IAM for the Finance Industry



IAM Challenges for Banks, Insurance and Investment Services

Banks, insurance companies and other financial institutions process and store highly sensitive data concerning the livelihood of private individuals, the financial health of businesses and more. As the financial sector moves more and more of its services online, companies are faced with the challenge of how to offer fast and secure access to financial data to their customers, while also keeping this information safe from the threats of an increasingly digital world. Not only are financial institutions popular targets for hackers and cybercriminals, they are also highly vulnerable to data breaches and attacks from within.

IT Regulations in the Financial Sector

If a data breach occurs – be it through a cyberattack or internal incident – and confidential data is compromised or leaked to the public, the affected company faces not only financial and reputational damage, but must fear hefty legal consequences as well.

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.


Cybersecurity Standards in Finance:

  • SOX
  • NYDFS
  • PCI-DSS
  • Regulation SCI

White Paper: IAM Best Practices

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[WEBINAR] The Top 5 Reasons You Need Access Management

Do you know WHO in your organization has access to WHAT? If the answer is “no”, chances are you are not using an Identity and Access Management solution – and that means your company is at high risk for data theft!

In this webinar, we cover the Top 5 Reasons you need an IAM software solution and illustrate how IAM can help you meet your compliance goals and protect you from ransomware, insider threats and more!

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Tailor-Made Solutions in tenfold IAM

Protecting critical data and ensuring compliant access control processes does not have to be difficult. 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!


Protecting Financial Data

Once installed, tenfold automatically assigns permissions to users according to security best practices like the least privilege principle. In tenfold, user permissions are assigned on the basis of group memberships, or roles. This gives tenfold the capability to modify user permissions automatically as needed when users are added to or removed from groups.

tenfold comes with a convenient self-service platform where users can request extra privileges on top of their default permissions. As part of customizable approval workflows, these requests are then passed on to the associated data owner(s) who must either confirm or reject the requests. All of this speeds up the privilege assignment and approval processes and therefore significantly reduces the workload for IT admins.

Access Reviews & Documentation

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. More and more cybersecurity laws and standards require companies to conduct this kind of review, which is a painstaking process without the automation tenfold offers.

Centralizing your user and access management processes using tenfold is a milestone toward achieving the requirements set out by general regulations as well as compliance standards specific to the financial sector. With tenfold’s reporting feature and ability to track any changes made to permissions, you’re good to go when it comes to transparency, which is key to excelling at audits.

To achieve an even greater level of security, you can create individual risk profiles based on user permissions, which can be used to further customize security features, such as the intervals between access reviews for high-risk privileges. All of this and more helps boost efficiency in your company while protecting your financial data at the same time.



Screenshot illustrating the recertification process in the IAM software tenfold's user interface.


Screenshot of the IAM software tenfold showing various IT privileges sorted by risk level.


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