November 03, 2021

Two young businesswomen having a meeting in the office sitting at a desk having a discussion with focus to a young woman wearing glassesDid you know that financial services are 300 times more likely to suffer cyberattacks? This high risk is due to the sensitive information that such companies hold. They also have access to a high volume of clients and industry data, including payment card information.

Meeting various compliance requirements can help financial institutions protect their data. Unfortunately, most companies face many issues when trying to control risks and ensure compliance.

Here, we'll explain how using identity access and management (IAM) strategies will help you meet different regulations Financial Institutions often face. We'll also discuss how understanding all processes around payment card handling and your IT assets can protect sensitive information.

1. Using IAM to Observe the Gramm-Leach-Bliley Act (GLBA)

One key issue you may face as a financial institution manager or IT admin is meeting GLBA requirements. This act mainly focuses on protecting sensitive customer information. It particularly applies to credit history, social security, and account numbers.

For your company to comply with GLBA, you may create and track programs to secure such information. This way, you'll prevent people with malicious intentions from accessing it using false identities.

Safeguarding customer information is usually a daunting task for many institutions. IT managers also find it difficult to identify ways to support compliance. Still, with the right tools, you can proactively protect the data and comply with GLBA.

One strategy you can use is adopting an IAM solution. Such allows you to restrict and manage access to customers' accounts in many ways. For example, you can ask your clients to use multi-factor verification when logging in to their profiles.

With an IAM solution, it's possible to restrict access to particular servers. Your IT admins can track the usage of each account using these systems. This measure allows them to identify any variations in the log-in attempts or profile information.

By combining IAM solutions and other GLBA activities, you can simplify compliance. You'll also boost security by managing all customers' accounts and ensuring the use of effective practices.

2. Observing Payment Card Industry Data Security Standards (PCI-DSS)

Payment transaction with smartphonePCI-DSS OR PCI is an information security standard used by financial companies to manage credit cards. Unlike most compliance requirements, this one doesn't arise from government law.

PCI-DSS mainly involves controlling access to payment card information. It also includes reporting identified security issues and coming up with ways to remediate them.

To meet all the rules of this act, you should secure financial data during transactions. It's also vital to safeguard all processes that involve PCI. These include acquiring, transmitting, data storage, and processing.

Using IAM supports the protection of payment card data in many ways. For example, you can limit the employees who can access information related to these cards.

More ways IAM can help with you abide by the PCI act are:

  • Preventing the leakage of card information during sharing

  • Safeguarding details stored in the directory

  • Auditing IT infrastructure

Using IAM allows you to observe specific PCI-DSS clauses like 8.1 and 8.2. The first clause involves creating policies to identify customers and admins using particular systems. The second one revolves around controlling the addition and deletion of user IDs.

By adopting an IAM solution, you abide by PCI 8.1 by controlling the information your staff can access. This solution will give each user a unique ID that employees need to access particular cardholder data.

Using it, you can also limit the privileges workers have when using financial systems. This way, you allow them to complete their work without accessing sensitive information.

In the long run, the IAM solution will reduce privacy violations. It will also limit the risk of cyberattacks when employees log in to sensitive systems.

3. Meeting Sarbanes Oxley (SOX) Act Requirements

Another act that your financial company must meet is the Sarbanes Oxley act. This one aims at protecting your customers from fraudulent transactions that may happen in your company. It also focuses on improving confidence in your services by boosting transparency.

The main features of the SOX act are:

  • Assessing risks

  • Enforcing efficient policies

  • Preventing fraud

  • Ensuring compliance

  • Tracking log-ins

 

To ensure you meet SOX rules, you must have tested internal controls. Besides, use the regulations for all financial processes. For example, apply them when preparing financial reports. By doing this, you can protect all the accounting information in these documents.

Meeting SOX compliance isn't always an easy job. You have to centralize the administration of access control. Moreover, you'll need to do regular audits to verify the rights and permissions of all users.

But, using IAM solutions, you can protect both digital and physical financial records. These tools allow you to identify which records to keep and for how long. Besides, they help you implement various measures to safeguard the documents.

Automating different IAM activities lowers the risk of security breaches. With such solutions, you can put in place adequate access controls.

IAM will also enable you to meet SOX compliance by tracking system usage. Using the provided personal identifying information (PII), your IT admins can identify the employees accessing specific systems. Besides, they can assess risks by tracking unusual behavior that may signify a data breach.

Another way IAM solutions support financial services is by making sure you are compliant during audits. Using the data stored in your system, you can provide all needed information upon demand.

Contact SecurIT to Get an IAM Solution

Using the right IAM software allows financial institutions to stay compliant. At SecurIT, we provide a solution with all the tools you need to meet the requirements of different acts.

By adopting our platform, you can prevent and identify security threats. Besides, it's easier to build trust with your customers. Contact us today to get the best IAM solution.

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