As we dive deeper into the digital age, non-human identities (NHIs) are becoming essential in our banking systems. These include applications, scripts, and service accounts that help streamline operations. However, many organizations still haven't secured these vital assets. In this article, I’ll explore the role of NHIs in fintech and open banking, the challenges they pose, and some strategies to better secure them.
Understanding Non-Human Identities
NHIs are crucial for open banking and fintech. They enable seamless integration through API services, automating processes that enhance operational efficiency. But with their increasing use comes a host of security issues.
The rapid growth of NHIs is largely due to cloud adoption and automation. Unfortunately, this growth has outpaced many organizations' ability to secure these identities.
The Double-Edged Sword of NHIs
While NHIs facilitate our modern banking landscape, they also present significant security challenges:
Many companies still depend on outdated methods for managing these identities. A recent survey revealed that 88% of organizations admitted their practices lag behind those for human identities. This reliance on antiquated methods leaves them wide open to attacks.
Another major hurdle is the complexity introduced by hybrid and multi-cloud environments. Over a third of respondents in the same survey cited difficulties managing NHIs across such diverse settings.
And it doesn’t stop there; insecure practices persist as well. Shockingly, nearly 31% store long-term credentials in code, while almost 24% share sensitive information via email or messaging apps.
Perhaps most concerning is the low confidence among organizations regarding their current practices—only about 20% expressed strong assurance in their NHI management strategies.
Strategies for Better NHI Security
So how can we tackle these challenges? Here are some strategies:
First off, maintaining an updated inventory of all NHIs is crucial. Solutions like Rezonate can provide visibility into your NHIs’ authorization structures and access conditions.
Next up is lifecycle management; regularly rotating credentials like API keys is essential to minimize risks associated with static credentials.
Applying strict access controls based on the principle of least privilege ensures that NHIs have only necessary permissions—no more, no less.
Continuous monitoring can also help detect abnormal behaviors associated with these identities before they escalate into full-blown breaches.
Adopting a zero-trust approach where every access request is verified will go a long way in securing both human and non-human identities alike.
Lastly, integrating security processes across hybrid infrastructures will ensure comprehensive protection as most companies operate across various platforms today.
Summary: The Path Forward
The growing presence of non-human identities in our digital ecosystems amplifies existing security challenges but does not render them insurmountable. By adopting strategic measures tailored specifically for these entities, organizations can significantly bolster their defenses against potential threats.
