Whether the threat comes from a frustrated former employee or a current employee anticipating financial gain, privilege abuse patterns are pretty much the same.
Privilege account abuse is one of the most dangerous cyber security threats because it is relatively easy to execute and can be difficult to detect. The 2017 IBM Cost of Data Breach Study revealed that companies have lost millions on forensic and investigative activities and legal expenditures associated with security incidents in 2017.
Aside from financial losses, the overall damage for businesses can be irrecoverable.
Privilege Abuse Can Be Easy To Avoid.
Single Sign-On, or SSO as it is commonly known, is a feature that enables an end-user within an organization to access multiple services/applications, using just one set of credentials, for example, employee i.d or email address.
It involves two parts: authentication and authorization.
- Authentication is the process of identifying that the person logging in has the appropriate credentials
- Authorization allows access to the appropriate areas or content which have been granted by the administrator
The Benefits of SSO
- Convenience: The end user isn’t required to enter details such as usernames or passwords into applications they use multiple time a day.
- Efficiency: It reduces the workload of the I.T department, as fewer users are requesting password resets for multiple applications.
- Security: It can significantly increase the security of the I.T. environment.
The First VAT Provider To Offer SSO Privilege Account Management.
Taxback International recognise that privilege abuse resulting in data compromise is something that many of our clients worry about. To mitigate the threat of privilege abuse Taxback International have become the first VAT provider to develop an SSO Privilege Account Management solution.
VATConnect SSO offers single sign-on, real-time Active Directory integration, and comes pre-integrated with many leading financial services applications.
Our Single Sign On solution (SSO) is compatible with third party authentication systems (Federated Authentication systems) such as SAML (Security Assertion Markup Language) , OIDC (OpenID Connect) and OAuth (Open Authorization).
Using VATConnect SSO, clients can enter our VATConnect platform using their existing windows credentials. This means users don't have to create an account to join. They can simply use the account they already have and no need to remember complex passwords.
Extra Layer of Security.
But the real strength of VATConnect SSO comes to bear if an employee who has access to confidential financial data in Taxback International’s VATConnect platform were to leave your organisation. If an ex-employee were to attempt to login to VATConnect, the login authentication protocol identifies that the ex-employee no longer exists on the client’s active directory and access is immediately denied. This ensures that your confidential financial data remains safe at all times, decreasing the chance of credentials getting into the wrong hands.
Eamon Clune, Chief Operations Officer at Taxback International explains “data security is of upmost importance to us and our clients. Our systems are designed with the most rigorous bank level security in place, delivering to clients the highest level of governance and control in the industry”.
As market leaders in the VAT reclaim industry, we know how important technology is. Check out our other innovations here!