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Chicago, Il. 60603, USA
Addressing data vulnerabilities and data protection requirements for the financial sector
Data Security in Financial services is complex and vast. Large-scale and niche providers offer dedicated services to meet the needs of the many Financial Data Security challenges necessary to comply with strict regulations, protect customer integrity, and utilize data to drive business. Therefore, we believe that utilizing a standards-based financial services data security solution where appropriate is the best cause of action.
What is the answer?
You can’t please all your staff or simply ask them to stop, but you can upgrade your access control to protect your critical assets, i.e. to the Axiomatics dynamic authorization platform. Doing this will ensure only those with the right entitlements can access the right data under the right conditions. Automated auditing will also generate ‘paper trail’ reports so you can identify segregations of duties and follow any suspicious behavior. All this is done according to the business policies that exist in your organization and the regulations governing Data Security In Financial services.
If staff can’t access data they shouldn’t, they can’t do anything with it. If staff can access information they shouldn’t, it may be time to review policies. The only way to know this is by understanding who can access what and why.
Where else can a dynamic authorization solution help in the financial sector?
Dynamic authorization is essential for any financial services data security strategy, however, it offers many more advantages to banks and other actors in the financial sector. It’s used by financial institutions in the US, to South Africa, and Switzerland to Australia for multiple activities.