Banking, Financial, and Insurance (BFSI) Industry

The banking and financial sector is subjected to many rules, regulations, and errors due to the valuable data it deals with; systematic auditing, and the consequences and economic impacts of misconduct. In the current digital era, surfing the evolving banking wave mainly depends on processes, policies in place, and technology platforms that enable the security and compliance of your organization. On top of that identity and access management (IAM) solutions become the foundation for this essential technology infrastructure.
Banking, financial services, and insurance (BFSI) is a high-stake industry since it deals with a lot of user data. This sector houses confidential user data and financial data critical to the business. Hence, it becomes the target for cyber attacks very often. Numerous compliance rules and regulations are required in the BFSI sector to secure sensitive data. Nevertheless, it is not easy to achieve security and compliance.

Challenges Faced by BFSI Industry

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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.

How Bridgesoft Can Help You?

Secure and robust identity management solutions help organizations operating in the BFSI industry to remain compliant and run business in a safe environment. Our identity and access management solutions ensure that only authorized people have access to sensitive data and systems. Also, helps in better managing the security risks and fulfilling the strict compliance and security regulations relevant to the BFSI industry. Bridgesoft's identity access management solutions help you to rapidly and methodically provision/de-provision the accounts, completely control resource accesses including privileged access. Also, provides you with the comprehensive governance data that auditors need to maintain compliance. We adhere to industry best practices when it comes to access control and authentication. We offer features like role-centric data management and multi-factor authentication to mitigate the risk of data theft. Our main focus is to stay updated about current technological trends to enhance customer experience. We have supported many big financial organizations to secure their data and our team of experts who have experience can help you navigate smoothly throughout the processes.
With Bridgesoft IAM solutions, you can effortlessly ensure your organization’s data security and exhibit compliance while providing flexible, reliable, and efficient access to your users.
For more information about our IAM solutions for the financial industry
Bridgesoft is a leading provider of technology, consulting, and information security management solutions. Bridgesoft's products and services cover a range of areas from physical and logical access and identity management to security risks and threats.
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