Data security has turned out to be the top concern in the financial services world, and Identity Access Management helps ensure security.
Fremont, CA: The financial industry cannot afford any error in securing customer and company data between strict data regulations and evolving cyber threats. It stays a constant challenge for the consumer-centric sector to secure and manage identities while offering convenient, seamless and real-time access to consumers. The Banking and Financial Institutes (BFIs) generally face a rising number of threats from the targeted attacks to the Distributed Denial-of-Service (DDoS) and from phishing to point-of-sale and ATM security issues.
At this point, Identity and Access Management (IAM) has come to be the need of the hour. IAM is the safe choice for the financial institutions to offer authorized access to data anytime and anywhere, for employees, business partners, and the customers.
Here are a few reasons why the financial services sector needs IAM
Improves Security Posture
IAM solutions make sure that the right people have the perfect access to the correct information. The BFIs can secure and manage access to privileged accounts with enterprise-grade password security and privileged access management. The banks can offer seamless and secure user authentication to their native, mobile, web, and cloud applications with IAM solutions.
IAM capabilities like Single Sign-on (SSO), Multi-factor Authentication (MFA), and biometric identification ensure that the customers are genuine and authorized to claim their services. Customers can be instantly identified and authenticated before a transaction is processed.
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Enhances End-user Experience
SSO capabilities provide the users with one identity for authentication throughout all connected online banking services. The users can access all applications linked to their bank with one secure identity, rather than needing separate credentials for each service.
Moreover, self-service account management enables customers to easily manage their identity details, like password resets and communication preferences.
Considering the structure and charter, banks and financial institutes are subjected to various regulatory compliances like PCI, SOX, DSS, and GDPR. With the adoption of IAM solutions, BFIs are assured of achieving governance needs like assessing risks, reducing frauds, enforcing policies, and auditing compliance. Depending on IAM ensures compliance, it also helps develop and maintain more secure systems and applications.