Why Identity Management Matters in Finance
Ready to regain development productivity? Grow revenue, enhance security and cut costs with enterprise federated identity.
What is Identity and Access Management?
According to Gartner, Identity and Access Management (IAM) is the security discipline that enables the right individuals to access the right resources at the right times for the right reasons. IAM addresses the mission-critical need to ensure appropriate access to resources across increasingly heterogeneous technology environments.
Enterprises traditionally used on-premises IAM software to manage identity and access policies, but nowadays, as companies add more cloud services to their environments, the process of managing identities is getting more complex. Therefore, adopting cloud-based Identity-as-a-Service (IDaaS) and cloud IAM solutions becomes a logical step.
Beyond Username and Password
Building modern authentication goes beyond usernames and passwords and provides a framework for managing identity. In the financial world, security is critical and every minute counts. Typing in a username and password to gain access to a web service may have worked in the past, but has significant drawbacks today.
- Security: Users tend to reuse the same credentials across multiple logins leaving them susceptible to hacks outside of your control. Modern security means adding additional measurements like multifactor authentication and breached password detection.
- Administration & Governance: Managing access to web based services can be a logistical nightmare for services that don’t have single sign on capability.
- User Experience: Having to remember and manually enter another set of credentials costs precious time that users simply do not have to spare. Single Sign On provides your users with a seamless authentication experience to all of the applications they need.
Why Financial Institutions Need Modern Authentication
Modern authentication goes beyond the login screen. Developing and maintaining enterprise federation in-house will be expensive, take development time and resources away from your unique business proposition, slow down your sales cycle and complicate on-boarding with enterprise customers
Auth0 solves the problem of enterprise federation with a comprehensive identity toolkit:
- Configure any enterprise connection with just a few lines of code
- Write your code once and integrate any configured enterprise connection with just a flip of a switch
- Enterprise connections include: AD, LDAP, ADFS, SAML, Ping, Google Apps, and more
- Provision and deprovision user accounts from the management dashboard
- Audit and view identity-based analytics to ensure organizational compliance
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Enable enhanced security features such as multifactor authentication and anomaly detection
How Scheider Electric acheived fast time to market with unified identity management.
A global leader in energy management chose Auth0 as the foundation of identity management.
“The Auth0 platform makes it easier for our developers and engineers to swiftly implement something ordinarily complicated. We’ve saved time, money, manpower (and a headache or two) when it comes to federated identity management. More importantly, Auth0 provides a value which translates to direct security and efficiency benefits for our company and a better user experience for our customers.”
— Stephen Berard, Schneider Electric
How Safari Books Online grew their customer base by offering Single Sign-On
“Setting up our application to integrate with one partner and then having that partner act as a service hub for dozens of identity systems helps simplify work for our core development teams, while allowing our customer base to grow exponentially.”
— Cris Concepcion, Safari Books Online
Compliance and Certifications
Auth0 is SOC 2 Type II certified – an independent auditor has evaluated our product, infrastructure, and policies, and certifies that Auth0 complies with their stringent requirements.
Auth0 offers HIPAA BAA agreements to companies in the healthcare industry that must comply with HIPAA regulations for safeguarding patient privacy and sensitive health information.
Auth0 conforms to the OpenID Connect protocol, and our products are certified by the OpenID Foundation, of which we are active members. We strive to use open standards and specifications to deliver excellent interoperability for our customers. Auth0 helped in defining the protocol and are sponsoring OpenID Connect.
Auth0 conforms with the brand-new EU-US Privacy Shield Framework for regulating privacy in data flows between the European Union and the United States. This Framework replaces the EU-US Safe Harbor Framework repudiated in 2015.
Identity Management Done Right
Auth0 can authenticate your users with any identity provider running on any stack, any device or cloud. It provides Single Sign-On, Multifactor Authentication, Social Login, and several more features.
In terms of authorization, you can use the power of the rules engine to define coarse-grained authorization — that is, rules that dictate who can login (for example: at what times, from which locations and devices, and so on).
Auth0 also has a group memberships feature that can be exposed to the application (for example: group memberships in Active Directory, in Azure Active Directory, in the user’s metadata, and so on); based on that, you can do more fine-grained authorization (where only users in a particular group can access some applications).