Usability is King but Risks are High

Financial services organizations face ever-escalating risks from cyber attacks with phishing, credential theft, and adversary-in-the-middle (AiTM) incidents all on the rise in 2024, and forecast to increase in 2025.

Regulatory systems auditing financial services organizations have ramped up their authentication requirements, including the new PCI-DSS version 4, updated FTC guidance, and government-led demands for phishing-resistant MFA solutions.

Financial services teams are constantly evolving: adding new units, merging groups, and bringing on new services, both in SaaS systems and in legacy architectures. This evolution creates more identities. Unmapped and uncorrelated identities, in turn, open the door to cyber risks, many of which go unmitigated until it’s too late.  

Managing and renewing credentials for financial services end users, IT teams, and infrastructure is complex and time-consuming. Especially as organizations grow. IT operations, security, and audit teams need this process to be simplified and streamlined if they are to keep up with the increasingly challenging threat environment.  

The financial services sector sees as many mergers and acquisitions between entities as any other sector, and this trend won’t slow down any time soon. When mergers and acquisitions happen, IT teams need fast and proven ways to streamline authentication between the parties without sacrificing strength and rigor.