Policy-driven authorization for financial services
Data security for financial institutions, like banks and insurance companies, is crucial because of their handling of critical assets and sensitive information. Improve security, meet compliance standards, and enhance user experience with our authorization solution.
Request a demoProtect financial information with policy-driven authorization
The risk of unauthorized access is on the rise. Most financial institutions face multi-pronged data access control challenges, especially regarding privacy and compliance. They must protect the privacy and confidential financial information of each customer, including individuals and businesses of all sizes while also following a growing number of global compliance rules.
Many banks, insurance companies, and other financial institutions can apply policy-driven authorization to various use cases. Authorization decisions depend on policies, not individual roles. These policies provide important benefits to banks and financial institutions, including controlled data access filtering and data masking.
It can solve complex data access problems related to privacy, intellectual property (IP) protection, and secure sharing. This happens at the database layer to protect data right at the source. It also extends attribute-based access control (ABAC) to protect data in databases and datalakes. This ensures users can only access the data they need and nothing more.
Meet regulatory requirements
Policy-driven authorization helps financial institutions see their access control settings. It also gives auditors, security officers, data owners, regulators, and customers the transparency they need. This ensures that access controls are set up correctly. Without it, this information is often buried in application code or database structures.
Axiomatics’ Orchestrated authorization solution enables dynamic authorization that comply with local regulations. This includes open banking, Payment Card Industry Data Security Standard (PCI DSS), and General Data Protection Regulation (GDPR).
“ABAC has given us the ability to be proactive. We are well positioned to handle all future regulatory requirements quickly and cost effectively.”
– Head of Access Control, European Bank
Policy-driven authorization addresses common challenges
Online payment authorization
Authorization can lower operational costs, including audits. It can also speed up transactions and approve transitions – all while securing all web services involved.
Anomalous behavior detection and response
Breaches that seem to come from certified users inside the system are becoming more common. However, authorization related decision-making policies can more easily trigger a denial of access.
Data sharing and regulation compliance
Keeping data together while limiting what users can see, also known as just-in-time access is important for following privacy regulations. These rules help protect clients’ privacy by giving users access to information when they need it such as tellers handling customer data, and allows for the data masking and encryption.
Separation of Duty (SoD)
Unauthorized speculative trading by traders is a common risk. However, policies can be established to monitor current transactions. These policies can also stop transactions, even if traders had previous access to make different trades.
Relationship management
Institutions can create rules that limit employees from accessing customer accounts beyond their assigned responsibilities. This ensures that employees with personal ties to customers cannot see sensitive financial information.
Delegation for special use cases
Role-based access control (RBAC) lacks flexibility for special cases. ABAC enhances security by allowing fine-grained, delegated permissions based on various attributes such as role, location, and duration.
Not only does policy-driven authorization address these challenges, it also tackles other pain points and use cases. Want to know how policy-driven authorization can solve for your use case? Speak with one of our solution experts today!
"Highly-regulated industries such as finance face great scrutiny on their overall access control strategy. Implementing a more robust or modern approach to access control such as Zero Trust is critical. From our work with some of the world’s largest financial organizations, we know that access goes beyond a simple decision and has to address their biggest pain point." David Brossard, Chief Technology Officer
Improve customer experience
Providing a great user experience is important in today’s financial services industry. But did you know you can achieve it without sacrificing application security?
Policy-driven authorization enhances security by adding real-time layers of verification, addressing gaps that arise when relying solely on authentication in certain applications. This approach improves security. By adding real-time policies, businesses can make the access control process frictionless and secure for customers and employees.
Axiomatics can help you…
Reduce role explosion
ABAC can limit the need for a high number of roles by using attributes and policies. By adding context, access decisions consider more than just a user’s role.
They also consider who or what that user is related to, what that user needs access to, where that user needs access from, when that user needs access, and how that user is accessing the requested information.
Delegate permissions
ABAC lets you ask clear questions like, “What does employee B truly need access to?” You can then give only those specific permissions.
As a bonus, the ABAC approach checks policies at each access attempt. This helps catch any extra entitlements that employees may have gained over time through entitlement creep
Remove the burden of access policies
By using an external authorization tool policy updates can be integrated into the application without any code changes. This removes the burden on developers, limits testing requirements, and ensures the application remains secure.
Use Zero Trust to protect assets
Traditional perimeter security paradigms are no longer sufficient to protect assets. It has outpaced the legacy security principles and architecture still in place in many agencies.
ABAC, as part of a Zero Trust strategy, enables dynamic access to resources based on multiple attributes. These attributes can include the user, the device, location, behavior risk score, and so on. The policies that allow this can adjust access permissions dynamically.
For example, it might be the right user and the right device. However, if the user is not in the office, the policy allows access but uses anonymized data. In this scenario, the employee can do their job while the system protects the data. Therefore, ABAC allows for a real-time response to changes in the trust level or to any threats detected.
Trusted by financial institutions worldwide
For nearly 20 years, Axiomatics has provided its award-winning authorization solution to banks, insurance companies, and financial institutions worldwide. Our solution provides a policy and attributed-based approach to access control that can be used at multiple layers including applications, APIs, and microservices.
See why some of the world’s largest financial institutions trust Axiomatics’ solution to share sensitive, valuable and regulated digital assets. But only to authorized users and in the right context.
Our team of experts is ready to show you our solution in action. We look forward to showing you how your organization can minimize risk while improving customer and workforce experience.
Take the next step in protecting your financial data systems
Meet with us and see how our award-winning solution can help you meet today's access control and Zero Trust needs.
Request a demo