In addition, this fiercely competitive industry has a reputation that potentially far outweighs the monetary outcomes, and it boasts one of the most frequently targeted sectors for attempted breaches. GCA has years of experience working extensively with a variety of financial clients and have been accredited to understanding what works and what doesn’t within the context of how a financial organization operates. With GCA, you can hit the ground running at any stage in your IAM process and expedite the time to value, automation, and compliance.
IAM Industry Solutions For Financial Services Sector
Financial service firms stand to lose a lot more than a costly payout for data breaches and audit failures, and there is a slew of stringent governmental regulations to back it up.
How you benefit from allowing GCA to help you...
Ensure the proper people in your critically important organization have the appropriate access to key systems, processes, and data.
Security processes are capable of monitoring / alerting / remediating access in real time.
Deploy solutions that are able to enhance to your complex, hybrid environments with industry-specific and/or legacy systems.
Increase the value of your employee and customer experience while focusing more on your vision of providing state-of-the-art financial services
Scott Breece, - CISO, Community Health Systems
Arguably the industry with the most stringent compliance regulations, financial services firms stand to lose a lot more than a costly payout for data breaches and audit failures.
With more regulatory acronyms than you can shake a stick at, such as GDPR, PCI, SOC, and SOX, it takes a village just to stay current and adhere to regulation requirements. In addition, this fiercely competitive industry has reputational factors that potentially far outweigh the monetary outcomes, and it boasts one of the most frequently targeted sectors for attempted breaches. As if this isn’t enough of a driver, financial service organizations are under constant pressure to deliver innovation to their customers in the form of convenient access to services and applications, advanced security measures, and complete digital transformation. A cybersecurity event can create a cataclysmic effect on your company’s image, trust, and wallet. These factors are key drivers that necessitate a better way of addressing the risks associated with controlling access: Identity and Access Management (IAM).
Put simply, IAM is a framework of policies and technologies for ensuring that the proper people in an organization have the appropriate access to critical systems, processes, and data.
While financial service clients ensure customers are their prime focus, they are also tasked with managing the vendors and internal employees who have access to those customers and their data. This type of environment requires IAM solutions that not only provide dynamic security measures but also are capable of monitoring/alerting/re-mediating access in real time and have the ability to extend to complex hybrid environments with industry-specific or legacy systems. Additionally, frequent audits can be costly to employee’s time and efficiency, if processes are not streamlined and automated. With all of these factors to consider, it is imperative that your organization adopt an advanced, adaptive IAM solution. The problem is that not all IAM solutions are created equal, so your company needs to ensure they understand what their requirements are and what problem(s) they are trying to solve. For example:
Do you have advanced authentication measures in place, such as Multi-Factor Authentication or Zero Trust concepts ?
Have you changed your security framework to reflect the requirements of GDPR’s 7 categories?
Do you know every third-party vendor that has logical and/or physical access to your systems, processes, data?
Does your organization have a way to maintain a list of critical assets, processes, and any system that contains Personally Identifiable Information (PII)?
Do you have any capabilities in place to accurately review all users with access to critical systems, processes, and sensitive data (including physical access)?
Once you have determined where your most pressing IAM needs originate, you then are required to evaluate the slew of IAM tools and providers in order to confirm which company(s) have the capabilities to fulfill your needs.
This doesn’t even take into consideration the amount of effort that goes into planning the adoption of your IAM framework, the management required to oversee the implementation, and the execution of your IAM framework to ensure you are getting optimal value on your investment. On top of it all, finance is arguably the most critical industry in terms of the demand for financial efficiency while maintaining appropriate security. The finance sector is filled with digitally savvy customers who are growing more and more accustomed to unique, personalized experiences that evolve as their needs do. Between this and the timeliness factor required when granting appropriate access to extremely unique users, creates a significant strain on a financial organization’s administrative costs and effort. As such, your organization must ensure that the primary revenue sources—your customers, have exactly what they need when they need it.
Simply, by being inefficient in the timeliness of access provisioning for your users, you are risking impacts on productivity, resource inefficiencies, and potentially preventing customers from accessing their funds or investors from accessing their portfolios. Furthermore, if your access management team does not receive appropriate management approval or grants the wrong access to a user, your company is at risk of significant fines due to SOX, PCI, and other regulatory compliance requirements. As you can see, it is imperative to maintain a delicate balance between stringent access controls, especially with systems housing customer financial data, and ease of streamlined operational workflow.
When you take each of these factors into consideration, the adoption of an IAM framework and associated solutions seems extremely daunting. Thankfully, GCA has the experience and the capabilities to assist your organization in every step of your IAM journey.
GCA understands that due to the nature of your organization, the majority of resources should be focused on providing world-class services and technologies to your customers, not on antiquated control management processes.
As such, we use advanced technologies to automate the IAM workflow. The automation provided by our solutions helps to ensure access is provided according to policy, but in the most efficient way possible. This is accomplished by removing the need to have IT professionals involved in most of the process. When it is determined access is needed, the request is made and once appropriate personnel approves, the access is provisioned automatically. IT is no longer chained to the manual process of tracking down approvals, verifying access parameters, and keying in individuals across many systems. Simplified and automated certification campaigns ensure that access is appropriate or flags for correction prior to an auditor discovering the error and fining the organization.
GCA also provides unique, specific access management solutions to financial organizations nationwide.
This process is geared towards assisting the client with providing additional security factors in logical access to critical systems containing confidential data, while simultaneously reducing the friction of the login process for the end user. For example, GCA has the ability to circumvent the need for an employee to provide their username and password in order to login to a system and then again login to individual applications. With our solution, they can use their master account information, coupled with MFA (pin, facial recognition, etc.), to access their network account. At this point, the system logs in and even automatically launches applications commonly used based on the machine type and location. This process has saved financial employees significant time and energy in accessing the pertinent systems and applications required to fulfill their job responsibilities. When we accomplish this, GCA empowers a company to increase the value of their employee and customer experience and focus more on its vision of providing state-of-the-art financial services.
Whether you are a financial organization who has yet to start their Identity & Access Management journey or you are looking to further refine how access is managed, GCA has the expertise and the desire to help you achieve your vision!
Furthermore, GCA has years of experience working extensively with a variety of financial clients and have been accredited to understanding what works and what doesn’t within the context of how a financial organization operates. With this deep understanding, we can hit the ground running and ensure our solutions work with even the most complex of organizations. GCA has strategically partnered with a variety of world-class IAM technology providers to deliver state-of-the-art IAM tools that greatly enhance the effectiveness of your customized IAM framework. Our deep partnerships allow us to fulfill every facet of the IAM methodology no matter how complex your IT environment is.