If any sector could be said to be in a state of constant upheaval, that sector would be Banking, Finance & Insurance. The tightening of regulatory requirements, including standards such as Basel III and IV , Sarbanes-Oxley (SOX), PSD2, NIS… or more stringent obligations for the internal control of authorisations, is having a profound impact on information systems.
It is a world of ever-increasing security restrictions and requirements for financial establishments, which must at the same time cope with accelerating digital transformation and the need to offer customers more flexibility and options.
This means that financial institutions must be in full control of their identities and authorisations management (IAM). This will enable them to tighten security around their sensitive assets, stay compliant with regulations in their sector and open their IS to the outside world while adapting to new consumer expectations.
How to meet the 3 major challenges
for identity and access management
in the Banking, Finance and Insurance sector?
Managing operational risk
The repeated crises of recent years, whether caused by blips in financial markets or abuses in the form of certain well-reported practices, have led to more stringent requirements in terms of IS security, and in particular identity, authorisations and access management.
A distinctive feature of the financial sector is that an employee with sufficient authorisations can directly expose the company to levels of financial risk which can have serious consequences for the entire economy. A malfunctioning authorisations management system therefore represents a serious threat.
Our IAM platform provides total control over identities and authorisations for individual accessing the company’s sensitive assets: after all, access rights controls are essential for protecting your IS against malfunctions resulting from human error, fraud and the loss or theft of data. The solution provides benefits such as mass rights reviews to significantly reduce the risk of errors and provide a regular checking system to satisfy real-world imperatives.
The IAM: an essential component
in achieving compliance
The General Data Protection Regulation (GDPR), the Network and Information Security Directive (NIS), the Second European Payment Services Directive (PSD2) … there has been a proliferation of regulations aimed at codifying the IS security of financial institutions.
Your IAM strategy plays a role in ensuring your company’s compliance with the applicable regulations in this sector: after all, controlling user authorisations and tightening checks on access to your SI are non-negotiable issues.
That’s why our 360° IAM platform offers you a number of key features: rights management, access traceability, authorisations review, context-sensitive and adaptive authentication, etc. Our solutions provide you with the ability to transform your regulatory constraints into genuine opportunities and areas of competitive differentiation.
and the opening of the IS
Digital transformation subjects financial institutions to the same technological pressure as other organisations. And the PSD2 directive has accelerated this process further, driving the sector towards greater openness and the era of Open Banking. This has seen the arrival of new entrants, offering new services and reinventing business models.
And in terms of digital transformation, end customers are not prepared to compromise: they now expect 24/7 access to easy-to-use services and an innovative, risk-free purchasing journey. However, they are at the same time increasingly aware of electronic risks and cyber-threats, and thus more focused on the security measures implemented to protect their personal data.
This means that financial institutions must provide a rich, unique customer experience in which the protection of personal data and easy access to personalised online banking services go hand in hand.
Our IAM platform allows you to provide your users with a unified, secure digital experience across all of your sites and applications. To do this, it uses a robust access management infrastructure which incorporates advanced features such as Web SSO single sign-on, multi-factor strong authentication, Mobile Access Management and identity federation. It is open and compliant with applicable regulations, meeting market standards and delivering perfect interoperability with the latest technologies. This lets you industrialise your authentication processes and makes it easier for you to create new services without reducing security.
It also incorporates a Customer IAM solution providing key features for the implementation of online services for the general public: registration and authentication services, personal data and user consent management, advanced access control policies, easy integration with the customer IS and in particular CRM tools, etc.