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The Advantages of Identity and Access Management in the Era of Digital Transformation

Digital transformation refers to different thinking, innovation and change of the current business models. This is possible by building up a digital strategy which is able to improve the experience of your organization’s employees, customers, suppliers, and partners. For the establishment of the new business and digital strategies, organizations need a strong IT infrastructure that supports all the upcoming changes with agility, productivity and security.

In the last several years a lot of organizations started their digital transformation, using Identity and Access Management technology. It ensures not only a safe and successful digital journey, but at the same time brings successful customer and employee experience.

Why IAM?

Identity Management plays a central role in the digital transformation, including all new business models, applications and ecosystems it supports. Identity Management provides the secure, flexible and adaptive IT infrastructure that every company, government agency or university strives to achieve. It helps to increase customer engagement through new digital channels, to streamline your business operations and to protect data privacy, and security to keep stable your reputation and finances.

According to Gartner, IAM is the security discipline that enables the right individuals to access the right resources at the right times for the right reasons. Therefore, the lack of a proper IAM process in place, puts the data at risk and this situation may lead to regulatory non-compliance or even worse – a data breach event. IAM addresses the need to ensure appropriate access to resources across increasingly heterogeneous technology environments, and to meet all rigorous compliance requirements. This security practice is a crucial measure for any enterprise. It is increasingly business-aligned, and it requires business skills, not just technical expertise.

Talking about transformation in the digital era, it is crucial for the companies to develop long-term technology infrastructure plans that inform how identities are established, maintained, secured, leveraged by applications and distributed within and out of an organization. That means that the major IAM themes in the enterprise’s strategy should include Privileged Access Management, Identity and the Internet of Things, Cloud-based IAM, Identity Governance and Customer IAM.

Which are the main IAM advantages in the digital transformation?

  • Ability to manage digital identity for accessing information and resources:

Identity and Access Management solutions provide the ability to manage digital identity for accessing information and resources. That means that they secure content from unauthorized access by injecting authentication layers between the users and the critical apps and data. Protected target resources may include on-premises or SaaS applications and web service APIs across all business scenarios, from business-to-employee (B2E) to B2C. Besides, Identity and Access management solutions support bring-your-own-device (BYOD), through the use of social identity integration needed for registration, account linking and user authentication.

  • Ability to quickly enable access to resources and applications:

According to our partner, IBM, IAM technology quickly enable access to resources and applications, whether in the cloud, on premises, or in a hybrid cloud. Whether you’re providing access to partner, customer or employee-facing applications, you’ll be able to offer the seamless experience your users expect.

  • Ability to simplify activities:

Creating an identity-focused digital transformation strategy means choosing the right technologies that enable internal or external users to streamline actions, duties, or processes. When you create a strategy intending to enable users, you need to focus on which identities need access to the technology, how they use the technology, what resources they need and most important – how to control their access to prevent unauthorized access.

You are on the right way if your strategies closely align with the purpose of an IAM program.  IAM and IGA (Identity Governance and Administration) programs define who, what, where, when, how, and why of technology access. When composing your enterprise digital transformation strategy based on an identity management program, you are ready to successfully manage the data privacy and security risks.

  • Ability to enable digital interaction

Customer Identity and Access Management (CIAM) is a whole emerging area in the IAM. The increased number of sophisticated consumers need more simplified digital interactions which helps them to easily build up a better and deeper relation with brands. Furthermore, CIAM technologies help drive revenue growth by leveraging identity data to acquire and retain customers.

As mentioned above, IAM is a critical element of the digital transformation which makes it substantial for protecting sensitive business data and systems. When implemented well, IAM provides confidence that only authorized and authenticated users are able to interact with the systems and data they need to seamlessly do their job. Effective IAM solutions include Access Management – a solution that streamlines and manages multiple accesses, as well as Identity Governance and Administration – a solution that helps you monitor and govern the access.

What Is the Difference Between Identity Access Management and Identity Governance?

Identity Access and Identity Governance are often used in cyber security business. From clients’ side the terms are often confusing and difficult to comprehend, but from experts’ side they both are the two aspects of IAM, but concepts of each of them are totally different. This article will explain in details about the differences between the IAM and IG.

For the better understanding, it could be said in a few words, that IAG refers to a process that allows organizations to monitor and ensure that identities and security rights are correct, as well as managed effectively and securely. It includes everything from business, technical, legal and regulatory issues for organizations. Identity and access management (IAM) is just a component of IAG. IAM is the technology for managing the user identities and their access privileges to different systems and platforms. But let’s now analyse each of the two technologies, so that it would be clear what functions and capabilities possess each of them.

  • Identity and Access Management

First: What Do We Mean By “Identity”?

In the cyber space, we all have identities. Our identities display themselves in the form of attributes, entries in the database. A unique attribute differentiates one online user from another one. For example – an attribute could be an email address, phone number, or a social security number. Attributes referring to our private and working life are different and change over the time, as we change jobs, place of living, get married, etc.

Your online identity is established when you register. During registration, some attributes are collected and stored in a database. And here we come to the term – Identity management, which literally means – managing the attributes. You, your supervisor, your company HR person, the IT admin, the eCommerce site service desk person could be responsible for creating, updating, or even deleting attributes related to you.

As mentioned above, Access Management is a process of managing users’ identities, tracks, and at the same time managing their access to certain systems and applications. The process of access management is related to users and customers, whose profiles have to be created, managed, controlled and granted the proper role and access. When it comes to performing access management and keeping sensitive data and information secure, giving the right access to the right people is imperative.

  • Identity Governance

Identity governance (IG) is a subcategory of Identity and Access Management (IAM). IG provides organizations with better visibility to identities and access privileges, and better controls to detect and prevent inappropriate access. IG solutions are designed to link people, applications, data and devices to allow customers to determine who has access to what, what kind of risk that represents, and take action in situations when any violations are identified.

Identity Governance in action:

If someone is trying to access the systems who is not authorized, the identity governance solution can determine the access as suspicious and notify about it to the system administrator. The identity governance systems also help in automating the process of cleaning user access right by analysing whether the users were granted the similar access in the past or not.

Identity Governance offers a holistic approach driven by risk analytics and focused on improving security and compliance. Identity Governance has several techniques to provide preventive or detective controls, reporting, and dashboards, data access governance, improved user experience and contribute towards limited threats to acceptable level.
Moreover, Identity Governance tools enable organizations to enforce, review and audit IAM policies, map governance functions to compliance requirements and support compliance reporting. Specific identity governance product features include user administration, privileged identity management, identity intelligence, role-based identity administration, and analytics.

In general these are the differences in the functioning of the two solutions, but both are used to protect sensitive information and data from getting access without permission and proper privileges. Thanks to IAM and IG, an organization’s data could be better secured from unauthorized access, malicious threats and cyber attacks.

True Security Comes From Within – Privileged Access Management

Identity management and access to IT systems within an organization have traditionally been divided into different disciplines. Business users were managed in the traditional Identity and Access Management (IAM) systems. Privileged Access Management (PAM) is the term used for administrator account management technologies that monitor and restrict extended privileges and support shared account management. Historically, privilege management has evolved from managing shared accounts and passwords. In recent years, the perception of Privileged Access Management has changed significantly. Various vendors have greatly expanded their product range, and various acquisitions have led infrastructure providers to offer a broader product portfolio and evolved from specialized niche providers to market leaders.

Over the past 5 to 10 years, Privileged Access Management has been added to the portfolio of Identity and Access capabilities provided by IAM, corporate governance or security teams. Managing privileged users is an essential security measure for an organization. Insiders often know better and are more aware of the business processes and technical landscapes. If an insider account is hijacked, the outsider has the same opportunities for attack. The malicious insider (or the kidnapped insider) with privileged login information can cause considerable damage.

But not only threats have changed and intensified. Over the past decade, business requirements and IT have changed significantly. Business models have changed, and widespread digitalization has completely transformed businesses, their networks and their application infrastructure. From new infrastructure concepts in the cloud, delivered as Infrastructure as a Service (IaaS), to completely new products offered through business software as a service, a variety of new administrator accounts have been created. New applications and platforms based on mobile devices create new working concepts and business models on the one hand, and pose new challenges for IAM and Privileged Access management on the other hand.

At a time when cyber-attacks and privacy breaches are on the rise, it is obvious that these incidents are related to privileged user accounts. In addition, research on recent security incidents reveals that data theft on a large scale is likely to be caused by users with elevated privileges, typically administrative users. It’s no wonder that Privileged Access Management is not just an issue for executives (CIOs and CISOs) to deal with, but increasingly it is an area that auditors and regulators must put on the agenda.

The core functions of a PAM tool include:

⚪ Credential vaulting and processes for secure, audited storage of and access to passwords and key material.

⚪ Automated password rotation enables the use of a shared account to be directly assigned to a person.

However, advanced features such as privileged user analysis, risk-based session monitoring and advanced threat protection are becoming the new standard, as the attack surface grows, and the number and complexity of attacks increases year by year. An integrated and more comprehensive PAM solution, that can automatically detect unusual behavior and initiate automated defenses, is needed. Thus, the benefits of investing in this area have an extraordinary impact on risk mitigation compared to other types of IT and security technologies.

Some of the key challenges required to manage privileged access include:

⚪ Misuse of shared credentials

⚪ Misuse of elevated rights by unauthorized users

⚪ Abduction of privileged access data by cybercriminals

⚪ Accidental misuse of elevated privileges by users

In addition, there are several other operational, regulatory requirements associated with privileged access:

⚪ Identifying shared accounts, software and service accounts across the IT infrastructure

⚪ Identification and continuous tracking of owners of privileged accounts throughout their life cycle

⚪ Auditing, recording and monitoring of privileged activities for regulatory compliance

⚪ Managing and monitoring administrator access of IT outsourcing providers and MSPs to internal IT systems

For more info about PATECCO PAM Services, read the White Paper below:

6 Benefits of Implementing Privileged Access Management

A great number of companies are facing challenges in maintaining data security, which is an essential part of their business. All they meet difficulties in handling those challenges. That is why it is important for them to know that attackers will always find a new way of doing their actions and getting everything they need. As a result, attackers who gain control of privileged accounts have the key to break the whole IT system.

To avoid the data breaches and to handle such situation, Privileged Access Management (PAM) comes to help the enterprises.

Privileged Access Management could be explained as the creation and enforcement of controls over users, systems and accounts that have elevated or “privileged” entitlements. According to Microsoft, Privileged Access Management (PAM) is a solution that helps organizations restrict privileged access within an existing Active Directory environment. Privileged Access Management accomplishes two goals:

The first goal is to re-establish control over a compromised Active Directory environment by maintaining a separate bastion environment that is known to be unaffected by malicious attacks. The second goals is to Isolate the use of privileged accounts to reduce the risk of those credentials being stolen.
The problems that PAM help could solve are related to vulnerabilities, unauthorized privilege escalations, spear phishing, Kerberos compromises and other attacks.

Nowadays it is easy for the attackers to obtain Domain Admins account credentials, but it is too difficult to discover these attacks after the fact. The goal of PAM is to limit the opportunities for malicious users to get access and at the same time to increase your control, visibility, and awareness of the environment.

What PAM does, is to make it hard for attackers to enter the network and obtain privileged account access. PAM adds protection to privileged groups that control access across a range of domain-joined computers and applications on those computers. In addition, it provides more monitoring, more visibility, and more fine-grained controls. This enables organizations to see who their privileged administrators are and what are they doing. PAM gives organizations more insight into how administrative accounts are used in the environment and that is a good prerequisite to prevent the data breaches.

Key PAM Benefits

Managing Access for Non-Employees

Misuse of privileged access, whether it’s through an external attacker or accidental misconfiguration, can cause a lot of troubles. For many enterprises, there are times when subcontracted personnel needs continued access to the system. In this case PAM offers a solution by including role-based access only. The benefit is that you will not need to provide domain credentials to outsiders and access will be limited based on administrator map user roles.

Automation

One of the top benefits of PAM system deployment is Automation. It also decreases the likelihood of human error, which is an inevitable part of the increasing workload placed on IT personnel. Switching from a manual privileged access management system to an automated solution, boosts the overall productivity, optimizes security protocols and at the same time reduces costs.

Threat Detection

PAM has the capability to track the behavior of users. On one hand, it allows you to look at the resources and information that are being accessed in order to detect suspicious behavior. On the other hand, the system itself makes reports and analysis on user activity. This makes it easier to stay in compliance with regulations and is used to review the actions of users if you suspect that there may be a leak.

Session Management

If a user has access to the system, PAM assists in workflow management through automation of each approval step throughout the session duration. You could also receive notification for specific access requests that require manual approval by an administrator. Session management gives you actually the ability to control, monitor and record access.

Protect Sensitive Data

There could be a situation, when people with high-privilege authority work in IT have access to your system. With this level of access, it is always possible to leave the system open to a threat. Besides, they could use their privilege to hide malicious behaviour.

To prevent that, PAM adds a level of accountability and oversight. It creates an audit trail that monitors the activity of all users. This makes it easier to find behaviours or actions that caused an attack.

Auditing

Auditability of authentication and access is core to the IAM lifecycle many organizations. Privileged activity auditing is already required in regulations for SOX, HIPAA, FISMA, and others. Auditing privileged access is essential due to the GDPR, which mandates management of access to personal data, putting all privileged access in scope.

As Kuppingercole’s analyst – Matthias Reinwarth says – Privileged Access Management has been and will be an essential set of controls for protecting the proverbial “keys to your kingdom”. Proper planning and continuous enhancement, strong enterprise strong enterprise policies, adequate processes, well-chosen technologies, extensive integration are key success factors. The same holds true for a well-executed requirements analysis, well-planned implementation, well-defined roll-out processes and an overall well-executed PAM project. The more attacks and data breaches are found and caused by misuse of privileged access, the more organizations have realized that protecting their credential data need to be a top priority.

Click to read PATECCO PAM White Paper here:

Merry Christmas from PATECCO!

A day before Christmas Eve, let’s thank to all of those who inspired us to be more successful, more sustainable and even better in all our activities and achievements during the year.

In 2020 do more things which are:

  • challenging
  • exciting
  • unique
  • brilliant
  • spectacular
  • vivid
  • generous
  • and…prosperous!

The Role of Identity Governance in Security and Compliance

In the complex network of managing user rights, permissions and accounts, tracking who has access to certain resources becomes almost impossible. Every organisation is facing demands, mandates and compliance regulations while managing the access and support of many devices and systems that contain critical data. Identity Governance and Intelligence solutions help business with the ability to create and manage user accounts and access rights for individual users within the company. In this way they can more conveniently manage user provisioning, password management, access governance and identity repositories.

Why is Identity Governance Critical to Security?

Identity governance is the core of most organizations’ security and IT operations strategies. It allows businesses to provide automated access to an increasing number of technology assets and at the same to manage potential security and compliance risks. Identity governance enables and secures digital identities for all users, applications and data.

In case the identity governance is compromised, the organization is left vulnerable to security and compliance violations. Companies can solve this problem by investing in identity governance and intelligence (IGI) solutions that address the business requirements of compliance mangers, auditors and risk managers. According to our partner IBM, “IGI provides a business activity-based modelling approach that simplifies the user access and roles design, review and certification processes. With this approach, you can establish trust between IT and business managers around business activities and permissions, making workflows understandable for nontechnical users. IGI solutions enable security teams to leverage powerful analytics to make informed decisions about identity, give users the applications and the flexible data access they need, and help to ensure compliance with ever-evolving regulations.”

When we talk about managing access within the organization, a number of researches show that more than 50 percent of users have more access privileges than required for their job. In most cases the reason is bulk approvals for access requests, frequent changes in roles or departments, and not regular reviewing user access. The trouble is that too much access privilege and overprovisioning can open an organization up to insider threats and increase the risk throughout the business.

It’s necessary to make sure that users have the appropriate access and to prevent facing with insider threats. The risk could be decreased by using role-based access controls (RBAC) – this means having solid, well-defined roles in place and knowing specifically which access privileges each role needs. As organizations grow and evolve, the right IGI solution can allow for more efficient changes and decrease risk by focusing on role definitions and role assignments rather than on individual accounts. The strategy of RBAC works well to decrease the timeline in executing bulk additions where a lot of change is happening at once, like during mergers, acquisitions and corporate reorganizations.

Why is Identity Governance Critical to Compliance?

Companies today have to manage customer, vendor, and board member demands, but at the same time they also must make sure they are compliant with any number of regulations, such as GDPR, HIPAA, and SOX. The increasing number of federal regulations and industry mandates that organizations face today, leads to more auditing, compliance reviews, and reporting.

Identity Governance is a critical discipline involved in this regulation. To be GDPR compliant, organizations must ensure that the personal data they process, collect, and store is properly protected. IBM Security Identity Governance & Intelligence (IGI) can help with that process. IGI allows only the right people to access and manage GDPR-relevant data. IGI presents these people to a business manager holistically in a single pane of glass. (source: IBM) IGI solutions not only strictly control the access to sensitive information like patient records or financial data, but also enable companies to prove they are taking actions to meet compliance requirements.

Furthermore, IGI solutions make the review process easier and more effective with built-in reporting capabilities to meet relevant government and industry regulations. A good compliance program allows for frequent and multiple access reviews to take place at any given time to meet ever-increasing auditor demands without engaging numerous resources from the organization.

One of the main reasons for implementing an IGI solution, is to ensure that users only have access to the resources they need. It also makes sure that you provide appropriate access, risk mitigation and improved security posture of your organization. Unfortunately, a lot of companies today may not view this as a strategic priority and that is a prerequisite to suffer a security incident at some moment. What such companies should do, is to trust IGI solutions and their strong capabilities. See here how PATECCO IGI Solutions are the foundation for a solid Identity and Access Management program in your organization.

PATECCO Will be an Education Seminar Sponsor at E-Crime and Cyber Security Conference in Frankfurt

For a second time, next year, PATECCO will take part in the 14th edition of the conference E-Crime and Cyber Security. It will take place in Frankfurt, Germany, on 28th of January 2020. The company will be an Education Seminar Sponsor and will present its best practices in the field of Identity and Access Management.

The event is the leading market place for visitors of the banking industry and for IT service providers which activity is focused on the latest technological developments and IT trends.  The conference provides a good overview about the actual IT security sector and gives the opportunity to find out how the IT professionals in the organisations are meeting their goals, how they are addressing business priorities and operational objectives in order to reduce risk, protect data, ensure compliance and strengthen security posture.

During the one-day event, PATECCO will have a counter where its team members will welcome each visitor who is interested in Identity Access Governance IAG, Privileged Account Management (PAM), Security Incident and Event Management SIEM, Management and IT-Consulting, and Cloud Access Control. Each one, who is interested in these specific areas, will be invited in a personal meeting where all details will be considered.

Photo credit: akjassociates.com

Besides, the company’s CTO – Mr. Helmut Brachhaus, who is an expert Privileged Account Management,  will speak in a 35 minute session, related to the topic about BAIT (in German – Die Bankaufsichtlichen Anforderungen an die IT) or said in English – “The banking supervisory requirements for IT”.

Mr. Brachhaus will describe case studies that detail how security frameworks and methodologies are being applied in the real world to help lines of business and the board take advantage of new opportunities, increase productivity, enable agility and decrease cost. He will also share critical and unique insights that can inform the direction of business, technology and security strategy and practical steps that can help assess exposure to, articulate and proactively mitigate the impacts of emerging risks.

PATECCO is an international company, dedicated to development, implementation and support of Identity & Access Management solutions. Based on 20 years’ experience within IAM, high qualification and professional attitude, the company provides value-added services to customers from different industries such as banking, insurance, chemistry, pharma and utility.

Why Are APIs so Important to Digital Business?

Application programming interfaces (APIs) are strong foundation for highly connected enterprises. They are everywhere, global and pervasive. APIs are accelerating daily business transactions, expanding customer demand and supporting mission-critical, go-to market strategies. Conversely, accompanying the exponential adoption of APIs is the urgent need to maintain a thorough API security strategy that blocks potential daily threats generated by huge volumes of transactions and data sharing between you and your external customers or partners.

What are actually the APIs?

APIs are tools that let you easily expose your unique data and services in web apps, mobile apps and other connected devices. They become the standard way of connecting applications, data and devices, providing services directly to partners and creating new models for doing business. API Gateway is able to provide security and peace of mind in this API-connected world.

APIs are important to digital business, because they simplify how two different programs communicate with one another. They are also driving a new wave of innovation which is based on shared services leveraging DevOps. In this way APIs enable companies to grow their business more quickly and to accomplish any business goal by increasing efficiency through business transformation.

Which are the basic API Platforms?

The best breed of API management platforms consists of three basic building blocks. Assembled together, these will ensure that all APIs exposed by the platform are secured and governed and that there is full visibility on their consumption.

API gateway. API gateway is a valuable security enforcing component. It acts as a single point of entry for all consumers, insulating them from multiple service providers, geographical locations, etc. API Gateway could manage, deliver, and secure enterprise APIs, applications, and consumers. It provides core services such as security (for example, authentication and authorization), connectivity with a range of different protocols, virtualization, scalability and elasticity, high availability, and manageability.

API manager. API manager is a platform for managing the lifecycle of APIs. This includes the processes of creating, publishing, promoting and governing APIs in a secure and scalable environment. The API manager enables API producers to engage partners and developers and help them onboard, manage, and test their Apps. API providers can publish, document, promote, and support their APIs, and app developers can easily find, consume, and get support.

API analytics. API analytics provide real-time insights into the business and optimize the delivery and value of APIs. They leverage the collected API data to generate predictive analytics dashboards analyzing trends and outliers. API Analytics and reporting includes both engineering focused metrics such as performance and uptime, but also tracking customer and product metrics such as engagement, retention, and developer conversion. There are a variety of methods to perform such analysis which includes basic SQL and Excel to purpose built API analytics platforms.

Which are the benefits of API Management?

1. Centralized Visibility

The API connections throughout your organization show up in a centralized panel. You know what’s going on with your published APIs and third-party APIs in your network. This governance helps you avoid security vulnerabilities, cut down on redundant APIs, and identify gaps your developers can address. This top-down view proves particularly useful if you’re looking for large-scale unusual behavior, such as a developer attempting to bypass API limitations to access unauthorized data.

2. Better developer and end user experiences

Managed APIs enable organizations to not only make their digital assets more easily available to developers, but also collect analytics and generate insights about how and by whom APIs are being used. These insights help organizations to iterate their APIs, so developers are increasingly empowered to create better experiences for end users. Well-managed APIs help business to iterate not only quickly, but also intelligently.

3. Fewer security worries

An API management platform provides a common plane to apply security precautions while still allowing individual teams and developers to work relatively autonomously. Robust API security capabilities include authentication mechanisms to control who can access APIs, intelligent security algorithms to combat bots, and tools to enforce traffic quotas and other policies.

4. Multi-cloud acceleration

Modern IT ecosystems are heterogeneous mixture of modern SaaS and cloud services. Businesses need the agility to freely connect these systems and to locate applications and data where they will be most useful. For that purpose, APIs abstract this complexity into an interface that developers can easily use to connect and leverage apps and data across clouds or across hybrid deployments. Besides, API management platforms provide control over and visibility into this process.

5. Better software connectivity for enhanced productivity

Many organizations use integrated software solutions, such as one umbrella software that houses their marketing and sales efforts and HR and finance processes. For those who have more disparate software solutions – particularly smaller businesses that have been adding solutions as they grow – APIs can increase connectivity and communication between software to streamline operations and improve efficiency.

Investing in an APIs could bring better business results, because they are a tool that has created more flexibility and allows companies to be more proactive and responsive to internal and external needs. Overall, organizations who need more agility or greater communication capabilities have turned to an API strategy to help create a stronger company business. API Management accelerates the changes in digital transformation by providing you with the capabilities you need to bring systems together, protect these integrated solutions, enhance customer experience, and unlock new business opportunities.

More about API platforms you can read in PATECCO previous articles here and here.

Why IAM is the Leading Solution For the Financial Institutions?

Identity and access management (IAM) is famous for managing access to enterprise resources. It an essential element of any information security program and one of the security areas that users interact with the most. Banks all over the world made it easy and convenient for the customers to use mobile facilities for paying bills, checking account details or even apply for loans and credit cards. That’s why app-driven mobile activities require the need for Identity and Access Management (IAM) capabilities that could be delivered to both mobile devices as well as mobile apps.

In the business environment of financial institutions it’s mandatory to keep control and compliance across complex IT Systems. These are one of the key factors to uphold a strong reputation and trust, while enabling employees and customers easy access to different systems and applications. More and more financial supervisory authorities across the world make it mandatory for the banks to possess and implement systems ensuring that access rights are both assigned and recertified properly. The financial sector has to deal with increasing national and international industry regulations such as EU GDPR, BaFin, Basel II, SOX, and Solvency II.

Identity Management in Online Banking

For financial institutions, the proper identification of the customer to the bank and the bank to the customer is of a great importance for secure providing financial services to customers. Individual and business customers are increasingly using the online platforms to access banking solutions. Accessing this kind of channels is a low cost, highly efficient method of delivering financial services. So what banks need is applying risk management controls necessary to authenticate the identity of retail and commercial customers accessing Internet-based financial services. That is possible by relying on IAM Solutions. But what exactly they provide in the complex banking sphere?

IAM provides user authentication

A robust and flexible IAM system focuses on providing user authentication without impacting consumer experience, supporting dynamic cloud-based services and providing data exchange and integrating multiple consumers in a secure manner. Applying SSO (Single Sign On) mitigates risks and gives better user experience without compromising the data of the users.

IAM provides rich set of reporting and analytics features 

IAM solutions are able to provide rich set of reporting and analytics features enabling banks to proactively document usage. It also helps for collecting information about application utilization, inactive users and login activity. It identifies users who have weak passwords, get insights into users, logins, apps, events and provide audit trails for demonstrating compliance as per cyber-security, together with privacy regulations.

IAM Solutions could be flexible

IAM system could be flexible enough to fit the changing IT security environment and technological requirements, such as adapting secure systems for biometrics, sensors, and customized device authentication. 

IAM enhances regulatory compliance

Mobile apps must be secured, otherwise this could lead to unauthorized access of sensitive data such as financial transactions or credit card details or personal information by employees or any third parties. This could cause identity theft, financial fraud or malware distribution. In this case IAM system helps the banks to meet their business demands. Developing a strong IAM program prevents attacks from the tools used by cyber criminals including reconnaissance, privilege escalation, remote access, data exfiltration and social engineering.

IAM solution gives significant advantages to both financial institutions, stakeholders and consumer. Banks using powerful IAM functions possess improved data security, lower operating costs, reduced risk relating to data access, as well as efficient audit-compliant processes in observation of all relevant regulations.