Security is vital to any organization, but in a highly regulated industry like finance, it can quickly become a lot more complicated. Many financial services organizations are faced with the need to secure both on-premises and cloud resources. And if they don’t get security right, then it can mean lost business, angry customers, and legal complications.
From a rapidly evolving workforce to ever-changing regulations and business pressures to scale resources, it’s more important than ever for financial services to prioritize flexibility and scalability while still maintaining security. Many organizations have turned to cloud resources to help support a hybrid workforce, reduce costs, and improve resiliency, but cloud computing has its own risks.
In many cases, as financial organizations and other businesses moved more resources to the cloud, they ended up splitting their authentication needs between the on-premises resources they already had and new SaaS applications. The added complexity from multiple vendors providing the same service in different locations has led to weaker security, user confusion, and higher costs.
How Financial Services Should Prepare for the Hybrid Future
Identity and Access Management (IAM) should be a cornerstone of any security strategy. Every organization needs to know exactly who is requesting access, from where, and from what device in addition to ways for users to verify they are who they claim to be. Hybrid work isn’t going away, so security needs to be everywhere and it needs to be seamless. But for many financial services organizations, it just isn’t.
One way that financial service providers can begin creating comprehensive IAM solutions is by using contextual information and machine learning to create advanced risk engines and behavioral profiling that determine standards of identity assurance, minimize risk and elevate security against threat actors.
In developing a new IAM strategy, you need to take seven risk factors into account as you move forward to support a hybrid future. We detail each of these risk factors and explain how you can save time and resources by unifying your on-premises and cloud based IAM in our ebook, “Navigating a New Financial Services Security Landscape.”