Best approaches to audit, synergise and safeguard your data

With users proliferating, ensuring the right people who can access sensitive data is a crucial decision as the stakes are high in banks and financial institutions.

access management, data management, risk management, security, study, USD 19 million per year


As banks and financial services institutes (BFSI) companies across the region continue to deal with the COVID-19 pandemic, ripple effects are seeing the uptake of open banking and banking ecosystems grow.

However, as more data is generated and stored in “safes” within the business, more locks and keys appear – meaning more employees are having access to sensitive data. Over time, it can be difficult to keep track of who holds these keys.

In the financial industry, data is the currency of business and when skeleton keys to sensitive financial data are misplaced or misused, the cost to businesses can be extensive – with a study by Gartner placing this amount upwards of USD 15 million per firm.

This begs the question: Who holds the key to sensitive financial data in the organisation, and should they?

The disadvantages of fragmented data ecosystems

Financial data runs in the veins of BFSI digital infrastructures. Employees across different departments such as product managers, department managers, and operations groups may have access to the data warehouse and data marts.

Keys are scattered everywhere across the organisation—if you don’t already regularly review what users have access to sensitive data, now begins the hunt to collate a list of users with access to these databases, database backups, and system administrators.

Changes need to be known, documented, and access updated or revoked to reflect those changes. Employees may switch teams or have responsibilities shift, often maintaining unnecessary access for long after those changes have happened.

There’s room for improvement in communication and process when it comes to updating system access changes to reflect employee changes sooner rather than later to reduce risk. Shadow IT – where access isn’t audited and often those systems aren’t monitored, or accurate documentation kept – presents additional challenges in access management.

Data that isn’t synergised across all financial planning systems could result in significant risks to organisations and market functioning, from both a reputational and financial perspective. Case in point: a majority of financial institutions with less efficient processes cited missing out on business due to customers being flagged erroneously as a financial crime risk. Now’s the time to do an access audit and remediation. Then, put processes in place to monitor for changes and remediate faster in future along with regularly scheduled audits.

Securing these fragmented ecosystems

Additionally, as supporting a remote workforce continues for many banks across the region, it provides more opportunities for bad actors to operate and makes it more challenging for internal security teams to investigate insider threats and suspicious activities.

In fact, almost half of APAC businesses experienced a breach or failed a compliance audit. This may be due to recent increased work-from-home measures as employees may use personal devices in place of company equipment which do not have the same security, significantly increasing the risks to sensitive business and financial data.

There’s an urgent need to secure your financial data—now more than ever. But those experienced with access rights management may have found the process isn’t as simple as doing a quick check on which users have access to data in the financial system, or asking a system administrator to run a report. Understanding who has access to the system where the data originates is a great place to start—it’s just not the whole story.

Determine the data structure and who can have access

The list of users who have access to financial data may include those who have access to create and view financial transactions, and those who create and view reports. But there’s more to think about, even in the scope of the financial system.

Some other questions to ask would be:

  • Who has access to the application database?
  • Who has access to database backups?
  • Who has access to the machine(s) on which the system is running?
  • Does the system have functionality to automatically export reports? If so, where are reports exported to?
  • Who has access to the information within the application?
  • Is that information integrated into any other applications? Who has access to it there?
  • Does anyone have access to the file structures housing the data?

Group memberships should also be periodically reviewed to ensure users are regularly removed from groups when they change teams or their responsibilities adjusted. Now, the list of users includes application users, database administrators, system administrators, and those with access to the reports and the file shares.

Access control management is the key fob containing the passwords, tokens, keys, and certificates that come with privileged access, integrating access with identity management for each application an organisation adopts.

To meet the growing demands of banking customers for uninterrupted access to data and services, an overarching strategy encompassing regular auditing for both regulatory compliance and organisational security is necessary—or businesses could find themselves spending upwards of USD 19 million per year on reparations.

The future of banking and financial services

To minimise internal lapses, an access rights manager can help to not only quickly identify which users hold the keys to the data safes in the organisation, but also help IT departments improve compliance by detecting changes, understand and act on high-risk access, and find efficiencies and control costs amidst tightening budgets.

As the pandemic continues to supercharge the evolution of banking innovation, fintech, and accompanying regulations, the efficiency and security standards at which a financial institution conducts its management of financial data can become a defining factor of business success. A holistic approach to data and access control management is no longer a nice-to-have—but a must—for those who want to keep ahead in the rapidly changing economic landscape.

Chrystal Taylor is Head Geek at SolarWinds

Internet Explorer Channel Network
News Related


Horror as newborn baby's body is found in her mother's backyard as police interview the young woman

Horror discovery of baby's body found at Christchurch home on Saturday nightThe baby's mum has been questioned by police and assisting with their inquiriesFew details have been revealed about newborn's death as police examine homeCouple who live at the property with the baby's mother say they're 'traumatised'  Read more »

Back to school: Finally relief for home-schooling parents as ALL kids in NSW go back to class TODAY - here's what you need to know… including plans for Covid testing at the gate

NSW students in grades 2-6 and 7-11 will return to the classroom on MondaySchools welcomed back kindergarten, Year 1 and Year 12 last week  NSW Education Department is 'exploring' rapid antigen testing for students Read more »

Daniel Ricciardo rumoured to be dating Heidi Berger - the aspiring actress, 24, is the daughter of Austrian F1 driver Gerhard Berger

Australian racing driver Daniel Ricciardo is rumoured to have struck up a romance with aspiring actress Heidi Berger.  The New York based beauty, 24, who is a student at New ... Read more »

Channel 10 hails new season of The Bachelorette as the 'most critically acclaimed' ever - despite show's woeful ratings

Ratings for this season of The Bachelorette have gone from bad to worse. But Channel Ten is still insisting the show is the ‘most critically acclaimed’ season ever despite becoming the ... Read more »

Dannii Minogue reveals that she and her sister Kylie once hated sharing anything and even drew a line down the middle of their bedroom - but now are 'the complete opposite'

Dannii Minogue has revealed that she and her sister Kylie Minogue once had a sibling rivalry – but now are more than happy to share everything, including handbags.     Speaking to ... Read more »

Manchester United legend Paul Scholes is mocked on social media as daughter, 20, posts video showing him chewing her TOENAILS

Man U star Paul Scholes was filmed chewing his 20-year-old daughter's toenailsAlicia Scholes posted the video captioned 'true love' to her 65,600 followersShe is an England netball player who plays for a top tier team in London  Read more »

'He's sold his soul': Campaigners and fans slam 'greedy' David Beckham over '£150m' deal to be Qatar ambassador and face of World Cup as he faces calls to be stripped of UNICEF role over country's human rights record

David Beckham was seen working on a promotional film for the Qatar World CupThe rich Middle Eastern nation has a record of appalling human rights abusesBeckham didn't comment on Qatar's unjust treatment of gay men and womenIt is thought Beckham is being paid in excess of £10 million to create the promo Read more »

Some colleges are practicing 'affirmative action' for boys, since more girls apply, education experts say. It points to a bigger problem.

Togi, an 11th grade student at Wakefield High School, sits at his desk in Arlington, Virginia, on June 3, 2021. Mandel Ngan/AFP/Getty Images Some US colleges are accepting a higher ... Read more »

Terrifying moment thug, 32, armed with Samurai sword faces down police and motorists after 'attacking two men in attempted murder bid' - before he's blasted with Taser and arrested

Footage shows thug armed with huge Samurai sword on road in Crawley on Friday nightTwo people were seriously injured after the man attacked them and were taken to hospitalSussex Police arrested the 32-year-old man on suspicion of murder using a taser and took his weaponPolice are appealing for witnesses to the attack  Read more »

Fake flowers are blooming! Floral walls loved by celebs like Stacey Solomon and the Kardashians are increasing sales in plastic plants – but florists and etiquette experts say 'tacky' trend harms the environment

Shops using fake flowers to drive customers to take selfies and promote brand Restaurants, hairdressers and florists have used the tactic to drive business But experts call out 'tacky' use of plastic fake blooms that aren't eco-friendly Read more »

Man, 23, wakes up to find 'I will kill you' written in toothpaste on his bathroom mirror as police issue images of two men they want to speak to

The incident happened on Oct 10 in a home in Lower Parliament St, NottinghamAlongside the death threat was a sinister smiley face, also written in toothpaste Notts Police said they were taking the creepy incident 'extremely seriously' Read more »

The Project's Lisa Wilkinson squirms in her seat as co-host Tommy Little makes another VERY crude joke on air

The Project’s Tommy Little is known for his banter and at times, very crude jokes.   And on Sunday’s show, co-host Lisa Wilkinson was left cringing over his reporting on South ... Read more »

Discovery of high ranking nobleman's mummy shows Ancient Egyptians were carrying out mummifications 1,000 years earlier than previously thought, scientists say

The embalmed corpse of 'Khuwy' the nobleman was found in Saqqara necropolisKhuwy's corpse was preserved with tree sap resin and bound in fine bandagesThe find suggests existing timelines of mummification techniques is mistakenA National Geographic documentary, coming on Nov 7, to explore the discovery Read more »

Broadcaster Andrew Castle reveals his drink was spiked on night out in 2003 and woman tried to 'take advantage' of him in taxi while he was ‘beyond function'

 Presenter, 57, revealed the incident on his live LBC show on Sunday morning He told listeners that he became very 'compliant', 'tense' and 'off my rocker' Castle described how a woman came into his taxi and spoke 'inappropriately' He added that he was left 'rolling around in agony' for the next 24 hours  Almost 200 people have reported drink spiking across UK in last two months  Read more »

Australian pop star's uncle is one of six men accused of a failed plot to smuggle huge shipment of meth through Sydney Airport

Astro Waetford has been accused of planning to import illegal drugs into SydneyHe is the uncle of Aussie pop star Jai Waetford who shot to fame on the X FactorSix men accused of attempting to smuggle illegal drugs through Sydney airport They include five former and one current employee of handling company Dnata Read more »

AFL superstar pens extraordinary handwritten note opening up on the drug and gambling addictions that ended his career, nearly cost him his life - and landed him in rehab

AFL star Dayne Beams has opened up about addictions painkillers and gamblingAddictions plagued the end of his career before premature retirement at age 30Shared powerful letter addressed to his addictions written during stint in rehab  Read more »

Major breakthrough after teen gangster and his dad were killed in a hail of bullets amid Sydney's underworld war as getaway Ford Mustang is seized by police

Police raided a unit in Guildford after last Wednesday's double Hamze murders Ford Mustang used as getaway car in killings was reportedly discovered in raidForensic experts are now poring over car and other finds to link to gangland war Detectives fear mercenary killers are being hired to carry out brutal executions Read more »

Back to business! Phoebe Burgess spruiks a foundation as she reveals the 'no makeup look' is her jam... after bombshell interview about her failed marriage to former NRL star Sam

She made bombshell admissions in a tell-all interview with The Weekend Australian last weekend about her tumultuous marriage to retired NRL star Sam Burgess.    And on Sunday, Phoebe Burgess was ... Read more »

'I wanted Harvey to have his dad in his life': Katie Price claims ex Dwight Yorke 'disowned' their son over dinner in emotional new memoir

Katie Price has claimed Dwight Yorke ‘disowned’ their son Harvey over dinner in 2012 in her new book Katie Price: Harvey and Me.  The former glamour model, 43, and the ... Read more »

Two teenage boys die in house in Essex town of Brentwood as eight people are arrested on suspicion of murder

Two teenage boys died in Brentwood, Essex, in the early hours of this morningEight people have been arrested on suspicion of murder over the alleged attack A third victim has been taken to hospital with non-life threatening injuries  Read more »

Colombia's most wanted drug lord is captured in jungle hideout: Kingpin 'Otoniel' is arrested after raid by more than 500 special forces troops 'in biggest blow to cocaine trafficking since fall of Escobar'

Dairo Antonio Usuga David, known by his alias 'Otoniel' was captured yesterdayHe is Colombia's most wanted drug lord and has been on the run for a decadeOtoniel is the head of the Gulf clan, a 1,200-strong army of armed thugsHe is accused of murdering police officers and abusing children in the course of building his ruthless drugs empire  President Duque compared his capture to that of the infamous Pablo Escobar  Read more »

Yoga and HULA HOOPS join list of quack cures for Covid on social media as doctors warn over spread of misinformation on treatments

Spike in quack treatments for long-Covid is sparking fears from NHS doctors'Alternative' remedies include eating Hula Hoops, avoiding avocados, yoga and cryotherapyMost so-called 'miracle' cures are being offered online to desperate sufferers'It is essential anyone experiencing ongoing symptoms after Covid contacts their GP,' says expert Read more »

Nationals finally agree to support Scott Morrison's net-zero emissions by 2050 plan after a bitter war within the party

Nationals finally agree to back a PM's plan towards net zero emissions by 2050 Decision was spurred by fear of an election loss if they blocked net zero proposalBarnaby Joyce insisted he won new commitments for regional Australia in planBlueprint will be drawn up this week before PM flies out to Glasgow on Thursday  Read more »

Australia's most exclusive gym doesn't look any different to yours but some of the country's richest people pay $30,000 a year to train there - and it's not just because the owner has sworn to keep their identities a secret

Personal trainer has revealed why people pay $30k a year to train with himPerth-based Chris Wilson, 33, owns Australia's most exclusive gymThe Welsh-born fitness guru trains mining bosses, hoteliers and their wivesHe told FEMAIL why his rich and powerful clients train harder than most people  Read more »

Rita Ora puts on a busty display in black ensemble with plunging neckline and structured ruffled shoulders at amfAR gala in Texas

Rita Ora put on a busty display in a black ensemble with a plunging neckline and structured ruffled shoulders in Dallas, Texas on Saturday night. The singer, 30, posed up ... Read more »

Australian actress fighting for life after suffering a stroke caused by AstraZeneca Covid vaccine's extremely rare blood-clotting side effect

Melle Stewart, 40, who lives in London, had her first AstraZeneca jab on May 24Two weeks later she suffered a stroke and rushed into emergency brain surgeryShe was later diagnosed with TTS, the rare side effect that causes blood clots She spent three weeks in a coma and is now relearning how to talk and walk A GoFundMe page has been launched to help her on her long road to recovery Read more »

Visitor to Parliament sparks acid attack security scare after he was caught trying to bring in mystery liquid as police launch probe

Armed police arrested a man possibly carrying acid at the Houses of Parliament The man tried to smuggle in the mystery liquid in a 'miniature bottle' on FridayHe was seized while on a tour of Westminster Hall and held overnight by police Read more »

Queensland holiday hotspots are already booked out for summer breaks after the state announced reopening date and dodges two new cases of Covid

Hamilton Island almost booked out as travellers head for tropics after lockdownEven luxury resorts like $2,790 a night villa on Bendarra Island is fully bookedQueensland to ease restrictions allowing fully-jabbed travellers from November State maintained zero Covid cases despite discovery of infected border hoppers Read more »

Lewis Hamilton looks delighted as he shares a joke with ab-flashing model Winnie Harlow and Ben Stiller behind-the-scenes at the United States Grand Prix

Lewis Hamilton hung out with A-list pals Winnie Harlow and Ben Stiller at the US Grand Prix, held in Austin, Texas on Saturday. The F1 ace, 36, cracked a smile ... Read more »

Jesinta Franklin reveals her weekly no-fuss meal plan - and the dinners are not as strict as you may think

She’s a doting mother to two young children shared with AFL star husband Lance ‘Buddy’ Franklin.  And model Jesinta Franklin revealed to her Instagram fans on Sunday that she’s trying ... Read more »

Patti Newton shares rare photo of husband Bert with his grandchildren after undergoing life-saving leg amputation surgery

Bert Newton underwent life-saving leg amputation surgery, back in May. And on Sunday, the 82-year-old looked cheerful and happy as he spent time with his grandchildren. In a photo shared ... Read more »

Chezzi Denyer takes another swipe at New Idea as she visits the park with her family - after the magazine falsely accused her husband Grant of infidelity with his Dancing with the Stars partner Lily Cornish

Chezzi Denyer has taken another public swipe at New Idea magazine – days after the publication made false allegations that her husband Grant was having an affair with his Dancing ... Read more »

Furry cute! Adorable animal snaps that will melt the hardest heart - from cubs strolling with mama bear to a chunky baby bunny

Social media users captured animals around the world looking utterly adorable  Two bear cubs were snapped strolling behind their protective motherIn another snap a tiny baby bunny curled up in a ball on the ground    Read more »

Dannii Minogue, 50, reveals the secret to her youthful looks after stopping Botox in 2010 and describes growing old as 'a privilege'

Dannii Minogue appears to be turning back the clock with her stunning good looks.  And in an interview with The Sun on Saturday, the sister of pop superstar Kylie revealed ... Read more »

'Our deepest condolences': Screen Producers Australia issues statement after Alec Baldwin accidentally killed cinematographer by firing prop gun on movie set

Screen Producers Australia have shared condolences over the tragedy that occurred on the set of Alec Baldwin’s new film, Rust.  Baldwin accidentally killed Halyna Hutchins, a 42-year-old married mother-of-two and ... Read more »

Will The Project get the axe? Channel 10's flagship show is underperforming with a star panel that is costing the network a fortune... and the US company that bought the station is NOT happy

Channel 10’s flagship show The Project was once a juggernaut in the ratings, premiering to an impressive 1.2 million viewers in 2009. But in recent years, the show has suffered ... Read more »

House flipper makes a $600K profit one one property in just nine WEEKS - as the insane escalation in Australian real estate prices accelerates

Sydney couple have made $600,000 profit in nine weeks by flipping their homePair bought the Kensington townhouse during lockdown but then decided to sellHouse flippers are making profits worth millions often without any renovations Read more »

Julia Roberts spends her Sydney quarantine at a $56.9million mansion previously owned by Lachlan and Sarah Murdoch in Vaucluse ahead of filming with George Clooney

Julia Roberts will undergo her 14 days of mandatory quarantine in luxury after she touched down in Sydney on Saturday night. Daily Mail Australia can reveal the 53-year-old Hollywood superstar ... Read more »

Fresh lead in the hunt for missing Cleo as witness comes forward with sighting of car driving away from campsite at the same time the four-year-old girl went missing

West Australian Police say they have a new lead in the hunt for missing four-year-old girl Cleo Smith after witnesses came forward with what could be a vital sighting of ... Read more »

George Clooney relaxes with wife Amal and their children at a vast property in Australia as they complete quarantine 'with chefs, waiters and housekeepers'

Hollywood superstar George Clooney, 60, and his barrister wife Amal, 43, are used to the finer things in life.  So it’s no surprise their two-week stay in Australian quarantine is ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic