Cloud Security in Finance Industry – Why Financial Industry Needs an Identity Management Solution?

Pallavi Varanasi Cloud Security Expert - CloudCodes Software
  • August 5th, 2020

Cloud security in finance industry is of prime importance considering the aspect of critical data stored over cloud spaces within organizations all around the globe. Companies chiefly rely on cloud security to accelerate their business profitability and scale up their business processes in cloud-run working systems.  

Needs of Identity Management Solution In the Finance Industry  

For all those working in the financial sector consider cloud security as their topmost priority. Among the stringent regulations around cloud security and data privacy, and with the target on back for hackers & cyber criminals, companies have precisely no room for any errors when we talk of protecting their customer profiles and company data from getting into the wrong hands. But these challenges do not end here. Now, as technology is becoming more and more advanced, customers are increasingly wishing for doing their businesses with people online and while they are on the go.  

They also expect to have consistent, convenient, and customized user experiences with their most favorite brands, without because these firms are not selling something like coffee drinks or maybe Christmas gifts. In the finance service worlds, the customers expect from the firms that they figure out how to provide them with an exceptional customer experience, which is also secure at the end of the day. It is tough to cater to such expectations. Identity and Access Management (IAM) holds a vital role in keeping up with this need. Companies can very well solve this riddle and pass all hurdles and challenges, thus faced with one of the financial-grade IAM solutions.  

Cloud Security in Finance Industry   

With the most appropriate IAM solutions, companies can significantly control their access to identity data, share it securely, and also capture the consent of the customers. Cardholders’ identity data can be in every state, maybe data at rest, or data in motion, etc. It is even possible to track down how, when, and by whom this identity data is accessed. Also, it is even possible to govern access to the application to cardholders’ data, thereby minimizing any potential scope of data breaches. While relying on IAM solutions, the companies not just ensure compliance but also develop and maintain secure systems as well as applications.   

Cloud Security in the Finance Industry and Reduction of Risks  

An IAM solution gives stout security initiating at authentication and then extending towards application as well as data layers. It would start with MFA or multi-factor authentication and gain a higher assurance level that users are whoever they are saying that they are. After the process of authentication, the IAM solution would allow the controlling of customers, partners, and employees access to their applications, and this is based on the access policies. It is thus possible to reduce the risks effectively by controlling data access on a case-by-case basis.  

Cloud Security in Finance Industry – Improving Customers Experience  

Single sign-on ensures digital properties as well as services to be easily accessible, now whether they are residing on-premises or they are there over the cloud. IAM solutions for financial service applications must be enabled with this Single sign-on (SSO) technology to access both company and partner services. Such a solution must also support unified customer profiles for ensuring customers’ experience to continue across all channels whenever they log in. By allowing all digital properties towards accessing one single view of privacy contents, customers’ preferences, and other such profile data, an IAM solution ensures the delivery of exceptional customer experience from login and till logout.  

Fostering of Agility as Well as Innovation  

With modern-day services, it is possible to integrate new apps and to deploy them over the cloud quickly. Any of the leading Identity Management solutions would be offering a hugely versatile hybrid-deployment model, so that helps them connect rapidly to their SaaS applications, legacy apps as well as enterprise web apps. Such solutions also provide directory capability for enabling quick on-boarding of company partners as well as self-management of employees’ identities. The results are seamless single-click access to all applications required and needed by employees, customers as well as partners.  

CloudCodes Role in the Finance Sector  

At CloudCodes, enterprise cloud security is of great significance. IP restriction, a feature nested under Access Control solution helps in Whitelisting networks and connected devices, which have been accessible from a shared dashboard. CloudCodes for G Suite allowed the company to add that extra cloud security layer by protecting the firm from any of the unauthorized user access attempts from outside the organization and that also without having to compromise with G Suite benefits. G Suite hand-in-hand with CloudCodes CASB solution enabled the enterprise to get much secured cloud access.

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