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The Federal Financial Institutions Examination Council (FFIEC) Authentication Guidance update in August 2021 has marked a significant step towards enhancing authentication and security access measures within financial institutions. This update expanded upon previous handbooks from 2005 and 2011, emphasizing a broader scope that now includes employees, third-party vendors, and system-to-system communications via APIs.
In the rapidly evolving landscape of banking technology and cybersecurity, understanding and implementing effective Identity and Access Management (IAM) strategies is more crucial than ever. Yet, we understand that delving into the complexities of IAM can be daunting. Our goal is to unpack this crucial matter into straightforward and practical measures.
Prevent privilege creep, boost cybersecurity. Learn risks & strategies in our blog. Strengthen your defenses now!
Secure your financial institution with our User Access Review Best Practices white paper. 5 steps to simplify the process & reduce completion time.
The goal is to focus on increasing standardization to develop a more mature and routine approach to user access reviews by focusing on three key areas.
Step Four in the FINOSEC user access review best practice series is to ensure users who have access to your systems have legitimate duties that justify not only access but their specific permissions for those systems.
user access review best practices series is to rate and prioritize the system risks you identified as the most important systems
You should always start this process with the highest-risk systems. These typically include things such as active directory, core processors, wire transfers, and more. Overall, every system you have for which there is privileged access will usually be a higher-risk system.
User access reviews are important, Examiners expect you to complete them regularly, They’re a crucial element of your overall cybersecurity program…
Here’s a simple and universal truth of the human condition: we tend to avoid tasks we think will be hard. Or complicated. Or time consuming. Or all three!
