IT Security and the Role of Technology in Retail Banking Security (Technology Focus)

Security is a fundamental requirement for banks as they fight a battle on all fronts against fraud, identity theft and account breaches.



Report Highlights
Banks need to invest in consolidating identity management across the enterprise so that end-users can have a single sign-on across all product systems, channels and locations in order to facilitate and simplify identity management. Multifactor authentication remains an important piece of the security picture for banks, however, regardless of the strength of authentication or any other such security measures, some breaches can occur regardless meaning that banks cannot depend solely on multifactor authentication as a means of preventing fraud. While banks need to have strong security solutions in place to manage individual elements of their operations, it is critical that they combine them with a cohesive security infrastructure that enables them to have a clear view of the threats they are exposed to at any given point in time across the entire enterprise.


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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
METHODOLOGY 1
ANALYSIS 2
IT security across the enterprise must provide the base of the bank's security operations 2
Banks need to ensure that they have the basics of network and data security covered 2
Security must be a key element of business continuity planning 3
Security needs to be built into data storage and information lifecycle management 4
Identity management must be extended as a single solution across all channels 4
Device management ensures that offline data is adequately protected 4
Banks must control the four main elements of identity and access management 5
Single sign-on will facilitate a strong, more cost efficient identity management system 5
Investments in multi-factor authentication will help banks reduce fraudulent attacks 6
Using multiple factors of authentication helps banks ensure they control access 6
Something I know 6
Something I have 7
Something I am 8
Authentication analytics are a critical part of the authorization process 9
Reverse authentication adds certainty for the end user 9
End user education is an important piece of the picture 10
Different factors of authentication will be suitable in different circumstances 10
Multifactor authentication has its limitations 10
Initial customer identification is critical to both identity management and authentication 11
Standardization, automation and analytics will be the key to strong bank-wide security 11
Security analytics need to be carried out across the entire enterprise 11
In order to pave the way for joined up security across the enterprise, banks must standardize 12
Banks need to consolidate their security operations to tackle both fraud and regulatory requirements 12
APPENDIX 13
Further reading 13
Ask the analyst 13

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Figure 1: Retail bank security investment priorities 3
Figure 2: Multifactor authentication 6

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