AI-driven identity security for financial services

Banks and financial institutions, from brokerages and investment management firms to credit unions, are faced with significant security, operational, and compliance challenges.

Complex corporate structures and departmental silos hinder management’s visibility into roles and attributes. Lack of robust identity security puts financial firms with strict compliance and regulation requirements at risk.

And as the number of applications and users rise, manual processes for provisioning access simply cannot keep up. These factors make the financial services sector a lucrative target for attackers who can access a rich and diverse supply of financial and personally identifiable information (PII) data.

93% of financial institutions report that their organization has faced a breach in the last 2 years1

1. 1. Source: The state of identity security 2023: A spotlight on financial services

Why AI matters to banks and financial services

AI-driven identity security is business essential in the fight against cyberattacks, rising costs and the effort of demonstrating compliance. Gone are the days when managing identities and their permissions in banks and financial services could be accomplished by spreadsheets.

Today, ensuring that each identity has the right level of access can only be accomplished with significant help from artificial intelligence-based technology. AI-driven data intelligence automates the discovery, management, and control of all user access. This allows banks and financial institutions not only to make better and faster access decisions, but also to quickly spot and respond to risky access that could pose potential threats and impact business continuity and the protection of sensitive PII data required by compliance regulations such as SOX, GDPR, GLBA and PCI DSS.

AI key benefits

1. Make smart access decisions while uncovering and remediating hidden or unknown
2. issues that may pose inherent risk from malware and fraud.
3. Demonstrate strong access controls and compliance reporting for regulators and cyber
4. Protect brand and reputation from unauthorized access and cyber attacks.
5. Lower costs by relieving identity managers and security teams of manual access management processes, freeing them to pursue innovative new projects, like digital transformation.

Product overview

Access insights

Help your identity administrators and security teams save time and spot potential risks faster through data intelligence. Turn vast amounts of identity data - including user attributes, roles, access history, and entitlements - into actionable insights.

1. Provides visibility to all access activity and events, including changes in access and entitlements
2. Enables discovery of anomalous access and provides contextual insights for access decision support
3. Standardizes the measurement of access anomalies across the organization with an Identity Outlier Score and provides out-of-the-box automated workflows to remediate potentially risky access
4. Provides near real-time visualization of access data via the Access Intelligence Center with persona-based dashboards and reports to track the effectiveness of your identity program and simplify compliance

Access recommendations

Enable identity administrators, business managers and end users to make quick and informed access decisions. With access recommendations based on peer group analysis, identity attributes and access activity, certifiers are able to provide the right access with confidence. Efficiencies gained prevent delays to customer service.

1. Prevents a temptation of rubber stamping i.e. certifying access without proper review. Instead, enables users to make informed access decisions.
2. Helps maintain continuous compliance by enabling more accurate access certification decisions
3. Automates low-risk IT tasks and accelerates delivery of access to users
4. Offers recommended remediation steps that integrate into certification campaigns
5. Provides users with personalized access recommendations

Access modeling

Avoid investing in cumbersome 3rd party projects to calculate, establish, and maintain role models. Using the right automation tools for your RBAC program will help you overcome the complexities and scale of access.

1. Alleviates identity administrator time spent on access tasks with machine learning and speeds up new worker onboarding, employees, and third parties.
2. Automatically calculates, recommends, and establishes common access roles
3. Offers wizard-based guided process to review and refine roles
4. Builds and maintains user roles rapidly with the help of machine learning (ML)-generated insights to intelligently monitor and adjust access across your entire organization.

How to get started

SailPoint AI-driven identity security empowers banks and financial institutions to put identity security at the core of their business. With a foundation of artificial intelligence and machine learning, SailPoint identity security accelerates cloud transformation strategies by enabling secure access to applications and data.

Visit sailpoint.com/financial-services and request a demo to learn more.