National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.

NextLabs says it will be working with NIST’s National Cybersecurity Center of Excellence (NCCoE), “bringing together experts from academia, the financial services sector, and cybersecurity vendors to produce a practice guide – a practical, user-friendly document that facilitates the adoption of standards-based approaches to cybersecurity”.

The identity and access systems used by the financial services sector “can be fragmented, incompatible, and operate in isolation from one another” and thus “securing them from attackers or insider threats is difficult”, NextLabs explains.

“These complexities also impede the secure adoption of new technologies such as mobile and cloud computing.

“To address these challenges, the financial services sector needs the ability to centrally issue, validate, and modify or revoke access rights for an entire enterprise based on easy-to-understand business rules,” it states.

“The goal of this project is to demonstrate ways to link the management of existing disparate identity and access mechanisms and systems into a comprehensive ARM solution.”

Harry Perper, NCCoE chief engineer at NIST, says the collaboration with stakeholders is key to the venture’s success.

The guide is available the NCCoE website – click here to view and download it.

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