In the highwire act of the financial services sector, identity security serves as the essential safety net, meticulously engineered to intercept any missteps before they precipitate a fall. Just as a tightrope walker relies on a safety net for confidence at dizzying heights, financial institutions – from global companies and insurers to community banks and credit unions – navigate a complex array of risks. They trust in identity security to maintain balance and confidence amid the intricacies of digital banking transactions and financial data exchanges.
Identity Security in Today’s Financial Sector
As the tightrope of digital finance stretches further, carrying more data and transactions than ever, the need for an unshakeable safety net becomes paramount, as 93% of organizations faced two or more identity-related breaches in the past year. This net doesn’t just catch falls; it instills the confidence to push forward, innovate and engage with customers securely and effectively.
A Strategic Framework for Strengthened Identity Security
To ensure the financial sector’s safety net is both resilient and responsive, consider these six foundational elements to enhance identity security and future-proof against growing cyber risks:
- Dynamic access management. Fine-tune your safety net by ensuring that only the right entities have access at the right times. This requires balancing user convenience and stringent security measures to prevent unauthorized access.
- Intelligent privilege controls. Strengthen the fibers of your net with smart controls for protecting IT administrators, for example, by also introducing a zero standing privileges approach to access management. Tightly controlling access privileges minimizes the risk of breaches while allowing your team the flexibility to perform their roles effectively.
- Unified identity orchestration. Weave a stronger net by integrating and managing all identity processes from a central point. This can help catch discrepancies and potential threats before they can cause harm.
- Proactive threat detection. Equip your safety net with sensors that can feel the slightest tremor of threat, allowing immediate action. Continuous monitoring and real time analysis are crucial to swiftly detecting and mitigating threats.
- Comprehensive identity mapping. Make every part of your safety net visible and accounted for by mapping out all human and machine identities. Knowing who and what is on your network is crucial for maintaining security.
- Adaptive authentication. Modify the tension in your net according to the conditions with context-sensitive, adaptive multi-factor authentication (MFA) that responds dynamically to varying threat levels, enhancing security without compromising the user experience.
Beyond Compliance: Elevating the Safety Standards
While compliance like SWIFT CSCF, Sarbanes-Oxley (SOX), 23 NYCRR 500 and DORA provide a regulatory framework for setting up the safety net, true security leadership in the global financial sector involves cooperation to weave a net that’s ahead of the curve – anticipating risks and reinforcing points of vulnerability before they are tested.
For cybersecurity professionals in finance, this is your moment to ensure that the safety net you create is compliant and a cutting-edge model for others to follow. By embedding these six strategic pillars into your identity security practices, you protect assets and build a culture of security-first thinking across the organization.
A Confident Approach to Financial Identity Security
Embrace this holistic approach to identity security to ensure your financial operations can perform confidently on the highwire of modern finance. By strengthening your own company’s safety net, you protect not only your data and transactions but also the trust and confidence of your customers. Implement these strategies to stay agile and secure in a world where the stakes are as high as the rewards.
Let’s consider Rabobank’s experience to illustrate these concepts in action. With automated password management, privileged access and activity monitoring for 10 million customers across 48 countries and 59,000 employees, Rabobank International has significantly reduced risk and established a transparent overview of accountability.
As the landscape of financial security continues to evolve, establishing robust identity security protocols is a necessity and a strategic advantage. By adopting these principles, your organization can not only navigate the challenges of today but also pave the way for a secure and prosperous future in the digital age.
Chris Maroun is a senior director in CyberArk’s field technology office.
