In the BFSI industry, the cost of cyberattacks is high. It costs billions and trillions for big companies in the event of a cyber security attack. Hence, there is a paramount need for the best security solutions for the BFSI industry to maintain trust levels among the customers.
Secondly, organizations in the financial services industry are more prone to cyber-attacks when compared to other industries. In addition, most commonly financial industry has more legacy systems in use which makes it complex to implement new and advanced technologies. On the other hand, implementing a solution devoid of legacy systems make it vulnerable to security issues. The financial alerts and emails naturally create panic and make the customers act on them. This is where cybercriminals come into the picture to take advantage of customers which lead to data breaches. Lastly, managing accesses is an uphill task because generally accesses are given to complete many tasks which are unmonitored which exposes sensitive files to unauthorized people. To manage all these challenges an effective and robust access management solution should be in place.