As cyber-attacks and security breaches continue to evolve and escalate, businesses across industries are required to update their security measures to parallel the growing risk to their operations. Like many industries that have dedicated security compliance requirements, financial organizations need to meet FINRA compliance. Within finance, manufacturing, healthcare, and large enterprises, there are similarities in technology and security governance they all need to abide by. Specifically, all IT departments have to manage user-based access control, to ensure only the right personnel are granted access to imperative company resources. No matter what industry you work in, migrating away from legacy, insecure technology can prevent bad actors from gaining unauthorized access to your proprietary data and help organizations meet compliance.
Below are three examples of FINRA requirements that are applicable across many industries’ regulatory compliance.
1. Access Control Systems
How do you verify the right people gain access to the right data, resources, and locations within your firm?
IT & Security professionals know that part of FINRA compliance requires tailoring access management to account for the type of privileges each employee role is allowed. Companies must develop a “policy of least privilege” to grant system and data access to authorized users only. This access is also required to be removed when it is no longer needed. When reviewing your organization’s access management strategies are you able to limit and track individuals with administrator access? Implementing an access control system and multi-factor authentication can ensure your registered employees, vendors, or contractors have the right access to do their job securely.
Talk to ADVANTIDGE to customize your enterprise access control system and utilize multi-factor authentication for identity verification.
2. HID PROX Upgrades
FINRA requires updates in identity access controls for registered personnel, specific roles, third parties, and customers. Ensuring your physical access control system is updated to effectively verify the type of person that needs to gain access is a must. When was the last time your organization updated your physical access control system?
Relying on HID low-frequency prox cards and readers to manage access control, will likely prevent you from meeting FINRA compliance. HID low-frequency 125Khz prox cards are easily cloneable credentials, which puts your organization at risk for fraud, a huge concern you don’t need on your plate.
While access management upgrades can appear cumbersome to IT teams, there are ways to compartmentalize.
Your team can gradually replace existing readers within your time and budget parameters. We can ensure you can support new credentials for your users so that after the transition is complete, enhanced security, privacy, and compliance are achieved.
Similarly, we can upgrade your physical badges to smart cards so that you’re able to utilize dual and triple tech credentials including HID iCLASS® and SEOS technologies.
Multi-technology credentials offer convenience beyond the door with robust security solutions that support secure, private network access via one-time-password (OTP). This is compatible with new Bluetooth technologies in addition to Mobile ID applications for door access, computer logon, remote check-in, and more.
Investing in compatible upgraded access control technologies can help your firm meet FINRA compliance, and keep your company data secure.
Check out the BEST HID ID CARD Solutions for your organization here:
3. Multi-Factor Authentication
How does your organization protect against insider threats? In conjunction with access control systems, IT leaders are encouraged to implement additional means for authenticated access. FINRA explains that one of many cybersecurity risks is insider threats. Whether that’s a member of your team, consultant, subcontractor, or third-party vendor, many of their roles require certain types of access to sensitive company information. Not only does implementing multi-factor authentication ensure only the right person is logging on to their designated account, but the technology can alert IT, teams, if there are any suspicious or unauthorized requests for access. Technical controls like MFA support the section in FINRA that encourages firms to designate someone in authority to monitor any malicious behavior. Multi-factor authentication can provide timely notifications to leadership teams, when an employee’s role has changed or if they are no longer employed by your firm. The integration of access control systems and MFA can facilitate user entitlements, limit privileged user controls, and track potential risks.
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If you’re unsure of the age of your physical access control systems, we can help you determine if it needs upgrading. We can bridge your IT & security needs to meet FINRA compliance regulations.
