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Managing Authorizations: A New Approach to Keep Banks Secure

Published by Jessica Weisman-Pitts

Posted on September 12, 2022

2 min read

· Last updated: February 23, 2026

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Cyber security concept illustrating bank authorization management for enhanced security - Global Banking & Finance Review
This image depicts a cyber security concept focused on managing authorizations, crucial for keeping banks secure in today's technology-driven landscape.
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By Gal Helemski, Co-Founder and CTO, PlainID The banking industry has an extensive history of utilizing complex access control systems to deliver on the financial needs of its clients. Compared to other industries, this level of familiarity comes as a benefit to the banks as they can be considered a knowledgeable resource for handling data […]

Managing Authorizations: A New Approach to Keep Banks Secure

Managing Authorizations: A New Approach to Keep Banks Secure

Managing Authorizations: A New Approach to Keep Banks Secure

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Key Takeaways

  • Shift from static RBAC to dynamic, policy-based authorization (ABAC/PBAC) to enforce least privilege and context-aware access decisions. (csrc.nist.gov)
  • Embed Zero Trust principles—verify every user, device, and session for each request across apps and APIs. (csrc.nist.gov)
  • Align identity practices with NIST SP 800-63-4 (final July 2025), which updates authentication guidance, adds passkey support, and expands anti-fraud controls. (csrc.nist.gov)
  • For open banking, implement the OpenID FAPI 2.0 Security Profile (Final, Feb 22, 2025) to harden high-assurance API authorization. (openid.net)
  • Payment environments must meet PCI DSS v4.0; future-dated controls became effective March 31, 2025—plan MFA and phishing-resistant controls accordingly. (blog.pcisecuritystandards.org)

Frequently Asked Questions

What is authorization management?
Authorization management refers to the process of determining and controlling who has access to specific resources and data within a banking system, ensuring that only authorized personnel can perform certain actions.
What is compliance in banking?
Compliance in banking involves adhering to laws, regulations, and guidelines set by governing bodies to ensure that financial institutions operate within legal frameworks and maintain ethical standards.
What is financial innovation?
Financial innovation refers to the development of new financial products, services, or processes that enhance the efficiency and effectiveness of financial markets and institutions.

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