Axiomatics Shares Why Financial Institutions Should Consider Authorization
Learn why the financial industry, which has the second highest average cost for a data breach, requires an authorization strategy.
CHICAGO, IL – The financial industry has the second highest average cost for a data breach, according to a recent Cost of Data Breach report. Due to their value, all financial institutions must protect each customer’s privacy and confidential information while also adhering to global compliance regulations surrounding access control, segregation of duty, and the right to be forgotten. This comes with multi-pronged data access control challenges.
As federal regulatory bodies worldwide continue to share more guidance specific to access control and Zero Trust policies, enterprises need to continue to evaluate and upgrade their identity protection for clients and overall data. Axiomatics breaks down where financial institutions benefit from implementing authorization solutions in response to these access control challenges.
Four of the seven reasons financial institutions should consider authorization
Online Payment Authorization: Authorization can reduce the operational costs, including audits, increase transaction speed, and approve transitions – all while securing all web services involved.
Anomalous Behavior Detection and Response: It is becoming more and more common to see breaches seemingly coming from inside the system from certified users but authorization related decision-making policies can more easily trigger a denial of access.
Data Sharing and Regulation Compliance: Keeping data together but restricting what users can see what is important for following the regulations in place to protect clients’ privacy. Authorization allows for the data masking and encryption of this data easily and reliably.
Separation of Duty (SoD): Speculative trading by traders without authorization is a common risk, but policies can be put in place to ensure current transactions are monitored and possibly stopped even if they had previous access to initiate differing transactions.
To get more insight and see all seven reasons financial institutions can benefit from using authorization, download our fact sheet.
“Highly-regulated industries such as finance face great scrutiny on their overall access control strategy – who has access, to what, in what way, and from where. Implementing a more robust or modern approach to access control such as Zero Trust is critical and authorization at runtime through an attribute-based access control solution is a key way to implement that approach successfully. From our work with some of the world’s largest and most complex financial organizations, we know that access goes beyond a simple permit/deny decision and has to address their biggest pain points, all of which are laid out in this document.” – Matt Luckett, VP Customer Relations
Axiomatics is the originator and leading provider of runtime, fine-grained authorization delivered with attribute-based access control (ABAC) for applications, data, APIs, and microservices. The company’s Orchestrated Authorization strategy enables enterprises to effectively and efficiently connect Axiomatics’ award-winning authorization platform to critical security implementations, such as Zero Trust or identity-first security. The world’s largest enterprises and government agencies continually depend on Axiomatics’ award-winning authorization platform to share sensitive, valuable, and regulated digital assets – but only to authorized users and in the right context. Please visit our website or follow us on LinkedIn and YouTube to learn more.
VP, Brand and Communications