FINMA regulation required location based authentication
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Our biggest challenge was to solve location based perimeter for swiss people.
Rainer Witzgall – CRO Veridium
SIX Group
Finance
Switzerland
Challenge
The Swiss regulator FINMA requires financial institutions to restrict access to critical data depending on the location of the user.
Solution
VeridiumID provides an out of the box location based service, which can be used for the authentication flow.
Result
FINMA regulation is completely fullfilled and strong authentication is implemented.
We deliver full spectrum Continuous Authentication with Identity Threat Protection to prevent Account Takeovers for a Zero Trust World and digital sovereignty in Multi Cloud Environments.
Challenge
Ensuring Compliance with FINMA Regulations
The Swiss Exchange, the third largest in Europe, operates with 4,000 employees across four countries. It develops and maintains platforms for stock trading and post-trading, provides financial information, and distributes cashless payment systems. One of the significant challenges is to comply with FINMA regulations, which mandate that brokers outside Switzerland cannot access Customer Identifying Data (CID). Ensuring this compliance while maintaining seamless and secure access to their platforms is critical.
Solution
Implementing Advanced Authentication with Veridium
To address this challenge, SIX Group implemented VeridiumID’s comprehensive solution. This included a passwordless login system using location as one of the authentication factors. The solution enables passwordless access via Windows Desktop for session lock/unlock and VPN access. By integrating Geo-Fencing for CID, the system ensures that only authorized users within Switzerland can access sensitive data. VeridiumID’s solution integrates smoothly into the complex infrastructure of SIX Group, providing unified access both online and offline.
Result
Achieving Seamless Compliance and Enhanced Security
The implementation of VeridiumID’s solution resulted in full compliance with FINMA regulations. The strong authentication protocols, including Geo-Fencing and passwordless access, significantly enhanced the security and usability of the system. Brokers now have a seamless experience with consistent access control, and the SIX Group maintains its regulatory obligations without compromising on security or efficiency.
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Veridium prevents Account Takeovers better than anyone else. We protect the identity supply chain with AI-powered Identity Threat Protection.
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Priority Zero is Identity and Access Management. Because, if the idenetity is gone, hackers have an easy game to penetrate. And there is our standard - worldwide - Veridium.
Dr. Ralf Schneider – Group CIO, Allianz Insurance