Access to data has become a complex business, and ensuring that only the right access to sensitive information is being allowed is vital for banks to retain customers’ trust. Mike Kiser, security strategist and evangelist at SailPoint, discusses the power of identity with Briony Richter
The threats of fraudulent attacks constantly evolve and become even more sophisticated. Banks must therefore ensure that customer data is safe and only accessible to the right people and organisations.
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SailPoint provides organisations with secure identity governance solutions with on-premises and cloud-based identitymanagement software to tackle data challenges. Its identity platform enables organisations to harness new technologies, spread into new markets and become skilled in identity governance.
Speaking to EPI about Sailpoint and his role, security strategist Mike Kiser explains:
“Sailpoint is a company in the USA, but we are global. We work in the identity governance sector.
“What that means is giving companies a clear view and control about who has access to what within their company. This can have huge implications, from everything like GDPR to other regulations across the world. The platform also improves operational efficiency in governing compliance and regulation, and proves that only the right people have the right data.”
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By GlobalDataHe continues: “My role here is as a global advocate. I’ve been in security and identityrelated industries for 20 years or so, working with a large stream of customers like IBM, and so I’ve seen a lot of change, especially across Europe.
“Externally I communicate about identity, and internally I have conversations with executives and enterprises and pull that information back into Sailpoint to inform them about what is going for this industry and what customers need, and then having that delivered by Sailpoint.”
ID Management risks
Across the whole financial industry – and, indeed, in other sectors – security is critical.
However, new regulations have surfaced that are pushing banks and other organisations to analyse whether their security measures are up to scratch.
In January, 2019, French data regulator CNIL fined Google an astonishing €50m for failing to provide its users with transparent and clear information on how it was using the data gathered. This was the biggest penalty issued by a European agency, and the first time the new GDPR rules were implemented. However, this is very unlikely to be the last time that a company is fined and so the pressure is on to improve transparency across all platforms.
Speaking about the biggest hurdle facing financial industries, Kiser states: “Oddly enough, I always say reputation. In the financial world, everything is driven by trust. Any institution that I would trust would be my financial institution, even above a government, and so overall trust is the real key. In terms of security, financial organisations really want to make sure that you are as secure as possible.”
Changes in how people pay and communicate daily have driven the ways in which the industry is reshaping itself. Kiser uses the example of mobile payments: completely convenient, quick and easy, but with inherent risks for financial organisations.
GDPR is based on the concept that consumers own their own identity. In this way, the UK and Europe are leading the way in promoting safe ownership of data. Data governance is only becoming more important as the financial ecosystem continues to evolve.
Concluding, Kiser says: “Sailpoint gives a single view into identity, and ensures that all members of staff only have access to what they are supposed to have, and when they are supposed to have it.
“In the future, we will continue to drive the acceleration of identity governance through machine learning and analytics. We want to increase efficiency overall. We’ve all been talking about privacy and compliance, but it will always be about identity – and that is key for financial institutions.”
