How Identity and Access Management can secure financial service providers from data breach

How Identity and Access Management can secure financial service providers from data breach

Historically, it has been observed that the breach of data security mostly occurs during employee transition periods, either while getting relieved from the organization or getting transferred to another department. The risk has also been observed when new employees join organizations. Since the data contains critical information worth millions of dollars, it becomes imperative for organizations to control processes and grant access to information to verifiable sources, negating any possibility of data leak using automated identification and verification management system.


IBM’s Cost of a Data Breach Report 2020 states that the average cost of insider cyber incidents, across sectors, is $4.37 million in comparison to the average cost of data breaches caused by system glitches is $3.38 million and human error $3.33 million.






Identity and Access Management (IAM)


Identity and Access Management (IAM) helps in controlling the distribution of critical information by granting access to the right enterprise assets, to the right users and in the right context. It is a robust Identity and access management system that can be added to a protection layer against the rising threats of ransomware, criminal hacking, phishing and other malware attacks.


In addition to IAM, it is also an important task to digitize a legacy based entitlement system to a role-based framework with the implementation of privileged account management (PAM), also known as Privileged Identity Management (PIM) as it is considered to be one of the most important security measures for reducing cyber risk and achieving high-security ROI. Together, PAM and IAM help to provide fined-grained control, visibility, and auditability over all credentials and privileges.


Another important aspect of a successful IAM is authentication. Most of us believe this transaction authorisation is done using concepts like user id, PIN, password, biometrics or two-factor authentications (2FA). Th ..

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