Identity and Access Management in the Cloud: Strengthening Authentication and Authorization for Financial Tech
Ravi Jagadish
Manager, Data Engineer, Leading Financial Tech Company
Richmond, Virginia
Abstract
In an era where cloud computing has become ubiquitous, its adoption in the financial technology (FinTech) sector poses unique security challenges, notably in identity and access management (IAM). IAM serves as a cornerstone for safeguarding sensitive financial transactions and personal data against unauthorized access and cyber threats. This paper explores the intricacies of IAM within the cloud environment, focusing on enhancing authentication and authorization processes for financial services. Financial institutions can strengthen their security posture by employing advanced IAM strategies, such as granular permissions, role-based access control, and stringent policy enforcement. Through the examination of Amazon Web Services (AWS) IAM, we illustrate how tailored IAM policies and practices can mitigate vulnerabilities and ensure robust banking security in the cloud.
Keywords
Cloud Computing, Access Management, Banking Security, Vulnerabilities, Cloud Controls, Data Protection, Role-Based Access Control (RBAC), Compliance and Regulatory Frameworks, Cloud Native Security
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