Should the Financial Services Industry Implement Privileged Access Management Solution?

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In financial services companies, many cases of data theft are caused by misuse of privileged access. Therefore, now many rules must be applied to ensure the effectiveness of privileged access management controls.

Privileged access is a term used for users who have the freedom to access the whole company’s information system, either internal or external data such as personal data and customer financial information.

Privileged Access Management Becomes a Security Solution That Needs to be Prioritized by the Financial Services Industry

Given that the financial services industry is closely related to confidential data and information, they must have best practices on access control to company information systems. Although it is crucial, many financial service companies still have not implemented their best practices or are still establishing strategies to manage access control effectively.

Aplikas Servis Pesona, as a provider of IT security solutions in Indonesia, will help the financial services industry to implement best practices for privileged access by presenting Privileged Access Management (PAM) solution.

PAM solution provides many benefits for companies to facilitate compliance, eliminate the risk of attack cases arising from privileged access, and reduce costs incurred for improving audit and monitoring results.

For those who are not familiar with this security solution, let’s first know about the function of the Privileged Access Management solution.

Privileged Access Management refers to a comprehensive security strategy which very useful for controlling, monitoring, securing, and auditing all identities and activities across a company’s digital environment.

Suppose privileged access is not managed with proper controls. In that case, the company’s information system can be compromised by irresponsible parties, either from external parties such as hackers or internal parties such as employees who should not have privileged access.

If the system has been compromised, the company will suffer material losses, and more importantly, the loss of customer trust.

Research from Forrester also reveals facts that many cases of data leakage are due to privileged access. Compiled from Forrester, at least 80% of data leak cases arise from company carelessness in managing privileged access. (Source: The Forrester Wave™: Privileged Identity Management, Q4 2018)

The Privileged Access Management solution is a security solution that needs to be prioritized by all financial service companies because it is essential to control privileged access in financial services. In fact, for the second year in a row, Gartner has nominated Privileged Access Management as a security project that CISOs should prioritize.

How to Maximize Privileged Access Security Controls in Financial Services

To maximize privileged access security control in financial services, companies need to choose a Privileged Access Management (PAM) solution that suits their needs and goals. Then, how to get this solution? Companies need to work with IT security partners who have a lot of experience in implementing PAM solutions.

Aplikas Servis Pesona can be the right choice to help financial service companies implement PAM solutions. Aplikas Servis Pesona provides a PAM solution that offers the following features and capabilities:

1.      Provides maximum protection

PAM solution secures all privileged access activities in the company’s systems in real-time. This solution will detect and exclude unauthorized access in the system automatically.

2.      Simplify the audit and compliance process

PAM solutions help improve quality and value, plus simplify auditing and compliance.

3.      Enable companies to implement digital business as a whole and maximize user experience

The PAM solution allows companies to authenticate users through a centralized web portal, making it easier for all parts of the company to access their digital systems according to their individual needs – without compromising security.

4.      Available in various deployment options

Another advantage that companies can get from this PAM solution is choosing cloud or on-premise for deployment by themselves. Each company can consider it according to the needs and applicable regulations.

That is all information about the importance of Privileged Access Management solutions for the financial services industry. The answer to our main question at the beginning, or stated in the title, is YES. It is a must. Based on all the explanations regarding the reasons and benefits of implementing PAM solutions described, IT security partners help in choosing the right solution and play an essential role in the successful implementation of PAM solutions. Please contact marketing@phintraco.com for more information and consultation on PAM solutions with the expert team.

 

References:

https://www.cyberark.com/what-is/privileged-access-management/

https://www.cyberark.com/products/privileged-access-manager/

https://biztechmagazine.com/article/2018/01/why-banks-need-privileged-access-management-secure-their-systems

https://www.forrester.com/report/The+Forrester+Wave+Privileged+Identity+Management+Q4+2018/RES141474

https://www.gartner.com/smarterwithgartner/gartner-top-10-security-projects-for-2019/ https://www.gartner.com/smarterwithgartner/gartner-top-security-projects-for-2020-2021/

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