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7 Questions to Help You Choose the Right Physical Identity and Access Management Solution for Your Bank

Physical identity and access management (PIAM) is key to securing your bank premises, sensitive locations and financial data. When choosing a PIAM platform, check that it will cover all of your banking security needs. This blog post contains some questions you can ask to ensure you choose a PIAM that can adapt to every use case and security policy.

In a time when your bank’s ability to store and safeguard customer data is scrutinized more than ever, the use of multiple access control systems and manual processes leave security vulnerabilities with the potential to devastate your brand, stock and future. These challenges can be solved by streamlining and automating the entire PIAM lifecycle.

1. Is your banking physical identity and access management solution cloud-based?

Cloud-based software is quickly becoming the default for enterprises, and PIAM is no exception. A cloud-based identity access management platform lets you:

  • Expand your banking security operations quickly
  • Offer multiple ways for bank security teams to interact with the platform
  • Integrate with other cloud-based solutions and local software, as well as hardware and devices

2. Is your PIAM system specifically designed for banks and financial services?

When it comes to the security of your bank, you do not want “one size fits all.” Instead, look for PIAM solutions specifically tailored to banking needs, like:

  • Deep integration with existing banking and financial platforms
  • Compliance requirements based around the banking and financial industries
  • Security risk management based on insider and outsider threats unique to banks

3. Can you expand and add banking PIAM services as needed?

As your bank or financial institution grows, your security requirements become exponentially more complex. A good PIAM platform lets you easily expand security in a manageable way by allowing you to:

  • Add on PIAM services as you need them, without a significant up-front capital cost
  • Tailor PIAM functionality to your unique banking use cases and demands
  • Build PIAM into your existing identity and access management solution for truly comprehensive coverage and protection

4. Does your banking PIAM system meet the most stringent requirements?

Banks already have a huge burden of financial, customer and data protection standards they need to meet. Your PIAM solution should not be an exception. Certifications to look for include:

  • Basel II, GLBA
  • DEA
  • TL-9000
  • Sarbanes-Oxley
  • ISO-27001
  • SOC Type 1 and Type 2
  • FIPS 201, HSPD-12 ICAM

5. Does your banking PIAM platform take advantage of artificial intelligence?

Banking security must always be one step ahead, proactively looking for threats and unusual behavior. PIAM is a key tool in achieving this, especially when supported by artificial intelligence that lets users:

  • Create granular security controls and deploy them via smart AI algorithms
  • Identify potentially problematic behavior early and find unusual user patterns
  • Use adaptive PIAM security to require additional levels of authentication based on the role, location, device and other factors of an individual

6. Does the PIAM bring together security, safety and compliance for your bank?

PIAM realizes its true power through centralization — moving away from disparate systems for security, safety, and compliance and centralizing them into a unified approach. Look for PIAM software with a wide-ranging suite of tools that allows rapid adaptability to changing circumstances.

7. Can you integrate biometrics and multi-factor authentication as part of your security controls?

Ideally, you will want a bank PIAM that lets you tailor required levels of authentication. Badge management combined with secondary factors like biometrics is one of the most effective ways to achieve this. Your PIAM solution should also connect to your human resources tool (HRT) and employee management systems, so access privileges are properly assigned and revoked depending on employee status.

HID SAFE™ — the Ideal Physical Identity and Access Management Solution for Bank Identity and Workplace Access Security

HID SAFE helps banking and financial institutions to:

  • Reduce security risk from insider threats and unauthorized access with centralized management
  • Keep up with regulatory compliance and audits through reliable audit trails with predictive analytics and automated reporting
  • Enhance operational efficiencies with system interoperability and the elimination of manual tasks and streamlined identity management processes
  • Reduce overall operational cost with reduced paper-based request forms and automated reports that allow for increased efficiency in data analysis and lower processing times

Ready to learn more about unified physical identity and access management for financial institutions? Download our eBook, The Future of Unified Workplace Access.

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Andrew Bull is the EMEA Sales Director of the Workforce Identity Management in IAM Solutions. He brings over 25 years of experience in physical access security. Prior to his current role at HID, he supported HID SAFE within global banking organizations and other solutions within PACS. Andrew previously worked for JCI (Cardkey) and Honeywell. As an active member of UK ASIS Chapter, he enjoys speaking on a variety of identity and access management topics.