identity and access management

Important reasons why financial institutions need Identity & Access Management

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The financial sector is undergoing a radical change. Transactions are no longer carried out over the counter in branches; both customers and advisors want to have access to information and applications from anywhere and at any time. To ensure that user administration still fulfils the highest security requirements, banks need modern Identity & Access Management solutions that can also flexibly implement regulatory requirements.  Well-designed solutions for Identity & Access Management significantly increase the level of security in all financial operations. IAM also offers other advantages that financial institutions should not do without. 1) SoD – improves the security situation The functional separation of demarcated activities in IT systems (Segragation of Duties – SoD) is one of many components of a well-designed IAM system to prevent such enormous damage. In addition to such prominent individual cases, cybercrime has posed an enormous threat to companies since the start of the coronavirus pandemic due to people working from home. Three out of four companies are victims of data theft or sabotage. In most cases, the perpetrators are (intentionally or unintentionally) current or former employees, meaning that a company’s own employees pose the greatest cyber risk. Company-wide guidelines and processes for user and authorization management contribute significantly to (internal) error prevention at this point. A well-structured IAM system ensures that only those employees have access to IT systems who are authorized to do so at the relevant time by the manager and the respective functional or technical managers of the IT systems. In addition to access control for normal user authorizations, particularly powerful authorizations (e.g. emergency access or so-called super users) should be controlled separately. With such authorizations, users can, for example, change parameter settings or bypass predefined release workflows. Such authorizations should therefore only be granted in emergency situations. This is where Privileged Access Management (PAM), which should be linked to the central IAM system in the company, provides the right tool. 2) Improves the end-user experience Complex, manual application processes for access rights in companies lead to long waiting times, employees need long start-up times to be able to work. For each system you have different user IDs and in the best case a password that is not easy to guess and therefore difficult to remember. This is precisely why many people associate IAM with annoying, time-consuming activities. A standardized and consistent IAM system ensures short application paths, automatic assignment and fast work in the target systems. Thanks to integrated and intelligent authentication using single sign-on (SSO), users can log into the target systems easily and securely. The advantages of such authentication services are obvious: they make it much easier to establish new customer relationships, as you only have to authenticate yourself once with the identity service. Integrated two-factor authentication also ensures a high standard of security. Identity management gives companies the opportunity to improve their digital customer relationships and gain trust in terms of data security. 3) Ensures compliance Banks and financial institutions are subject to various regulatory requirements, guidelines and standards such as BAIT, VAIT, ISO 27001 and GDPR. The attention paid to IT security by auditing bodies (banking supervisory authorities and auditors) has increased significantly in recent years and the rules have become dramatically stricter. The processes adhered to in the IAM system cover central governance requirements, such as the need-to-know principle or compliance with approval and control processes. Compliance can also be monitored with the help of logging and evaluation options. In addition to formal adherence to compliance, there are also beneficial „side effects“: system managers automatically start to think more about access rights and structures as a result of IAM processes. Internal IT compliance audits lead to significantly fewer findings and the work of internal and external auditors is made much easier. IAM thus makes a valuable contribution to the fulfillment of the compliance function in companies and should therefore not be neglected by those responsible in compliance departments (not only in banks and insurance companies). 4) Drives Efficiency In modern IAM systems, the associated processes are automated and run in real time. Manual control loops and human monitoring are therefore a thing of the past. Particularly in large and rapidly growing organisations, the IT landscape quickly becomes confusing and manual process steps become a cost trap. IAM automates the steps that were previously carried out manually and provides a framework that channels the authorisation management activities to be carried out. The massive reduction in manual activities not only relieves the burden on employees, but also saves considerable costs in the long term. IAM is also a key driver for the digitalisation of business processes in companies and therefore forms the basis for the digital transformation already underway in so many companies. An intelligent IAM system that is designed with the end user in mind can also reduce the workload for IT help desks by providing self-service options for users. 5) Boosts agility The profoundly advancing digitalisation in the financial sector requires the consistent application of agile methods and the expansion of digital capabilities, particularly in IT departments. Modern IAM solutions fit very well into existing IT processes and enable an agile approach. The ongoing transformation of IT applications into the cloud is optimally supported by an IAM. With a hybrid IAM model, any IT systems, whether in the cloud or on-premise, can be connected quickly and in a highly automated manner. Modern software developments, apps and enterprise web applications can also be connected to the company’s central IAM in an agile setting, ensuring consistent and secure access to all systems in the company. The introduction of IAM solutions realises many benefits for companies. With IAM, enormous fraud and damage incidents are reduced. Appropriate controls for access management are provided and all (regulatory) standard workflows are highly automated. IAM gives companies full transparency of user access to their systems at all times, significantly reducing manual process steps and waiting times in the provision of user access.

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Best Practice Tips for Successful Customer Identity and Access Management

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Identity and Access Management is now considered a secure alternative to passwords as an authentication method. However, in addition to security, the user experience also plays an important role. With these six tips, providers can ensure an optimal customer experience and therefore satisfied customers. Securing critical data is an essential part of digital transformation. Many companies still use passwords as their main authentication method. However, as a relic of the pre-digital age, it has long been declared a major insecurity factor and obsolete. Identity and Access Management (IAM) offers an effective and less costly alternative. The key to a successful IAM approach is the correct identification and profiling of customers based on data. This is the only way for companies to correctly understand the needs and interests of users and offer appropriate services and products that guarantee a personalized customer experience. Both sides benefit from this relationship, as companies can increase customer loyalty and business profits and users receive the information and services they really want. While IAM is being used more and more, the demands on its functionality are also growing and it now has to do more than just provide security. A successful solution must also guarantee customer satisfaction and serve multiple stages and platforms of customer contact without overburdening or scaring off the end user. Nevertheless, companies should consider the implementation of a suitable customer IAM solution (CIAM) as a top priority, as it can have a direct impact on the company’s success as the link between IT, marketing and sales. With the following six tips from PATECCO, companies can successfully optimize their customer IAM for security and customer satisfaction: The right balance between usability and security While ease of use is a critical factor, it should not be built at the expense of privacy or lax practices for accessing company data. Just as front doors are not opened to just anyone, companies should be welcoming but not allow access to cyber thieves. Evaluate IAM solutions according to scalability and availability The scope of customer IAM programs is often much larger than that of employee IAM programs. Customer populations can number in the millions and fluctuate at any given time, so organizations should evaluate IAM vendors on their ability to scale, branding, customization, availability and performance. Vendors should be selected based on their ability to adapt to current and future business needs. Customers should have immediate access to applications Consumers have no patience for long waiting times when logging in and registering. With poor performance and slow responsiveness, users quickly abandon apps and switch to the competition. Therefore, customer IAM solutions should offer response times of just a few milliseconds. Existing technologies should be integrated Let’s be honest, it’s never easy to start from scratch. Especially when companies have been working successfully with legacy technology for years. Therefore, it can sometimes make sense to build on existing IAM investments. Leveraging existing identity tools, even if they are separate instances, can potentially reduce the cost of technical support, training and licensing. In these cases, organizations need to ensure that their customer IAM solution is designed to integrate seamlessly with existing technologies. Multi-platform is a must Even a single customer uses multiple platforms to engage with the brand: desktop and mobile web, phone and in-person interactions. This leads to an explosion of new use cases for customer identity – not to mention unique technology requirements. Organizations should ensure that their customer IAM solution can not only address current browser and software-based applications across these platforms, but has the vision and capabilities to serve future needs such as the Internet of Things, Big Data, product development and risk management. Implementation of various authentication methods Every customer is unique and has their own preferences. Just as online stores offer a variety of payment methods such as credit card, PayPal, etc., CIAM solutions should provide a variety of authentication options to suit every taste. Social logins, SMS texts and biometric authentication methods offer different customers the convenience they need. Companies can thus combine data protection with a positive customer experience. At the heart of successful customer IAM is always the positive customer experience, which ultimately has an impact on overall business success. Companies must find suitable solutions to keep customer satisfaction high and personalize services better. This is the only way for companies to stand up to the competition and retain customers in the long term.

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Five Recommendations From PATECCO For Security in Multi-Cloud Environments

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Traditional security concepts are not enough for multi-cloud environments. What is needed is an approach that enables a consistently high level of security and seamless compliance management across all clouds. These five recommendations will sharpen your focus on the security aspects of multi-cloud environments. The digitalization of companies is progressing and with it the shift away from traditional infrastructure to the cloud. Hardly any company today completely dispenses with the advantages of the cloud. However, this change often does not take place in one step, but rather an ecosystem of applications and cloud storage from various cloud providers is gradually emerging. This is why most companies also have multi-cloud environments. There is nothing wrong with this in principle. However, it should not be forgotten that a company is also responsible for the security of its data and the fulfillment of its regulatory requirements in the cloud. Though, the implementation of these security requirements sometimes differs considerably from the security concepts that we have previously applied in traditional data centers. The following five tips should help to raise awareness of the security aspects in multi-cloud environments. Establish visibility of your cloud workload It’s almost a mantra, but nevertheless the basis of any security strategy: I can only protect assets that I know. In the context of cloud and multi-cloud environments, this applies in particular to applications and the corresponding information stores. The first step is therefore always to determine what type of information and applications are used in the cloud and by whom. In many complex organizations, however, this is one of the first hurdles because the use of different cloud services has often developed historically. Identity is the new perimeter We are used to thinking in a traditional perimeter security environment. What is outside our perimeter is bad. What’s inside is good. As soon as cloud services come into play, this concept no longer works. Our data no longer lies within a clearly defined perimeter but is theoretically accessible from anywhere. In native, hybrid and multi-cloud environments, identity is therefore the new perimeter that needs to be protected. On one hand, this can be ensured through the use of zero-trust architectures. On the other hand, this can be achieved through the technical implementation of secure authentication methods, such as multi-factor authentication (MFA). Applicability and user-friendliness are important when designing these methods. PATECCO also offers corresponding solutions for various scenarios with its Identity & Access Management Services. Recognize vulnerabilities It is a common misconception that moving to the cloud also gets rid of vulnerabilities, or that these are now primarily a problem for the cloud provider. This is only partially true. Although reputable cloud service providers usually protect the vulnerabilities in their own infrastructure very reliably, the number of data breaches at third-party providers, such as cloud service providers, is rising sharply. The reason for the increased number of attacks on cloud service providers is generally not their lax security precautions. Rather, the cause is often due to incorrect or careless security settings by cloud users. One example of how this can occur is the temporary use of services, as often happens for marketing campaigns in which customer data, among other things, is used. If the services are not carefully cleaned up after use, such orphaned databases can quickly become a ticking time bomb that can cost a company dearly later on. Encryption creates trust If I store sensitive data on a data carrier, then I will choose a data carrier that is able to encrypt my information securely. The same principle also applies to cloud storage. This does not necessarily have something in common with mistrust of a cloud provider. But, we have to assume that a cloud provider is fundamentally exposed to the same risks as any other organization. There are people who make mistakes, sometimes even people who deliberately want to harm an organization. It is therefore sensible to prevent these risks in principle by encrypting your workload in the cloud. Trust is good, control is better All preventive measures, such as access restrictions, authentication procedures and data flow controls, however sophisticated they may be, can sooner or later be circumvented or undermined given enough time and the right methods. Security monitoring, which continuously observes the security-relevant processes and alerts the IT security managers in the event of deviations, helps to prevent this. This is easy to do within your own four walls because all the necessary information such as network, system and application logs is directly accessible. However, this traditional approach fails when this information is stored in the environment of one or more cloud providers. It is therefore important to ensure that the CSP provides the appropriate functions for security monitoring when selecting a provider. How can PATECCO support the planning and implementation of your cloud strategy? PATECCO’s cloud security services support our customers to plan their native or hybrid cloud strategy. The Cloud security risk assessment identifies the relevant technical and regulatory risks based on your business/IT strategy and takes them into account in the planning. Our Cloud Access Control and Identity and Access Management solutions help with implementation and operation, regardless of whether your company is pursuing a public or private cloud strategy.

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Identity Security as a Core Pillar of Zero Trust

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Nowadays cyber risks are constantly increasing. However, companies can significantly increase their level of security with a few preventative measures and the focus should be on an identity-based zero trust strategy. At its core, zero trust is a strategic cybersecurity model for protecting digital business environments, which increasingly include public and private clouds, SaaS applications and DevOps practices. Identity-based zero trust solutions such as single sign-on (SSO) and multi-factor authentication (MFA) are designed to ensure that only authorized people, devices and applications can access a company’s systems and data. Simply explained, zero trust is based on the idea that you cannot distinguish the „good guys“ from the „bad guys“. In other words, the zero trust principle is based on the assumption that any identity – whether human or machine – with access to systems and applications may be compromised. Traditional concepts that rely on perimeter protection no longer work in an era of digital transformation, the increasing use of cloud services and the introduction of hybrid working models. This has led to the zero trust approach „Never Trust, Always Verify“ to secure identities, end devices, applications, data, infrastructures and networks while ensuring transparency, automation and orchestration. The five principles of zero trust protection There are many frameworks that support companies in the introduction of Zero Trust. However, as every company has different requirements, these frameworks should only be seen as an initial guide to developing and implementing a zero trust strategy and roadmap. In any case, an effective zero trust program should include five constants: By enabling consistent adaptive multi-factor authentication, organizations ensure that users are who they say they are. Organizations can detect potential threats faster and users can easily and securely gain access to resources. Organizations should automate identity provisioning and define approval processes. Re-authenticating and re-validating user identities – for example after high-risk web browser sessions or periods of inactivity – ensures that the right user has access to the right resources. It is essential to eliminate unnecessary privileges and remove superfluous authorizations for cloud workloads. It must be ensured that all human and non-human users only have the privileges required for their tasks in accordance with the least privilege principle. With the just-in-time access method, companies can also grant users extended access rights in real time. This means that an end user can access the required resources for a certain period of time in order to carry out a specific activity. The rights are then withdrawn again. Continuous monitoring is the best way to understand what is happening and to detect any anomalies that occur. By recording sessions and key events as well as tamper-proof stored audits, companies can document adherence to compliance requirements. Endpoint Privilege Management is the cornerstone of strong endpoint protection and is critical for detecting and blocking credential theft attempts, consistently enforcing the principle of least privilege (including the removal of local administrator rights) and flexible application control to defend against malware and ransomware. The intelligent, policy-based application control prevents the execution of malicious programs. In addition to classic software denylisting and allowlisting, it should also be possible to run applications in a „restricted mode“ so that the user can also access applications that are not explicitly trusted or unknown. Identity as the core pillar of Zero Trust In principle, zero trust is neither quick nor easy to implement, and implementation can be complex. If only because efficient zero trust strategies involve a combination of different solutions and technologies, including multi-factor authentication, Identity and Access Management (IAM), Privileged Access Management (PAM) or network segmentation. But one thing must be clear: For a Zero Trust project to be successful, identity must play a central role from the outset. With identity security, as the basis of a zero trust approach, companies can identify and isolate threats and prevent them from compromising identities. Identity security is the means to achieve measurable risk reduction and also accelerate the implementation of zero trust frameworks. The exponentially increasing number of identities to be managed – and the threat that each individual identity can pose – increases the need for organizations to implement a zero trust security approach. An identity-based approach to zero trust is therefore becoming increasingly popular, with more and more organizations taking this route to dramatically improve their overall security posture.

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PATECCO Will Exhibit as a Golden Sponsor at „IT for Insurance“ Congress in Leipzig

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For a third time the Identity and Access Management company PATECCO will take part in “IT for Insurance” (IT für Versicherungen) Trade Fair in Leipzig, Germany. The event is planned to take place from 28.11 till 29.11.2023.  It is known as the leading market place for IT service providers of the insurance industry with a focus on the latest technological developments and IT trends. The congress unites all exhibitors, speakers, trade fair visitors and gives the opportunity to socialize, exchange experiences and discuss current trends and projects in the IT industry. During the two days of the event PATECCO will exhibit as a Golden sponsor and will present its portfolio and services to each visitor who is interested in Managed Services and Identity and Access Management. Along with the exhibition, PATECCO will participate at an Elevator Pitch with a presentation about Risk Management – „DORA ante portas“ – Improving risk management and resilience with Risk-Minim-AI-zer and Reslienz-Maxim-AI-zer. The main speaker – Mr. Albert Harz will share best practices on how IT risk management can be improved and how the corporate resilience can be increased using generative AI. Picture source: www.versicherungsforen.net 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. Its team of proficient IT consultants provide the best practices in delivering sustainable solutions related to: Managed Services, Cloud Access Control, Privileged Account Management, Access Governance, RBAC, Security Information and Event Management.

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The Role of Identity and Access Management in Enabling Digital Transformation

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As the digitalisation continues to evolve, IAM will remain a foundational element of that process. In PATECCO latest whitepaper, we will provide you a clear understanding why IAM is a fundamental part of the security of the information systems and how it will ensure a successful digital transition for your company. The series of articles describe the role of Identity and Access Management in digital transformation which is integral to an organization’s overall security posture, adaptability, and resilience against evolving cyber threats. Let’s get started! Click on the image and download the whitepaper:

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Why Identity and Access Management is Critical for Cyber Security in 2023?

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In PATECCO’s latest whitepaper, we will provide you a clear understanding why IAM is critical for cyber security in 2023 and how it helps you to keep your enterprise safe and secure. The series of articles describe the role of Identity and Access Management which is integral to an organization’s overall security posture, adaptability, and resilience against evolving cyber threats. Let’s get started! Click on the image and download the document:

Why Identity and Access Management is Critical for Cyber Security in 2023? Weiterlesen »

DKB Customer Success Story: IAM Tool Implementation and Segregation of Duties

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Do you enjoy reading customer success stories? If yes, download PATECCO latest whitepaper. It describes how a renowned German banking institution overcomes a number of security challenges by means of unique combination of strategies, methods, and integration of an IAM tool, coupled with robust segregation of duties practices. This customer success story serves as a good example and as an inspiration for the financial companies to be more active, to be alert and to be more responsible in providing security, efficiency, and compliance in the dynamic landscape of the banking industry. Click on the image and download the document:

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