1. Identity Accelerates Digital Transformation
In the last few years, financial services organizations have had to update policies for workers, partners, and customers to meet all parties’ needs, including remote work, increased regulatory scrutiny, and evolving customer experience demands. Your organization has likely had to transform procedures and digital assets to meet some of these challenges.
When you lead Zero Trust initiatives with identity, you have the foundation to make other business initiatives a priority. For example, TIAA, a leading provider of financial services in academic, research, and medical fields, uses IAM capabilities to push the boundaries of what’s possible in security to deliver better customer experiences. Identity gives TIAA the ability to secure user journeys by evaluating user risk signals during access requests to streamline and personalize customer experiences.
2. Identity Enables Authorization
Protecting access to data is crucial for employees, partners, and customers. Authorization is the only way to get the level of granular control needed to fulfill access requests in a way that protects your organization from internal, lateral attacks.
Authorization efforts that lead with identity unlock Attribute-based Access Control (ABAC), which is a flexible approach to authorization decisions, using additional information (attributes) to inform policy decisions. Attributes can include properties like risk and context-based signals, user attributes, resource attributes, and environmental attributes (like access time, date, and location) to ultimately better inform access request decisioning. Using attributes to inform authorization decisioning augments course, network-based access controls and ultimately gives your security team more management control.
Identity also gives you the ability to dynamically evaluate a user’s access request. Dynamic authorization is the real-time enforcement of the fine-grained business logic around what users can see and do, in what context, and for what purpose. Dynamic authorization enables financial services organizations’ fraud teams to aggregate risk signals from across the organization to craft policies and determine user journeys for different individual trust levels.
The ability to check the level of risk associated with a user and their session context in real time allows organizations to get ahead of emerging threat trends to constantly adapt user experiences to the appropriate trust level. Externalizing and centralizing access policies along with enforcement also facilitates scalability in a rapidly changing world of privacy requirements and business drivers. Learn more about specific ways financial services architects embrace dynamic authorization to support their financial services organization.
3. Identity Makes Integration and Alignment Easier
Zero Trust isn’t a one-vendor solution; and it’s not a single product either. Financial services organizations need the ability to integrate identity solutions into their existing technology stack so they don’t have to rip and replace existing architecture, stalling other digital transformation initiatives. A standards-based identity solution gives you the integration needed to enhance and extend your existing technology stack, while also allowing you to build an identity hub, an identity foundation that ensures that your existing applications, wherever they are deployed, can communicate and accomplish what’s needed for your teams and end customers.
With an identity hub, all your personnel, including your security, fraud, and incident response teams, can play from the same playbook. This creates organizational alignment, making problems easier to tackle and enabling you to respond to issues quickly and efficiently. Having an identity hub means that your teams are no longer separately tied to IT release schedules or working off of an incomplete view of employees, partners, and customers. Instead, they have access to a singular view of user attributes, allowing them to effectively secure resources, proactively spot threats, and quickly respond to incidents.