Financial services, often considered one of the most reliable industries, is now venturing into the realm of cloud computing. With an estimated 60% of North American banks planning to invest in cloud technology, financial institutions are rapidly adopting multi-cloud strategies. The use of multiple public clouds allows organizations to meet data sovereignty requirements and mitigate the risk of vendor lock-in. While cloud adoption brings significant operational benefits, it also brings multiple security risks. In a multi-cloud, multi-cluster environment, each cloud asset has its own identity that needs to be securely managed. The only way to manage these identities safely is through third-party tooling for automation and control.
Using Kubernetes as the de facto system for managing containers in the cloud environment is a popular choice for financial services companies. It enables them to run workloads across multiple cloud environments, which reduces vendor lock-in and enhances performance. However, it also brings significant identity management challenges, and failure to keep identities secure can make machines vulnerable to hijacking, data breaches, and more. The current cloud native identity management tools are not effective in managing machine identities continuously, nor do they work across other providers’ environments.
The challenges increase further as the number of machine identities is predicted to more than double from nearly 250,000 to at least 500,000 by 2024. Modernizing digital transformation initiatives in the financial services sector will continue to increase the number of machine identities in these organizations by at least 26%. In order to manage this significant growth, security teams must use a single automated machine identity management solution to work across all cloud and container environments.
Machine identity management (MIM) is the key to managing compliance risk in a multi-cloud, multi-cluster world. Automated MIM solutions configure and renew certificates, deliver cross-cluster visibility, and help teams check the status of machine identities. These solutions enable security teams to answer any auditor questions with confidence and provide automated error displays down to the individual certificate-layer, making remediation easier. With a control plane for managing machine identities, financial services institutions can rest assured that complex cloud environments remain secure even as they continue to evolve.
With a single MIM solution that offers cross-cloud and container visibility, security teams can manage complex multi-cloud environments securely. Such solutions allow financial services organizations to comply with stringent regulations and provide effective risk management, ensuring that their reputation, customers, and financial information remain protected. At the same time, automated MIM solutions can save time, money, and resources for the security and developer teams. Financial institutions must prioritize security in their cloud-native journey to ensure optimal results while minimizing risks.