IAM Solution For Financial Firms – Data Security For Financial Sector

admin | August 23rd, 2018 | CASB

IAM Solution For Financial Firms

Financial Service Firms Need for Data Security

Data security is of utmost importance for financial institutions and one must ensure that data security goes hand-in-hand with their services. Also, regulatory compliance must be achieved while protecting data and user experiences have to be outstanding with quickness and innovation. Regulations like PCI DSS and PSD2 are to be complied with and this is done to protect customer information and transactions that are critical and challenging. Security of customer transactions, enforcement of data privacy & consent and access to crucial data are the pressures faced by the financial institutions and these must be adhered to. But in this ever-changing technological pursuit, enforcing and complying with growing number of regulations is easier said than done. While there is no easy way out of these standard security protocols that must be followed, there are tools that help enterprises for effective compliance. One of the most significant tools that comes handy and is implemented by organizations across the globe is Identity and Access Management (IAM). IAM solution regulates the data from being targeted by cybercriminals and ensures that the right people have access to the right data. Any good IAM solution by the cloud security service provider can help enterprises secure their data while also helping in maintaining compliance protocols including PCI DSS, PSD2 etc. IAM solution for financial firms ensure regulatory compliance protecting their data against security breaches by implementing CASB solutions.

IAM Solution for Financial Firms Helps in Complying with PCI DSS

The Payment Card Industry Data Security Standard (PCI DSS) is that security protocol needed for securing credit, debit and cash card transactions. This standard is to be followed by companies that accept payments by card and helps in protecting sensitive data and personal information of the cardholders from getting misused. Identity and Access Management solution comes to the rescue here and allows enterprises to control access to cardholder data. It ensures that each user has a unique ID and that the cardholder data available across the apps, APIs and URLs is accessible to only those who have appropriate authorization. Multi-Factor Authentication (MFA) is also enforced that PCI DSS requires on to the cardholder data environment. The other advantage of Identity and Access Management solution is that of secure sharing and protection of the cardholder data stored in the directory. The access to this data is governed on an attribute-to-attribute level thus ensuring that access to the required information is limited and authorized. The data in each state; be it at rest or in motion, or during replication, is safe by these processes. Thus IAM Solution for Financial Firms helps not only to create a secure environment but also helps to ease the regulatory compliance with PCI DSS.

Solving for PSD2 as Well as Open Banking Using IAM Solution for Financial

Open Banking and PSD2, which is an update to the 2007 EU Directive on Payment Services impose additional rules for financial institutions operating in Europe and the UK. It requires that other banks and third-parties are allowed access to customer account information with customer consent by the financial institutions by the way of open APIs. The financial institutions operating in the UK are defined by specific open API standards and this is prescribed by Open Banking Standards. Identity and Access Management helps financial enterprises to comply with these regulations. It allows for the safe storage of identity, policy and consent data and helps in sharing of necessary information with third-party providers using fine-grained data governance policies. This securing of data through IAM should not be restricted to the financial institutions in the UK alone. All enterprises across the globe need to use this method of sharing customer information since it is the wave of the future. IAM solution for financial firms helps to tackle the compliance issues of PCI DSS, PSD2 or any other such standards governing the financial service industry. With a customized IAM solution, enterprises can adapt to future challenges and stay ahead in the competition while achieving cloud compliance and cloud security.

CASB vendors can become the harbinger of these IAM solutions, with their services going hand-in-hand with cloud services; thus for creating a secure ecosystem, IAM solution for financial firms are all over the globe.