A new approach to ensuring bank security


By Gal Helemsky, Co-founder and CTO, Plain ID

The banking industry has long used complex access control systems to meet the financial needs of its customers. Compared to other industries, this level of familiarity is an advantage for banks as they can be seen as a knowledgeable resource for dealing with data protection and permissions management.

As technology continues to push more businesses to operate virtually, the demand for banks to migrate their historical data to more modern ones increases. Banks may encounter difficulties with this request simply because they operate with outdated systems. Although an outdated system may still be able to provide its essential authorization and access management functions, the risk of usability, adaptability and auditability issues remains.

After decades of working primarily in physical institutions, banks are now able to move away from traditional banking services and focus more on providing a seamless digital experience. In the age of the Internet, legacy permission management tools are unable to provide the level of efficiency needed to secure the personal financial data found on the websites and apps that consumers use as part of their business. banking experience.

Moving away from outdated, in-house made access control tools will increase the efficiency of banks that rely on basic access control functionality. The value of replacing legacy systems with modern tools can address the special authorization needs of the financial industry while giving banks a chance to gain agility and strengthen security measures.

In terms of the essentials, a basic feature set is required for an access control solution to work effectively for modern banks.

Commercial decisions and authorization of banks

Beyond managing users and access permissions, banks use access controls to meet their business needs. By developing access controls designed with business-centric policies, modern banks are prioritizing how they engage consumers through digital channels. on various websites and apps. Aligning access controls with business decisions encourages consumers to use digital channels in customizable ways.

Built-in compliance and audit

Compliance rules within the financial industry change frequently to ensure best business practices. Banks must be able to align their access policies to comply with current and new regulations. Equally important, banks must be able to perform systematic audits to ensure compliance needs are met.

Cost efficiency

To have an effective access control system, it is not always necessary to create and maintain one for internal purposes. Developing this type of infrastructure is expensive and usually requires a dedicated team of developers for coding and IT engineers for implementations and maintenance. In the case of processing such sensitive information, a group of security engineers should be added to this development team.

Support for on-premises, cloud and hybrid environments

Financial industry organizations house their data internally to varying degrees and banks are no exception. Some modern banks have completely migrated their infrastructure to run solely on a public cloud. On the other hand, some still conduct business locally, while other banks have adopted a hybrid approach. Under traditional circumstances, the move from on-premises to cloud to hybrid would be an overwhelming experience for businesses and consumers alike. Modern banks are adapting to modern authorization management tools that are versatile and able to work in any environment.

The key to effective banking security: Policy-Based Access Control (PBAC)

Given these essential features, banks are using PBAC as the most effective modern approach to authorizing who has access to what in banking.

PBAC gives companies the ability to develop their access policies using plain language and then automate them in various environments. The benefit of this approach is that it makes it easier for employees to use and frees up IT time for other business initiatives. Regardless of the enterprise infrastructure, PBAC policies can be applied to legacy and modern applications on-premises, in the cloud, or in a hybrid environment.

Over time, policy mining can be implemented to automatically identify the necessary relationships and access within an organization’s IT infrastructure. Once this is established, PBAC uses policy mining to help create policies to support whatever is identified. PBAC also exists to help with auditing and updating policies, so businesses can feel empowered to easily make urgent changes.

Banks need a change now. By using a modern access control solution, it reduces the burden of having to coordinate different specialists for particular activities. Banks are able to implement access controls using out-of-the-box services. However, with automated access policy solutions, the time it takes for IT teams to administer the system can now be spent maintaining efficiency and ongoing troubleshooting. With PBAC, modern banks can rely on a security approach that provides complete visibility into who users are and what they can access with a flexible approach.


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