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Addressing Financial Organizations’ Digital Demands while Avoiding Cyber Threats

Keeping up with requirements has caused financial organizations to rapidly overhaul their IT infrastructure. Because of this rapid digitalization, organizations are consuming many different security solutions creating a bespoke environment that inadvertently exposes them to cyber threats. 

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IAM in a shifting environment

The fourth annual Identity Management Day (April 9) brought the opportunity to assess and evaluate the shifting environment plaguing Identity and Access Management (IAM).

Identity plays a pivotal role in all facets of business functions. Overseeing identity and access presents challenges in determining who should have access to what.
This process requires a contextual understanding of the roles and duties of numerous individuals within an organization, ranging from system owners and supervisors to IT, security, and compliance personnel. Managing access between all these stakeholders and decision-makers while mitigating human error, minimizing excessive permissions, and preventing inappropriate access configurations presents a formidable task.

As workforces evolve, managing access privileges becomes even more complex, raising the risk of insider threats and unauthorized access. Understanding identity management is crucial across all business activities, especially with the rise of hybrid and remote work setups.

A strong IAM strategy requires enterprises to maintain a centralized and consistent view of all devices, resources, data, and users, along with timely provisioning of access to different users. When any of these elements are insufficiently operated, both the level of cybersecurity and the quality of user experience are jeopardized.

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