The domain of BFSI – Banking, Financial Services, and Insurance, are all high stakes industries when it comes to user data. The BFSI industry houses sensitive PII of users, along with crucial financial data. Thus, it is no surprise that they are also very lucrative for bad actors. Several compliance regulations are mandatory in the BFSI domain across the world in order to secure sensitive information. However, achieving compliance and security is no easy feat.
The cost of cybersecurity attacks is highest in the banking industry. In a report from Accenture and Phonemon Institute, the cost of a cyberattack is close to $18.3 million annually per company in this industry. Clearly, there is a dire need for the most capable security solutions so that BFSI companies are able to uphold a high level of trust with their customers.
Here are some of the key challenges
- Financial services are 300 times more likely to experience cyber attacks as compared to other industries according to a report by the Boston Consulting Group. This a glaring reality of the vested interest of bad actors in financial data.
- Financial industries often have a lot of legacy systems in their IT ecosystem. This makes it challenging to incorporate several cutting-edge technologies. Enabling a solution without the legacy systems leaves room for security loopholes.
- Financial emails with alerts are panic inducing and naturally so. Bad actors often take advantage of this even with employees and they become victims to data breaches via phishing and spoofing.
- Accesses are not streamlined well. “Who has access to what” must be known at all times. However, this is not always the case. Many accesses are provided in order to get tasks done, leading to unmonitored accesses. During a study conducted in the financial sector, 352,771 sensitive files were exposed according to a report by Varonis.
- Orphan accounts often linger on. These can be accounts of the people who have left or been transferred. They are open doors for bad actors to take over.
- Privileged access accounts are not implemented with stringent security practices. Often there is a lack of controlled allotment and management of such accounts.
- Compliance regulations can only be achieved with the help of intelligent solutions. Without this, financial institutions may be at the receiving end of fines or even closure. GDPR, SOX, RBI, SAMA, NCA and several more regulations require a standard of internal processes and audit trails that are difficult to achieve without expert intervention.
- The bigger banking enterprises may be able to afford various solutions for their security and IAM purposes. However, it is hard for smaller financial organizations to afford solutions that can help them achieve compliance to federal regulations.
- Financial organizations spend around 0.3% of their revenue and 10% of the IT budget on cybersecurity according to a report by Deloitte. This itself is a testament to the lack of importance given to security that can essentially make or break the organization.
- Cross Identity (Formerly Ilantus) streamlines application usage with efficient single sign-on and password management solutions. Users no longer have to worry about legacy applications. Cross Identity’ patented technology enables seamless integrations with them as well. The solution can also hide shared ID credentials from end-users and still provide access to the application with SSO.
- The users are also made self-sufficient with self-service password capabilities, reducing helpdesk dependency.
App integrations made seamless with abundant availability of connectors.
- Multi-factor Authentication to improve the security of core banking applications.
- Identity Governance and Administration solution ensures accesses are seamlessly requested with easy workflows and approved or rejected by managers without any time delay. Orphan account management is also taken care of, the IT experts can carry out stringent access recertification campaigns without hassles.
- Access Management, Identity Governance and Administration solutions are all provided within one platform – Converged IAM solution
- The data from all these solutions provide regular audit trails and enough data for regulation purposes.
The Cross Identity risk engine provides critical security data and filters the noise that usually comes with security solutions. This enables financial organizations to be more proactive rather than reactive.
- Cross Identity solution, CI is the only complete Converged IAM solution in the market today. It is priced to be suited for all organizations, provides the highest ROI, and simplest to implement and use.
We are empowered to provide you with the most secure solutions. With an extensive partner network, we can easily implement our solutions in any part of the world. We have enabled several BFSI organizations reach their compliance and security goals within no time.