The financial services sector operates in one of the most regulated and high-stakes industries in the world. With data breaches increasingly targeting sensitive financial data—and costing an average of $6.08 million per breach in 2024 (IBM Cost of a Data Breach Report)—security leaders cannot afford to take risks with access management. Axiom, a cloud-native platform, delivers a modern, secure, and compliant solution tailored to the needs of financial institutions.
The Challenges Financial Institutions Face in Access Management
Financial institutions face a unique and complex set of hurdles when it comes to access management. These challenges stem from the critical need to balance security, compliance, and operational efficiency while navigating increasingly sophisticated cyberattacks and evolving IT infrastructures.
Here are the four primary challenges faced:
Cyber Threats Are Escalating
Financial institutions are prime targets for cybercriminals. With attackers employing advanced techniques like identity-based attacks and social engineering (CrowdStrike Global Threat Report 2024), securing access credentials is more vital than ever. Compromised credentials remain one of the most common breach causes.
Compliance Demands Are Stringent
Regulations governing the financial sector require precise and enforceable access controls to protect sensitive data and financial systems. Compliance mandates, such as SOX and GDPR, demand regular reviews, audit trails, and accountability.
IT Complexity Is Growing
With the rapid adoption of hybrid and multi-cloud environments, financial institutions must secure access across various platforms, applications, and on-premise systems. Bridging this complexity while maintaining strict security is a persistent challenge.
Maintaining Both Agility and Security
Operational agility is a competitive advantage. But how can financial firms remain agile without sacrificing compliance or security? This delicate balance often leaves IT teams stretched thin between protecting data and enabling seamless workflows.
Key Regulations That Shape Financial Services Access Requirements
Access management in financial services isn’t just about security—it’s also fundamental to regulatory compliance. Financial institutions must adhere to rigorous global regulations, some of which include:
- Sarbanes-Oxley Act (SOX): Enforces stringent internal controls over financial systems, including access management protocols.
- Payment Card Industry Data Security Standard (PCI DSS): Imposes strict rules to secure cardholder environments.
- Gramm-Leach-Bliley Act (GLBA): Requires robust security programs that include access management for consumer financial information.
- NY DFS Cybersecurity Regulation: Mandates limitations on access privileges and annual access reviews.
- General Data Protection Regulation (GDPR): Protects the personal data of EU residents through stringent access control requirements.
- Digital Operational Resilience Act (DORA): A European Union regulation that requires financial firms to maintain robust access controls to ensure operational resilience during cyber disruptions.
Axiom ensures compliance by aligning access management strategies directly with these regulatory demands, offering a streamlined and reliable solution.
How Axiom Solves Access Management Challenges for Financial Services
To overcome the challenges outlined above, Axiom leverages advanced technology to transform how financial institutions manage access. Its core focus is on enhancing security, simplifying compliance, and driving operational efficiency.
Enhanced Security
- Granular Access Controls: With Axiom, permissions are managed on a need-to-know basis, ensuring users only access what’s necessary.
- Just-in-Time (JIT) Provisioning: Eliminate standing privileges, reducing the risk of credentials being compromised.
- Real-Time Monitoring: Detect and counteract threats immediately, providing an additional layer of proactive defense.
Streamlined Compliance
- Automated Access Reviews: Axiom aligns seamlessly with regulations like SOX, PCI DSS, and DORA by automating and documenting user access reviews.
- Centralized Policy Management: One unified platform ensures consistent policy enforcement across environments.
- Comprehensive Audit Trails: Generate detailed reports to satisfy even the most rigorous regulatory audits.
Increased Operational Efficiency
- Self-Service Access: Integrate Axiom with everyday tools like Slack and Teams, empowering employees to request and manage access independently.
- Automated Workflows: Streamline resource provisioning and approval processes to save time while maintaining security.
- Cloud Integration: Manage access effortlessly across SaaS, on-premise, and multi-cloud environments.
Cloud-Native Agility
- Rapid Deployment: Go live in hours rather than weeks or months.
- Scalable Architecture: Axiom grows alongside your institution, providing flexibility for evolving IT landscapes.
- Continuous Updates: Stay ahead of emerging threats with a system that automatically integrates the latest security features.
Why Financial Institutions Trust Axiom
Axiom has positioned itself as the go-to access management platform for financial institutions worldwide. Here’s why businesses put their trust in Axiom:
- Reduced Risk: By enforcing least privilege access and eliminating standing credentials, Axiom can significantly reduce the likelihood of breaches.
- Effortless Compliance: Automated reviews and audit-ready reports ensure that compliance requirements are met with minimal manual effort.
- Boosted Productivity: IT and security teams can focus on strategic initiatives instead of being bogged down by routine access management tasks.
- Cost Savings: Avoid costly breaches, fines, and operational overhead by adopting efficient, automated access management.
- Future-Focused Security: Axiom’s cloud-native design ensures that financial firms remain ahead of emerging cyber threats.
Success Story: Transforming Access Management for a Global Firm
One leading global financial services firm struggled with inefficient processes for managing access across its complex environment. After implementing Axiom, they achieved remarkable results:
- 95% reduction in standing privileges.
- 80% faster provisioning times.
- Full compliance with SOX, PCI DSS, and DORA.
- 60% fewer access-related security incidents.
Secure Your Institution with Axiom Today
Outdated access management tools leave financial firms vulnerable to security breaches and compliance failures. Axiom offers a robust, cloud-native solution that delivers unparalleled security, operational efficiency, and confidence in compliance.
Request a Demo today to see how Axiom can transform your financial institution’s access management and safeguard your sensitive data.
