The Best Privileged Access Management Strategy for Finance Institutions

Remote access management allows finance companies to temporarily give contractors and third-party users remote access to specific applications. Privileged Access Management, or PAM, goes a…

Remote access management allows finance companies to temporarily give contractors and third-party users remote access to specific applications. Privileged Access Management, or PAM, goes a step further and gives the user administrative permission to view and change files or systems in the network. It’s important to understand these users can present a significant risk. Therefore, whenever their credentials permit access, the user must be able to secure and protect the data.

We know that 83% of organizations do not have a mature approach to access management, resulting in two times more breaches. As we see breach statistics at an all-time high, finance organizations must do more to manage external users accurately. PAM consists of cybersecurity strategies & technologies for exerting control over the privileged access and permissions for users, accounts, and systems.

The phrase “privileged access management” (PAM) is used frequently to describe measures taken to reduce a company’s network attack surface. The network attack surface could be due to internal dishonesty, external threats, or negligence. It’s essential to assert control with PAM and restrict rights and permissions for:

  • Users
  • Accounts
  • Applications
  • Systems
  • Devices

All that said, privileged access management is not enough. Networks could still be highly vulnerable even if a PAM system exists. Many companies still don’t have the appropriate secure remote access solution that can connect with PAMs. The biggest security dangers could be eliminated by merging PAM with a reliable and trusted solution. This is especially important for companies that collaborate with global third-party vendors and use a variety of devices. With the right safeguards and tools, IT departments can be better equipped to execute and protect data efficiently. Including the following elements in your strategies will help keep control where it belongs.

Important Steps in a PAM Strategy

Follow these steps to establish a privileged access management strategy for your company.

Provide Appropriate Access

The most vulnerable organizations are those who collaborate with third-party providers to meet a variety of demands. Vendors could be consultants or service providers who require a certain amount of access but perhaps not the level of privilege that an administrator requires.

Securely Record Remote Sessions

It’s crucial to securely record and keep privileged sessions to monitor user activity effectively. This is extremely crucial, especially for the sake of auditing and compliance. For example, the credit card sector requires recorded sessions to meet strict compliance measures. When a security breach is discovered, IT departments may have trouble locating the information they require without these restrictions and monitoring.

Avoid Unsuitable Sharing

Unsuitable account sharing, such as several customers of the same vendor using the same username and password, is a problem that IT teams often experience. As a result, information could get into the wrong hands.

Develop a Scalable PAM System

One of the biggest challenges growing organizations face is handling additional cybersecurity risks. More users leads to more exposed systems. Adding layers to your strategy, including solutions and administrators, offers more security and control. Secure remote privileged access solutions give additional security and assistance as a business expands.

Why Financial Institutions Need Privileged Access Management

In short: because that’s where all the money is. Not only that, but also customer and cardholder data.

A Privileged Access Management (PAM) system enhances security and enables financial organizations to safeguard their accounts proactively. By controlling privileged access, the system restricts the actions hackers can take once they infiltrate a network.

This effectively limits their lateral movement and prevents unauthorized access to sensitive systems. Given the ever-evolving threat landscape, financial institutions need a user-friendly and flexible solution to adapt to changing environments.

PAM solutions should offer a comprehensive range of features, such as user-friendliness, lightweight architecture, and swift deployment. By integrating these functionalities, financial organizations can fortify their defenses against internal and external threats while ensuring compliance with regulatory requirements.

This empowers organizations to efficiently manage and monitor privileged users, including those granted external privileged access.

By implementing robust privileged access security measures, the risk of hackers escalating privileges and gaining unauthorized access to confidential customer information, such as Personally Identifiable Information (PII), can be significantly mitigated.

Privileged Access Management Tools

Organizations require privileged access management controls that integrate with remote access software to follow Zero Trust cybersecurity principles. This allows IT teams to ensure users can only access resources they are authorized to access.

The most efficient way to create a robust, functional PAM system is with the addition of remote access software to support privileged access management and improve security.

Audit logs are critical when trying to figure out what happened in the event of a security breach. With this information, you can comprehend every action, what was accessed and how it occurred so that it can be reported to all stakeholders.

Implementing finance privilege access software makes the PAM strategy truly effective for banks and similar organizations.  

Impero Connect – Finance privilege access software

Impero Connect supports the mission of creating a zero-trust PAM system. With ready strategies, it offers a layer of effective control and management even when you have to allow third parties to access your networks. Connect gives complete visibility of the users at every step. This allows a more proactive approach to attacks and other breaches.

Impero Connect follows the Zero Trust principles that assume an infrastructure is not impenetrable and that access to it can be manipulated.

Connect enables companies to define users’ rights and functionality to the smallest detail. It offers granular control over all user permissions based on criteria such as schedule and timing. Customizable security roles are available, so each technician only makes approved changes within a specific timeframe.

Moreover, Connect offers complete logging capabilities with customizable audit trails and session recordings. This way, all changes to software or hardware are recorded. Recordings cannot be tampered with, constituting a solid audit record.

The idea of PAM alone is great, but it lacks the secure connection to manage users and their activity within the network fully. Combining a good strategy and a powerful supporting tool, such as Impero Connect, can eliminate hackers’ ability to breach, making the data even more secure than ever before.

Given the sheer amount of data and transactions happening over the networks of financial institutions and their partners and clients, their protection becomes all-important. Book a demo with us to learn how Impero Connect can be the core of your network defense strategy.

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