CASB solutions with IAM (Identity and Access Management) feature help enterprises in safeguarding their data and to achieve compliance with international security standards.
Need For Data Security In Financial Institutions
There is utmost need of proper data security in finance institutions and this must go hand-in-hand with the services. Care should be taken that users experience smooth, quick, innovative and seamless services while regulatory compliance should also be achieved at the same time. There are various regulations that the finance institutions should adhere to like PCI DSS and PSD2 to protect customer information and transactions. This task in itself is quite challenging and critical. Enforcement of data privacy, security of customer transactions and restricted access to critical data are the challenges that the organizations face and they have to be complied with. But with rapid advancements in technology, situation and demands keep changing every day and enforcing of regulations is easier said than done. If enterprises need a proper solution in achieving of compliance then there are tools that help them to adhere to these stringent security protocols. One of the most effective tools that can be used to achieve data security is Identity and Access Management (IAM). IAM tool regulates the sensitive data that can be accessed and sees to it that it is available to the right people. Ask for an efficient IAM solution with your cloud service provider and help your enterprise achieve compliance and secure the data from being targeted by cyber criminals.
IAM To The Rescue To Achieve PCI DSS Compliance
The enterprises dealing with online financial transactions; and those who store or process the credit, debit and cash card information; have to adhere to PCI DSS (Payment Card Industry Data Security Standard) regulations. By this, the sensitive and personal data of the cardholders remain safe and will not get misused. IAM (Identity and Access Management) comes to the rescue of the enterprises and controls access to cardholder data by providing unique ID to each individual user and thus the cardholder data is accessible across apps, APIs, and URLs to only those who have right authorization. Enforcing MFA (Multi-Factor Authentication) also helps in complying with PCI DSS. IAM also enables secure sharing and storing of the sensitive data in the directory. It provides layered security, thus ensuring that only the authorized user can have access to it. The data at rest or in motion remains safe when IAM solution is implemented. Thus, all-in-all, IAM helps to secure the data and at the same time achieve compliance.
IAM Solution To Achieve Open Banking And PSD2 Compliance
Open banking and PSD2 (revised Payments Service Directive 2 in January 2018) is an update to the 2007 EU Directive on payment services. It imposes additional rules for finance institutions in Europe and United Kingdom. As per this regulation, other banks and third-parties are allowed access to customer account information by the financial institutions with the approval of the customer by the way of open APIs. There are specific open API standards that define the financial institutions operating in the UK and this is as per the Open Banking Standards. Identity and Access management solution helps the institutions to comply with the open banking and PSD2 regulations. Safe storage of identity, policy and consent data can be achieved through IAM and also it can be used to share necessary information with third-party providers using fine-grained data governance policies. IAM solution is the future when data security is concerned. Hence, it cannot be limited to the UK alone. All countries across the globe need to use this method of sharing customer information. With IAM (Identity and Access Management) solution, enterprises can safeguard their data and achieve compliance for various international security standards like PCI DSS, PSD2 or open banking that governs the financial service industry. Thus, enterprises can adapt to any future challenges and prepare themselves to stay ahead in the competition while achieving efficient cloud security and compliance.
CASB vendors are the hope for all the financial institutions. They can efficiently promote IAM solutions that go hand-in-hand with cloud services and create a secure ecosystem for the financial firms to survive the cyber attack onslaught.
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