of maintaining costly local hardware, software, and storage infrastructure. With HelloID, there is no trade-off between cost savings and security. All HelloID tenants run in a maximum-security Azure environment, thoroughly checked by Deloitte Risk Services every six months. Plus, we offer a balanced growth path. HelloID is split into three modules, Account Provisioning, Service Automation, and Access Management. You are free to start with the module(s) of your choice.
HelloID can provide solutions for many of the challenges that the Financial Industry encounters with their User Account Management process:
- Security: Increased data security for personal information, data, and resources.
- Compliance: A minimized risk in adhering to regulations, such as SOX.
- Awareness: Extensive logging for easy auditing.
In the financial services industry, the daily use of Personally Identifiable Information (PII) reinforces the importance of eliminating any potential errors when managing active and inactive user accounts. HelloID’s Provisioning module allows your account management process to be fully automated by acting as a single source of trust by connecting to your personnel system and then pushes the appropriate data to downstream applications. User account creation, deactivation, and changes, including permission rights, are processed quickly, effortlessly, and flawlessly, compared to manual provisioning, where there can be delays, errors, and inconsistencies.
For the processes that can’t be fully automated, you can use HelloID’s Service Automation module to manage your resources via an employee self-service helpdesk. Service Automation module allows employees to request access to applications or resources via an online portal. Requests can be approved in one simple click. No matter your role in the organization, Service Automation by HelloID can help in your day-to-day tasks by streamlining, centralizing, and automating the things you need it to.
HelloID’s authentication and access policies limit potential data breaches by offering a secure, universal dashboard for all of your applications, accessible via Single Sign-On (SSO). Included in the ‘out-of-box’ HelloID package is Multifactor Authentication that you can implement for an additional security layer at both the dashboard and individual application level.