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The Challenges Facing The Financial Services Industry
For financial institutions, security isn’t just a best practice- it’s an expectation. Whether from the perspective of concerned consumers trusting you with their information or strict regulators, the industry is under constant scrutiny for the effort put into safeguarding processes, systems, and data. As a testament, it is arguably the most strictly regulated industry (think every compliance acronym under the sun such as GDPR, PCI, SOC, SOX) and one of the most difficult to maintain compliance.
The challenges don’t stop at merely staying current on the latest regulation to hit the financial sector, despite that being a burdensome task itself. Organizations are under constant pressure to prove their compliance adherence via audits, which can put tremendous strain on the time and efficiency of internal resources. Running certification campaigns can suck weeks of productivity out of your team, repeating as often as quarterly, and the risk of audit findings still lingers in the presence of human error.
The pressure also comes from customers that are becoming technologically enabled. They expect innovative technology delivered via an easy-to-use interface and convenient access to services and applications. This must be accomplished in the midst of stringent security measures that don’t compromise timeliness.
In an attempt to manage customer expectations and ward off regulatory ramifications, many organizations attempt to undertake security projects and run into a variety of hardships including:
- Finding vendor solutions that can connect to and automate complex financial systems such as AS400 and Jack Henry
- Addressing blind spots in their sensitive data, including identifying where it resides, who has access to it and whether it’s in compliance, and then enabling effective remediations and controls
- Being able to automate access certification campaigns across the above-mentioned systems and data repositories
- Preserving the delicate balance between stringent control of critical access and operational efficiency for both internal and external users
Comprehensive and Scalable Security Programs for The Financial Sector
Since the financial industry arguably faces the most critical demand for both efficiency and security at the risk of compromising customer access to funds or investors from accessing their portfolios, coupled with a strict regulatory climate, having a comprehensive and scalable security program is necessary.
IDMWORKS has a deep history helping clients address these areas in a thorough and impactful way. We work to alleviate the strain of cumbersome administrative processes with dynamic workflows that streamline access and reviews. Well versed in policies related to the financial industry, our experts help your team identify the scope of applicable regulations, determine gaps and inefficiencies within your environment, and help build a security program that optimizes compliance posture both now and has the ability to scale with future changes.