Cybersecurity is critical for financial organisations, and privileged access management is vital for protecting them from cyber threats. This post provides a guide to privileged access management as a critical solution for financial organisations’ cybersecurity.
Recently, financial organisations have been targeted by cybercriminals more than ever. According to an Accenture study, the cost of cyber attacks on financial organisations is increasing, up to $18.5 million annually per company.
The reason for malicious hackers’ increasing target of financial organisations is apparent – financial gains. However, accessing highly sensitive data held by financial organisations is another reason cyber criminals target financial organisations. If this highly sensitive information slips into the hands of hackers, it can become a massive problem for victims.
Financial organisations may also risk legal action, reputation damage, and regulatory penalties. They require strict regulatory measures, especially in the new digital age, which has expanded their attack surface. Financial organisations require privileged accounts, which privileged users handle. Privileged accounts are necessary to coordinate the organisation’s tools, processes, and workflow. They pose a high risk to cybersecurity; however, they are mandatory. Financial organisations need Privileged Access Management (PAM) to tackle the risks of privileged accounts.
Critical Aspects of Privileged Access Management Solutions For Financial Organisations’ Cybersecurity
Privileged access management’s primary strategy is enforcing the least privilege and restricting access rights and permissions to users and systems to the nearest minimum. For financial organisations, privileged access management ensures that privileged accounts are closely monitored and privileged users adhere to security protocols. Here are five critical aspects of privileged access management solutions for financial organisations.
Automated Password Management
One critical attribute of privileged access management that helps protect financial organisations against cyber attacks is securing privileged accounts. Privileged accounts can be protected from cyber criminals using privileged access management tools such as automated password management. Automated password management helps enforce strong passwords with encryption and periodic rotations to prevent compromise.
Regulatory Compliance
Financial Organizations can benefit significantly from privileged access management by helping them meet regulatory standards. Privileged access management has certain features related to compliance standards, such as the Payment Card Industry Data Security Standards (PCI DSS). Privileged access management tools can help financial organisations provide auditing and reporting that demonstrates compliance with regulatory standards.
Privileged Account Lifecycle Management
Privileged access management solutions can help financial organisations streamline the management of privileged accounts. This solution reduces the burden on IT staff, improves operational efficiency, and reduces vulnerability to cyber-attacks.
User Event Monitoring
Privileged Access Management helps protect financial organizations from insider and external threats. Privileged Access Management helps to protect against insider threats through granular access controls, activity monitoring, and automated alerting for suspicious activity. These solutions by privileged access management help to keep privileged accounts in check to prevent vulnerabilities which can lead to cyber-attacks.
Remote Device Security
Privileged Access Management solutions can help financial organisations manage vendor risk by providing secure remote access. Privileged Access management also helps revoke access when the relationship with the vendor ends. Privileged Access Management helps financial organisations reduce cyber vulnerabilities through secure remote access, which can help prevent potential cyber-attacks.
How Support Link Technologies’ Services Can Help Your Financial Organization With Privileged Access Management
Support Link Technologies provides BeyondTrust’s Privileged Access Management (PAM) solutions that involve strategies for controlling elevated access and permissions for identities, users, accounts, and processes across the IT environment of your financial organization.
BeyondTrust’s PAM through Support Link Technologies’ can help your financial organization with regulatory Compliance, automated password management, device remote security, and user event monitoring. These privileged access management solutions can help your financial organisation minimise the cyber attack surface and prevent potential damage from external cyber attacks and insider threats.
Conclusion
Financial organizations are huge targets for cybercriminals because of financial gains and access to highly sensitive data. Hence, cybersecurity is critical for financial organisations. Privileged access management is essential for financial organizations to protect themselves and reduce cybersecurity vulnerabilities. This post has described privileged access management as a critical solution for financial organizations’ cybersecurity and how Support Link Technologies’ can help your financial organization with privileged access management. Contact us today to learn more about our services and customized training programs.