Reduce Fraud without Sacrificing Agility
Billions of dollars are lost or go missing on a daily basis because the right security controls are not in place. Dynamic Authorization can help put a stop to this.
With trillions of dollars changing hands on an hourly basis in financial systems around the world, speed is everything. At financial institutions a delays of milliseconds can cost millions of dollars. Within industry, equipment cannot stand still due to down-time, parts need ordering and the approval process has to be immediate. For the sake of speed, security can often take a back seat. There simply isn’t time to enforce the approval process for every transaction. Segregation of duties and/or the four eyes principle are often only utilized for the largest or most sensitive transactions. With so much money at stake the risks are high yet so are the potential rewards. Consequently, going rogue or making severe mistakes is much easier than it should be.
How Can Dynamic Authorization Resolve This?
In many organizations, transaction permissions are still based on an employee’s role in an organization. This is despite the fact that corporate policies usually express not only who but also when, why and how a business transaction is permitted. This static, role based form of access control, RBAC, was developed for use with early, pre-internet trading and transaction technology. It cannot cope with the IT advancements that have taken place since then, yet most organizations still utilize it. To manage transactions permissions effectively, dynamic, next generation authorization is required. This way you get the most out of today’s trading and transaction technology.
Axiomatic dynamic authorization solutions utilize attribute based access control, ABAC, to ensure transactions are permitted or denied based on multiple factors rather than just a person’s role. These factors include, but are not limited to:
- Time of Day
- Risk Score
- Transaction Type
- Transaction Value
What are the Benefits of Dynamic Authorization?
With a dynamic authorization solution in place it is possible to map your authorization process to reflect your organization’s willingness to accept risk. At the same time you can ensure compliance with state, government and corporate regulations. Axiomatics solutions also grant or deny transaction permissions in real-time, so there are no costly delays incurred with increased security.
For more information on how Dynamic Authorization can help your organization complete rapid and secure transactions with risk aware controls, please contact us.