InfraMatix Identity Management Blog

Top 5 Identity Management Problems of Financial Services CIOs

Posted by Veera Sandiparthi on Jun 12, 2015 8:12:00 AM

Top 5 Identity Management Problems of Financial Services CIOsThere are a number of identity management problems facing financial services CIOs. Not surprisingly, the majority of them concern security.  

Every day there is enough new data created to equal all the information in all the U.S. libraries eight times over. The central issue is how to provide ease of use for employees and customers while protecting that data and company assets in an increasingly complex world.

Let’s look at five of the problems financial services CIOs face:

1. Growth of Cloud-Based Services

Data can no longer be confined behind a firewall and contained within an enterprise. More and more cloud-based storage, cloud services, and cloud-based applications are being utilized. Financial services CIOs must be flexible and adapt new methods of IDM that can allow access, yet maintain security.

2. Employee and Customer Awareness

Most data breaches happen due to bad practices internally. The best IDM programs and security do not matter when common sense practices are ignored. The importance of security awareness must be taught and reinforced to avoid identity management problems.

3. BYOD (Bring Your Own Devices)

Smartphones, tablets, and laptops are common in the workplace today. IDM solutions need to be expanded to include these devices. In many cases, these are also personal use devices, so IDM and security measures need to be strong, yet maintain the integrity of personal data and respect privacy issues. CIOs that don’t consider BYOD issues in their infrastructure will have greater exposure to business risks. 

4. Reducing Help Desk and IT Troubleshooting

Multiple applications and services can mean multiple passwords. Employees will either use simple passwords that are easy to remember, write passwords down somewhere or frequently call IT or the help desk for resetting forgotten passwords. The first two are huge security risks; the last is costly and time-consuming to your IT department. CIOs need to look into IDM solutions such as Single Sign-On (SSO) to resolve this issue.

5. Compliance Issues

Financial services have increased regulatory and compliance issues that other institutions may not have. It can be extremely time consuming and costly. IDM solutions need to provide ease of auditing and reporting. 

Bottom Line

Identity management is something that cannot be overlooked or taken lightly by financial services CIOs. As has been shown all too often recently, security breaches can create havoc and undermine customer confidence.

Fortunately, there are a number of IDM solutions, such as Oracle’s Identity Management Suite, which are specifically geared to the identity management problems financial services CIOs face.

 

What are some identity management problems or issues your organization faces? Let us know your thoughts in the Comments box below.

And to follow-through on the tips introduced in this short article, be sure to download your free Financial Services CIO Guide to IT Security and Identity Management.

 

Free Download: Financial Services CIO Guide to IT Security and Identity Management

Topics: Identity Management, identity management problems

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