Aimed at enhancing the security of financial institutions, specifically addressing privileged users, Cross Identity has launched a Privileged Identity and Access Management (PIAM) solution. PIAM offers protection against cyber threats by securing privileged access in on-premises, cloud, and hybrid setups. The development comes after the Reserve Bank of India’s (RBI’s) outlined cybersecurity guidelines aimed at enhancing the security posture of financial institutions, specifically addressing privileged users.
“The financial industry, a prime target for cybercriminals, grapples with complex IT architectures like larger attack surfaces, stringent regulatory compliance, and the persistent menace of insider threats. Privileged users in the finance and banking sector pose a myriad of risks, stemming from the complex operational and cybersecurity challenges inherent in the industry's digital infrastructure,” says Binod Singh, Founder and CEO, Cross Identity.
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Cross Identity’s PIAM claims to offer a proactive defence against the growing sophistication of cybercriminals, providing a fortified barrier to potential breaches and unauthorised access. The solution offers detailed control and monitoring of access to privileged accounts, and centralises controls helping organizational security, thwarting unauthorized access attempts and potential data breaches.
“PIAM, crafted to be user-friendly, secure, and cost-effective, simplifies the often-daunting task of managing privileged accounts in a banking environment. By centralising control over these accounts, the solution not only fortifies security but also optimizes operational costs—a crucial consideration for financial institutions. Recognizing the complexity of IT environments in banking, our solution further streamlines the management and security of privileged accounts across various systems and environments,” adds Singh.
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Sharing insights on how the new solution is different from traditional Privileged Access Management (PAM) solutions, that primarily focus on access control, PIAM bridges critical gaps in identity and access management by providing a comprehensive lifecycle management for privileged users.
“The significance of PIAM arises from the limitations of PAM, which solely addresses access management. In today's landscape, privileged users require management across access, identity governance, and administration. Zero-trust access to privileged entitlements in business applications is crucial for effective access management. Additionally, seamless integration with Identity and Access Management (IAM) systems of cloud service providers is imperative,” says Singh.
Founded in 2000 as an Identify & Access Management service company under the name of Ilantus, it launched a converged IAM product company in 2020, operating as a SaaS. Cross Identity’s systems manage over ten million identities today. HDFC, CreditAccess Grameen (CAGL), Ujjivan Small Finance Bank and Paytm Bank are already using Cross Identity’s converged IAM solution.