As Fintech Expands into New Technologies and Leveraging Cloud Solutions, Privileged Task Automation Will Scale Security While Reducing Risk

08

MARCH 2022

By: Mohie Ahmed

The global fintech market is expected to climb to an estimated $324 billion at a CAGR of 23.41% through 2026. With innovation thriving in every segment, from global payments to the adoption of crypto currencies, banks and other financial services companies are finding new ways to evolve, compete and grow.

Add to this the relentless growth in the e-commerce market and the proliferation of mobile technology, and you’ll see opportunities everywhere in the ever-changing world of digital money. The digitization of banking, trading, credit, lending and payments means more data being generated that must be protected.

For the IT and OT teams responsible for ensuring the integrity and security of private information from customers, as well as sensitive corporate data, while the growth is exciting, it also adds enormous pressure. With demands to control costs, it is not feasible to scale by hiring more people to oversee the infrastructure and applications, especially within large global banks.

The answer? Automation.

This applies to the mission critical requirement to ensure Privileged Access Management systems are in place; but will traditional approaches work? Simply adding more admins worsens the problem, given that most observers estimate that half of security breaches come from within.

That’s why our R&D and product teams at Ironsphere developed our industry leading Privileged Task Automation solution.

Ironsphere’s Privileged Task Automation Manager simplifies and automates daily routine tasks and provides a smart programmable interface that supports pre-check, execute, post-check and roll-back steps.

Benefits include:

  • Visual, flexible, agile platform for troubleshooting automation.
  • Combine automated scripts and IT tasks with human interaction.
  • Improves incident management process and reduces down-time.
  • Enables error-free configuration changes and eliminates potential service outages.
  • Granular control. Delegates tasks to users instead of delegating privileges.
  • Reduces operational costs and improves operational efficiency.
  • Automates repetitive and routine tasks.
  • Schedule tasks to augment after hours workforce.
  • Centralized visibility of business processes and workflows.
  • Easy to integrate other IT systems through a restful API and adapter-based approach.
  • Schedule and execute tasks, based on monitoring and performance driven events and alerts.
  • Orchestration and automation of IT processes that require multi-system integration.
  • Workflow-based network configuration and execution with sophisticated validation.
  • User and workflow-based activity logging and executive reports.
  • Multi-level and multi-type authorization scenarios with role-based access management.
  • LDAP, TACACS+, RADIUS and Local User based authorization and authentication scenarios.
  • Device discovery for detailed equipment inventory and multi-vendor support.
  • Adapter based protocol support including SSH, TELNET, SNMP, XML, NETCONF, JDBC, RESTFUL.

How does PTA work and benefit enterprises and service providers?

When a corporate customer creates a support ticket/incident to a service provider about a data connectivity problem, a technical level-1 support professional reads the ticket and connects to devices in the network to check status for troubleshooting purposes.

This is a repetitive task, and there are tens, even hundreds of them, each day.

Normally for this task to be completed, level-1 support professionals must have privileged access to many or all network devices.

This is the heart of the problem. In a big, service provider network, or in a large multi-site enterprise network, hundreds of individuals – employees and contractors – have direct access to the entire network.

Suddenly, the attack surface is huge, and the service provider is vulnerable to intentional insider attacks or accidental misconfigurations.

In addition to day-to-day task automation, improving admin access, there are critical emergency response actions. A security response can be triggered by AI or analytic tools based on a combination of events (SIEM tools are one of the most predominant examples of these analytics solutions). PTA can trigger countermeasure actions faster and more accurately than any employee.

One should never forget that, people, no matter how talented they are, may panic – but software never panics.

With Ironsphere’s PTA, emergency response actions are better automated, before the day of an attack comes.

Contact us for a personalized demo and discussion on the benefits of PTA for your organization.

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