Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Overcoming the cost barrier to identity and credential management

Dr-Chris-Edwards

Dr. Chris Edwards, Chief Technical Officer at Intercede

Dr-Chris-EdwardsThe consumerisation of IT has left many companies vulnerable and at risk of new security threats. With the emergence of the BYOD trend, businesses have opened the doors of their network to a host of potentially unauthenticated users. Security conscious companies have implemented identity and access management technology to protect their sensitive data at the end point – the device – and make sure the right person is accessing the right information. However, some businesses are still shying away from this approach because of the upfront costs of issuing and deploying physical smart cards and smart card readers. Instead they are sticking to using insecure passwords, despite the possible costs to the business of theft or loss of IP. Enterprise firms are looking for a more cost effective option to secure their data and devices, and virtual smart cards (VSCs) are the key.

The most effective technology approach for identity and access management today involves two factor authentication – ‘something I have’ (typically a physical smart card or security token) and ‘something I know’ (a PIN). The Microsoft Windows 8 release offers organisations the ability to implement two factor authentication, without the cost barrier. The release introduces the concept of VSCs, which emulate the functionality of traditional smart cards, but use the Trusted Platform Module (TPM) chip available on many organisations’ computers rather than requiring the use of a separate physical smart card and reader. Conventional smart cards and TPM virtual smart cards offer comparable levels of security, but TPM virtual smart cards can be deployed with no additional material cost, as long as employees have computers with built in TPMs. An Aberdeen Group report released in June 2012 found that US based companies employing a hardware-based root of trust show a cost advantage of more than $80 per end point per year.

While the technology exists within Windows 8 devices for this approach, identity credentials provisioned to virtual smartcards must also be managed throughout their lifecycle via software that enables the company to issue them to trusted employees, on known machines. Additionally, these credentials need to be recovered, renewed, revoked and reset when necessary, even if users get locked out or are offline.Credential recovery is also essential if machines are lost so that the individual can access relevant systems and email on an alternative machine.

Any credentials management solution should also link to a company’s in-house data stores and directories, such as the HR database, and apply secure business processes, so that firms are aware who can request and grant access to the network and who provides authorisation and collection. Furthermore, the proliferation of mobile devices has meant that the ability to support multiple platforms from Apple to Android and Blackberry is a crucial part of any mobile and credential management solution.

Two factor authentication should remain the cornerstone of any device security strategy for firms who want to avoid the hefty reputational, IP and Information Commissioner’s Office (ICO) fine costs associated with data loss or theft. Virtual smart cards will help businesses to overcome the cost barrier traditionally associated with this approach but the ability to manage mobile credentials effectively on the TPM is the key to delivering on its promise.

 

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post