The soaring of cyber-attack cases is expected in today’s digital era. Banks and financial service companies are trusted to intermediaries between customers and cybercriminals who steal sensitive data for profit. Due to the high-security demands, financial institutions must prepare appropriate strategies to protect their systems from those attacks.

Financial institutions can use the right solution to protect their company systems, which is Privileged Access Management (PAM). The PAM solution enables all user and privileged user authentication processes and access control points in the IT environment to be centralized. Read more information on the importance of PAM solutions for the financial services industry here. (link)

This article will focus on discussing the benefits of Privileged Access Management solutions for financial institutions.

Benefits of Privileged Access Management Solutions for Financial Institutions

After reading this article, all financial institutions are expected to implement their best practices for privileged access control in the IT environment immediately, considering that they have responsibilities for customer data security. These are the benefits of the Privileged Access Management solution for financial institutions:

1.      PAM allows financial institutions to build secure zones to prevent attacks that enter the company’s information systems

Banks can build secure zones that limit access to one user within different systems or areas using PAM. By restricting the access of these users, if cybercriminals manage to break into corporate systems via stolen credentials, they will have minimal access to those systems.

2.      PAM helps financial institutions to speed up the process of internal parties attacks investigation

PAM also helps speed up the investigation and remediation process for “insider” attacks, as this solution provides comprehensive access control, records all user access activities in the system, and audits to prevent security breaches by employees.

3.      Most importantly, PAM ensures that financial institutions can protect their most critical assets.

Privileged access control weakness is the main leading cause in many company cyberattacks cases. Therefore, users who have privileged access now become the most critical company assets to be protected. Due to the digital service implementation demand, financial institutions heavily rely on many users, devices, and applications. Many IT security teams are overwhelmed to protect all account activity and privileged access in the company system, whether it is on on-premise, cloud, or DevOps. Therefore, the Privileged Access Management solution is known as one of the security solutions that need to be considered by financial institutions.

Those are the benefits of Privileged Access Management solutions for financial institutions. In conclusion, by its name and function, this PAM solution certainly helps financial institutions comprehensively protect users who have privileged access.

References:

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

https://www.cyberark.com/resources/blog/5-reasons-to-prioritize-privileged-access-management-pam