Security is a major issue for companies providing financial services. The nature of security threats to such companies is mostly of two kinds, identity and access. Financial institutions need to monitor the access to crucial data, and see to it that there is no fraud committed through impersonation.
While taking care of security issues, financial sectors must also keep in mind costs, maintenance, and updates etc.
Enterprise Security: Access and Identity:
Identity and access management is about applying the right technology to security applications. Today, security is about automation, aligning products, platforms, and utilizing professional services. From isolated systems to integrated security solutions, enterprise security has come a long way.
Here are some things to keep in mind when building an enterprise security system.
Consider the cost of the application, maintenance, and whether it will help your business become more productive.
Can the system enforce a planned password policy? Will it be able to restrict certain kinds of access to certain users?
Is the security service easy to use? Can it be accessed from a central location?
Installing an Enterprise Security System:
Setting up a security system is not easy and it involves:
o Aligning technology and the functioning of the organization
o Access based on the identity of a person
o Having a strategy in place before installing the system
o Centralized access and controls
o Reducing operational complexity
Enterprise Security: Financial Services Audit
Before setting up an enterprise security service, you need to go in for a comprehensive financial services audit. This will help you identify the strengths and weaknesses of your security system. The audit should ideally touch on the following areas.
1) GAP Analysis:
This will map the state of security preparedness of your company.
2) Risk Analysis:
Do a review of the existing threats to your financial services.
3) Security Assessment:
Find out any flaws in the security system.
4) Compliance to Regulations:
See if the security system complies with various regulations.
5) Remedial Measures:
Suggest ways to improve flawed security applications.
Enterprise Security: Other Issues
Apart from identity and access, other issues that you may need to discuss while going in for a security application are:
1) Malware attacks on your network.
2) Spyware and Trojan horses.