Identity security: the key to protecting financial services

The financial services sector handles huge volumes of confidential client and customer data to complete daily business transactions. The value of this information—and the severe consequences if it falls into the wrong hands—are arguably higher than in any other industry.

Protecting sensitive financial information relies on the effectiveness of access controls and the resilience of identity management systems for those who handle it. The delicate balance of the financial services industry means that identity security serves as a vital defense, and careful design of these controls can prevent disastrous outcomes.

Just as an acrobat relies on a safety net for confidence when performing at great heights, financial institutions—from multinational corporations and insurance companies to local banks and credit unions—navigate a risk-ridden landscape. Identity security plays a crucial role in building and maintaining trust amid complex online banking operations and financial data transfers.

David Higgins

Senior Director, Field Technology Office at CyberArk.

The link between financial services and identity security

As the digital financial landscape expands, bearing an unprecedented volume of data and transactions, the demand for an ironclad identity security system becomes critical. This is underscored by the alarming statistic that 93% of organizations worldwide experienced at least two identity security-related incidents in the past year. This protective framework needs to do more than just prevent failures; it must foster the confidence necessary for advancement, innovation, and secure, efficient customer engagement.