IAM Challenges for Banks and Insurance Providers
Banks, insurance companies and other financial institutions process highly sensitive data concerning everything from the livelihood of private individuals to the financial health of major corporations. Protecting this information while providing fast and secure access for their clients presents a growing challenge.
Not only are financial service providers popular targets for hackers and cybercriminals, they are also highly vulnerable to data breaches and insider threats. Mitigating these risks requires strict access control.
IT Regulations in the Financial Sector
Given the major role the banking and financial sector plays in our global economy, public authorities keep it under close watch. The finance industry faces growing regulatory pressure and increasingly strict regulations for how to safeguard financial records and data.
In addition to international standards like PCI-DSS and ISO 27001, there are multiple U.S. compliance laws dictating data protection requirements for the financial sector. These include, but are not limited to: SOX, NYDFS, GLBA and the SEC’s Regulation SCI.
Identity & Access Management Solutions Compared
Our white paper will help you navigate the IAM market, familiarize you with available products and explain key questions to ask yourself when evaluating IAM solutions.
Protecting Financial Data with tenfold
Protecting critical data and ensuring compliant access control processes does not have to be complicated. tenfold serves as your central IAM platform, allowing you to take control of user accounts and permissions across your on-prem network, Microsoft cloud services and connected third-party systems.
tenfold is quick to install and comes with many out of the box plugins, for instance for Azure AD, Exchange Online and SAP ERP. tenfold’s Generic Connector even allows you to connect it to third-party applications without a pre-built plugin, including core banking systems.
Another handy feature tenfold comes with is the import plugin, allowing you to directly import user data from HR systems into tenfold. Thanks to all these helpful tools, getting tenfold ready to use is a matter of a few days, not weeks or months!
Risk Profiles & Access Reviews
To prevent security holes due to excess privileges, tenfold automatically sends out reminders asking data owners to review permissions under their control and either renew or remove them. This process, also know as a user access review, allows you to remove outdated permissions with just one click.
Additionally, tenfold allows you to create individual risk profiles for different permissions, which can be used to further customize security features, such as the interval between access reviews for high-risk privileges.
Combined with its reporting features and alerts for common security issues, tenfold provides the foundation for optimal cybersecurity while lowering your IT workload at the same time.
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