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Securing Privileged Accounts in Financial Institutions

June 21, 2011

CALGARY, June 21, 2011 /PRNewswire/ – Recent security breaches highlight the
urgent need for strong IT controls in banks and other financial
institutions. This includes strong authentication and authorization -
for regular business users, IT system administrators and software
agents. In the financial industry, the need for robust corporate
governance and privacy protection are more critical than in other
industries. In this context, failing to secure access to privileged
accounts poses a very significant exposure.

Hitachi ID Systems (http://hitachi-id.com/) is a leading publisher of identity and access management software
including solutions to secure access to privileged accounts. The
Hitachi ID Management Suite (http://hitachi-id.com/products/) is also used to manage the access of business users to systems and
applications and enable users to manage their own authentication
factors.

“One of the most important security problems in financial institutions
is shared access to administrator accounts,” said Idan Shoham, CTO,
Hitachi ID Systems. “The larger the organization, the more system
administrators it must employ and the higher the likelihood that one of
them might compromise security. The business risk is magnified by
static and shared passwords assigned to administrator accounts.”

Hitachi ID Privileged Access Manager (http://hitachi-id.com/privileged-access-manager/) addresses the risks posed by shared and static passwords on
administrator and other privileged accounts. This is achieved by (a)
automatically discovering systems and privileged accounts; (b)
frequently randomizing privileged passwords and storing them in an
encrypted and replicated vault; (c) applying policy and workflow
approvals to control access to privileged accounts and (d) generating
detailed logs, including session recordings, as a forensic audit trail
detailing how, when and by whom these accounts were used.

Due to the urgency of securing access to privileged accounts, Shoham has
committed to host a free webinar entitled “A Day in the Life of a
Privileged Access Management System” where he will demonstrate the
interaction between a variety of business stake-holders and a
privileged access management system. The webinar is of interest to
security officers, system administrators, application owners and
auditors, who wish to understand how such a system would impact their
day-to-day work.

“In this webinar, we will explore the impact of a privileged access
management system”, says Shoham. ”The net effect of using a privileged
access management system is a more secure infrastructure and – if we’ve
done our job well – more efficient work processes for all the
participants.”

About Hitachi ID Systems, Inc.

Hitachi ID Systems, Inc. is a leading provider of identity management
solutions licensed by mid- to large-sized organizations worldwide.
Hitachi ID Systems’ solutions enable organizations to effectively
manage user authentication, access and compliance with every aspect of
the user lifecycle.

Hitachi ID Management Suite includes Identity Manager (http://hitachi-id.com/identity-manager/), Password Manager (http://hitachi-id.com/password-manager/), and Privileged Access Manager (http://hitachi-id.com/privileged-access-manager/). Industry analyst firm, Ovum Consulting, recently classified Hitachi
ID an enterprise identity and access management powerhouse, citing the
company’s robust technology and exemplary customer support. For more
information about Hitachi ID Systems and its products, please visit http://Hitachi-ID.com or call 1.403.233.0740.

For more information, please join Hitachi ID Systems on Thursday June
23rd (11am MT, 10am PT, 1pm ET) for “A Day in the Life of a Privileged
Access Management System” webinar. To register for this hour-long
session, please visit
http://hitachi-id.com/webinars/webinarform-securing-access-priv-accounts-001.html

SOURCE Hitachi ID Systems, Inc.


Source: newswire



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