IDM in banking industry

IDM in banking

CONTENTSWhat is identity management?Need for IDMIdentity life cycleKey steps involved in IDMFunctions of identity management systemImplementation of IDMTips for Implementation of IDMBenefits of implementing IDMProposed solution by SWIFTVideos

Offshore development company India

http://www.ifour-consultancy.com/application-development.aspx

What is Identity Management?

A set of processes, and a supporting infrastructure, for the creation, maintenance, and use of digital identities

Involves both technology and process Involves managing both unique identifiers and their

attributes, credentials, and entitlements Must enable organizations to create a manageable life

cycle Must meet business needs for rapid registration, use,

termination Must scale from internally facing systems to externally

facing applications and processes Goal state: general-purpose infrastructure and

authoritative sources, clean integration across people, process, and technology



NEED FOR IDMAccording to Deloitte’s seventh annual

survey of global financial institutions’ security efforts, identity and access management was identified as the industry’s top security initiative for 2010. Among 19 different types of initiatives, 44% of survey respondents listed this as a top initiative; it is also is a significantly higher priority for larger organisations with more than 10,000 employees (63%).



NEED FOR IDMSecurity budgets also appear to be

bucking the current trend of cost-cutting. More than half of the survey’s respondents (56%) indicate that their information security budget has increased.

The FBI says identity theft is the fastest-growing white-collar crime. Sources claim that estimated 500,000 Americans have their identities stolen each year.



FRAUDS REPORTED BY RBI

REFERENCE : http://www.rbi.org.in/scripts/BS_SpeechesView.aspx?id=826Offshore development company India

http://www.rbi.org.in/scripts/BS_SpeechesView.aspx?id=826


Why IDM is important?Fraudsters can use your identity

details to:◦open bank accounts◦obtain credit cards, loans and state

benefits◦order goods in your name◦take over your existing accounts◦take out mobile phone details◦obtain genuine documents such as

passports and driving licences in your name.



The IDM process: managing the identity life cycle



Key steps involved in IDMIdentification

◦ Assigning of PIN numbers, account numbers unique to every individual

Authentication◦ Use of two factor authentication for

authenticationAuthorization

◦ giving separate access to employees, customers , admin staff etc.

◦ Separation of DutiesAccountability

◦ Use of PCIDSS for credit and debit cards◦ Other policies like SOX, IS027001 can be used



Functions of Identity managementStorage of informationAuthentication and authorizationExternal user allotment and

registrationInternal user allotmentPassword managementAuditingUser self service



Implementing IDMAsset inventory

◦ It would include: servers, laptops, routers, workstations etc.

Risk assessment◦Rank your assets based on risk (low,

moderate & high)Architecture review

◦Windows, unix or linuxImplementation

◦ Implementation plan, which will be driven by the size and distribution of your staff and IT assets



Tips for Implementing IDMDon’t start by looking at

technology solutionsReview risk and policyCheck your manual identity

processesDon’t rush in Don’t bite off more than you can

chewWork togetherAvoid complexityOffshore development company India


Identity Management Benefits

• Provisioning and management of users• Easily accessible audit trail of system accounts• Delegated administration• Automated approval processes• Reduced paperwork• Password synchronizationEnterprise single sign on



Proposed solution by SWIFT

Banks could offer customers that will protect their digital identities against fraudulent activity.

The service would be like a digital vault which the bank would sell to customers.◦ Swift would host the services and be the gatekeeper.

The service would mean that when a customer pays for something online using their bank card, for example, they would not have to enter their card number.

◦ Rather the merchant would be redirected to the digital vault where, after approval, it would receive confirmation that the payment will be made.

◦No details change hands.



Videos..\Documents\Identity Theft Anim

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References & courtesyOffshore development company India

Symbiosis students Jahnavi Patel Bipanjot singh Saurabh Maurya Smit Viroja




IDM in banking industry

Technology

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