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    1. Home
    2. >Technology
    3. >Managing Authorizations: A New Approach to Keep Banks Secure
    Technology

    Managing Authorizations: A New Approach to Keep Banks Secure

    Published by Jessica Weisman-Pitts

    Posted on September 12, 2022

    2 min read

    Last updated: February 23, 2026

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    This image depicts a cyber security concept focused on managing authorizations, crucial for keeping banks secure in today's technology-driven landscape.
    Cyber security concept illustrating bank authorization management for enhanced security - Global Banking & Finance Review
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    Tags:securityinnovationmanagementcompliancefinancial services

    Quick Summary

    Banks can boost security by adopting policy-based, dynamic authorization across apps and APIs. Align with Zero Trust and modern identity standards while meeting PCI DSS 4.0 and PSD2 SCA to reduce fraud and ease compliance.

    Managing Authorizations: A New Approach to Keep Banks Secure

    Managing Authorizations: A New Approach to Keep Banks Secure

    Managing Authorizations: A New Approach to Keep Banks Secure

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    Table of Contents

    • Managing Authorizations: A New Approach to Keep Banks Secure
    • Managing Authorizations: A New Approach to Keep Banks Secure
    • Managing Authorizations: A New Approach to Keep Banks Secure

    Key Takeaways

    • •Shift from static RBAC to dynamic, policy-based authorization (ABAC/PBAC) to enforce least privilege and context-aware access decisions. (csrc.nist.gov)
    • •

    Frequently Asked Questions about Managing Authorizations: A New Approach to Keep Banks Secure

    1What is authorization management?

    Authorization management refers to the process of determining and controlling who has access to specific resources and data within a banking system, ensuring that only authorized personnel can perform certain actions.

    2What is compliance in banking?

    Compliance in banking involves adhering to laws, regulations, and guidelines set by governing bodies to ensure that financial institutions operate within legal frameworks and maintain ethical standards.

    Embed Zero Trust principles—verify every user, device, and session for each request across apps and APIs. (csrc.nist.gov)
  • •Align identity practices with NIST SP 800-63-4 (final July 2025), which updates authentication guidance, adds passkey support, and expands anti-fraud controls. (csrc.nist.gov)
  • •For open banking, implement the OpenID FAPI 2.0 Security Profile (Final, Feb 22, 2025) to harden high-assurance API authorization. (openid.net)
  • •Payment environments must meet PCI DSS v4.0; future-dated controls became effective March 31, 2025—plan MFA and phishing-resistant controls accordingly. (blog.pcisecuritystandards.org)
  • 3
    What is financial innovation?

    Financial innovation refers to the development of new financial products, services, or processes that enhance the efficiency and effectiveness of financial markets and institutions.

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