- June 24, 2020
- Posted by: Pat Riot
- Categories: CPA, CyberSecurity, Finance, Private Wealth
Ever since we were kids, we were taught to avoid strangers. From phrases like “Stranger danger” and Mom’s across the globe telling their children “Don’t talk to strangers” it is a universal trait we all tend to grow up learning. Take the timeless “Knock, Knock” joke for an example. If anyone were to come up to us right now and say “Knock, Knock” we instinctually reply with “Who’s there?” We do not instinctually open the door before finding out who is there. This is true in real life as well. When someone knocks on our doors, we always check to see who it is before opening it. This is because it has been instilled in us since we were kids to avoid strangers. As the world is evolving to a technical society; some methods have still carried over. Such as not talking to strangers and not opening the “front door” for people we don’t know.
There is no denying the massive trend of financial institutions transitioning to a cloud-based infrastructure. And why not? The cloud allows organizations the ability to increase team collaboration, manage, recover lost data, and is extremely cost effective. On top of that, the cloud stays within the guidelines of compliance regulations such as PCI, SOX, GBLA, & GDPR. Security, Privacy, & Compliance, are major concerns all financial institutions face when handling client information. With the shift to the cloud it has become essential to construct a strong Identity and Access Management program to assure that only correct personnel have access to specific data and nothing more.
Identity & Access Management (IAM) is the initial and continual user authentication monitoring. Meaning it assures that authorized personnel is logging onto an application and said user stays the correct user while inside the application. Or, as a Gartner Report states, it “is the discipline that enables the right individuals to access the right resources at the right times for the right reasons.” This is done by utilizing capabilities such as multifactor authentication, privileged access management, password vaulting, and role management.
With IAM, organizations have complete control and visibility to which employees have access to which accounts. Creating a secure and private environment for all parties involved while also assuring compliance criteria for SOX & GBLA regulations are met. Organizations can not only ensure the safety & confidentiality of client data (GBLA) but also, be able to provide detailed documentation of adequate controls, testing, and preparation for the integrity of financial reports (SOX).
Here at Steel Patriot Partners we provide all capabilities for stong secure Identity and Access Management. We are the ones who ask, “Who’s there?” and we don’t allow strangers into your network. For more information on how you can secure your company’s network please contact us [email protected].