One of the leading mid-size banks in the financial industry in the USA, the bank provides operates in more than 10 states within the country. The bank provides services in retail, commercial, mortgage, investments etc. across multiple states.
The client needed a short-term and a long-term strategy to address multifactor authentication (MFA) for its privileged users. The bank identified risks as a part of their risk assessment program and needed to mitigate the risk. The bank faced many challenges to address a strategy as follows:
- Defining a common standard definition for privileged access across infrastructure groups, application groups, business and technology executives.
- Identification of users with privileged access within applications.
- Identifying the right technology platform for privileged access.
- Delivering a solution that meets both the short and long-term solution.
The iQuasar Solution
iQuasar’s Professional Services Division took the challenge upfront and started working towards delivering on the requirement. iQuasar Cyber Security lead met with the client and addressed the issue head-on as a process and technology challenge and not just a technology solution.
Our Team’s Role
iQuasar Cybersecurity lead along with one security architect reviewed the client requirements and technology platform, and processes that needed to be streamlined to review risks associated to the bank across multiple lines of businesses. iQuasar’s team conducted the following activities:
- Reviewed requirements with Information Security, LOB(s), ITRM, Enterprise Application teams.
- Reviewed actual definitions of privileged users and created a common enterprise policy with Information security group.
- Designed MFA enterprise solution that will meet the bank’s requirements for privileged users
- Identified current gaps in the following areas:
- Business processes
- Technology landscape and overlap
- Technology ownerships
- Risk levels
- Application owners
- iQuasar completed the following technology deliverables for MFA:
- Architectural strategy document identifying solution for enterprise MFA across the bank
- Technology platform comparisons
- Risk analysis and mitigation strategy for privileged users, including process aligned with user Joiner, Mover and Leaver processes
- MFA leading practices
- 03-24 months roadmap for implementation of the technology solutions
How this solution proved beneficial for the Client:
Our client was ready to tackle this complex issue of access rights and understanding the risks associated with such user access. iQuasar’s strategy was to highlight the risk and provide a short and long-term strategy by utilizing the current bank technology platform and address gaps in current bank processes. By providing leading practices based on risk, the client addressed the high risk issue with iQuasar’s MFA implementation roadmap.