For the financial services sector, trust, security and identity are critical. These factors must be considered by IT leaders when adopting systems that permit user access.
Identity & Access Management (IAM) is the framework of technologies ensuring user identities are effectively managed. IAM systems guarantee the right users have the right access to resources through identification, authentication, and controlled access.
Computing's latest survey, featuring 150 IT leaders from medium-sized enterprises emphasises the biggest challenges for managing and deploying IAM solutions.
Driving change
Survey respondents recognise that IAM is capable of combating cybersecurity risks, and aiding regulatory compliance, IT workload, and competitive advantage. Amongst those surveyed, Cybersecurity risks were seen as the most important driver of IAM adoption and competitive advantage as the least.
This reflects the current global security context. In total, 81 per cent of companies surveyed had experienced cyber attacks since the beginning of the pandemic, with 38 per cent reporting at least a weekly attack on their digital platforms.
But IAM adoption has technical, management, and cultural dimensions which all need to be understood by IT leaders, especially in the financial sector where valuable sensitive data is managed.
Fitting in
Survey respondents said the most important factors when choosing an IAM solution are chiefly integration with current or future technology environments, followed equally by seamless user experience, an auditable solution and whether it is suited to hybrid environments.
For managing IAM systems the biggest challenges were seen as integration, privileged user and identity management, staff acceptance and compliance, data protection, and cost.
It is clear IT teams place high value on creating and assisting smooth secure processes for both consumers and employees. Customers experiencing complicated authentication processes may be encouraged to take their business elsewhere. Employees experiencing high friction services or barriers to their daily workflow will be less agile and less productive.
Maintaining reliable and robust protection is crucial for the financial sector. When choosing an IAM vendor, respondents reported suitable licensing models as the most important factor, followed by product roadmap and ongoing support, technical support, and initial or ongoing costs.
The research demonstrates IT leaders are experiencing challenges in identity management in the context of rapid digital transformation.
Friction implications such as dealing with separate IAM solutions could be an issue. 27 per cent of enterprises said they operate a single IAM solution, with 31 per cent operating two, and 25 per cent three. This has the potential to create complexities for staff and IT leaders managing IAM systems and resonates with survey respondents highlighting technical support as a key factor in choosing a vendor.
However, respondents currently operating IAM systems described high confidence in the security of their solutions, with most responses falling into ‘quite confident' and ‘very confident'. This appreciation emphasises IAM practicality.
Computing's research underlines IAM solutions as an opportunity for innovation within the financial sector, ensuring cyber-vigilance and low friction experiences for users. For IT leaders choosing the right vendor and solution must consider a range of factors. Providing safe secure access, for customers and employees alike, requires a security strategy focusing on identity.
To find out more about how IAM is driving innovation in the financial services sector, read the full report
This article is sponsored by Okta
