So, before IoT creates new online security risks, rigorous application security is a must-have for enterprises and government agencies to deliver secure mission-critical services to their stakeholders and protect their personal information.
Organizations like an inland revenue authority or a growing financial institution constantly review the resilience of their digital services against evolving web and application security threats.
In Singapore, a Civil Service College case study on the Inland Revenue Authority (IRAS) cited a comment by latter’s deputy commissioner James Khor last year: “If taxpayers can self-help, what we offer is easy, simple, and reliable e-services. Our website is simple to navigate, the information is authoritative, up-to-date, and you can rely on it to fulfill your tax obligations.”
Technologies underpinning these e-services include 4A capabilities provided by i-Sprint’s UAM to custom applications in IRAS’ Inland Revenue Interactive Network. A fine-grained authorization framework based on the UAM segmented hierarchy-based security administration allows delegated granular access by taxpayers and organizations, third-party tax agents, and organizational employees.
Internet banking is another area where rigorous application security is particularly critical, not only to replace legacy client-server systems but also to comply with or exceed security guidelines outlined by the central bank or monetary authority.
McKinsey’s Digital Banking in Asia report suggests as much: Asian banks are recognizing that cybersecurity must be treated as a core business function. This is corroborated by a study by McKinsey and the World Economic Forum where 80% of global banking IT executives believe that the risk of a cyberattack is a significant issue that could have major strategic implications.
In this regard, the AccessMatrix UAM solution’s core security infrastructure technology – SSO, hierarchical administration of user IDs and access privileges, and an efficient way for existing applications to securely sign on to target databases, etc. – supports critical e-banking applications.
Coupled with externalized authorization and extensible authentication, UAM paves the way for banks and other organizations to do more than provide security services through mobile and internet channels.
As McKinsey’s Digital Banking in Asia authors point out, “For some banks, integrated multichannel access will become a core feature of their value proposition, including a light physical presence and agents to enhance the customer experience, as well as to promote trust and branding.”
To promote trust, in particular, i-Sprint’s rigorous application security lays the requisite foundation for trustworthy IoT connecting diverse wearable devices and internet-enabled devices in homes, offices, and places of business.
This is a QuestexAsia feature commissioned by i-Sprint Innovations.