Finance Derivative Magazine Issue 5

Page 52

Technology

Scaling securely in the a

R

obotic process automation (RPA) has been one of the key technologies underpinning digital transformation and, since it first appeared on the market a few years ago, the market has grown substantially. Now expected to reach $11 billion by 2027, RPA helps organisations achieve the efficiency, accuracy and speed necessary to thrive. By successfully supplementing rather than replacing human resources, RPA is empowering workers to use their experience and capabilities in a more engaging and beneficial way, rather than focusing on manual and time-consuming processes. For example, in the financial services industry, RPA bots are helping to do everything from streamlining manual underwriting processes and reducing fraudulent activity through to account monitoring and assisting with new customer onboarding. While this leads to numerous benefits for workers and employers, organisations need to be aware that RPA comes hand-in-hand with specific security considerations. As with other new and powerful technological initiatives, RPA projects need to be approached with cyber security as necessary component. Doing so will allow organisations to deliver enhanced digital experiences both quickly and safely.

RPA advancement Multiple industries have embraced RPA as a means of solving business problems. Yet, early implementations of RPA, namely semi-attended bots, necessitated human supervision, requiring a person to hit the ‘go’ button in order to accomplish a task and requiring the user’s digital identity to do so. As organisations look to digitally advance however, ‘citizen developers’ or those who use low-code or no-code platforms to design their own automated processes have 52

taken it upon themselves to push automation to the next level – entirely unattended robots. These unattended robots though, require access to the same networks, systems, and applications as their human counterparts, including access to systems which require the highest level of privileged access. This access makes robot credentials and identities just as vulnerable to threat actors as those of human workers, and not effectively securing them provides opportunity for havoc. The future of RPA then, has created a rift between security and automation teams. With security professionals demanding stricter measures and the latter struggling to implement them, many developers have been discouraged and ceased their creativity and innovation whichc is necessary to advanceing RPA technology. Those developers who have decided to continue in their pursuits and adopt non-approved RPA programmes however, have created gaps in their company’s cybersecurity.

Putting security first Fortunately, there is a way to address security problems while still using secure unattended robots, allowing citizen developer innovation and without demanding additional work from the teams which organisations are wanting to free up. The solution is the automated and centralised management of RPA credentials.

All hard-coded privileged credentials are removed from robot scripts and replaced with an API call pointing to automatically rotated credentials maintained in a secure, centralised repository – rather than manually assigning, managing, and upgrading the credentials a bot needs to do its work. This ensures security mechanisms, such as multifactor authentication, password uniqueness


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Articles inside

4 Trends Driving Acceleration in the Insurance Industry

5min
pages 54-56

Scaling securely in the automation-first era

3min
pages 52-53

Highlighting Cyber Threats Before They Darken Your Business

5min
pages 46-47

The future of insurance – intelligent, automation-driven

5min
pages 38-39

Voice is the new frontier for growth and innovation in consumer banking

4min
pages 36-37

FS C-suite are “flying blind”: Three steps to make better

4min
pages 48-49

Corporate Banking In 2022 – An outlook on the industry

8min
pages 40-45

Safe haven bonds in an inflationary environment

5min
pages 34-35

Control over compliance: Navigating regulations in the finance

4min
pages 50-51

Yet to embrace the cloud? The competitive gap is widening

4min
pages 28-29

A lending revolution: bringing retail SMEs a new funding model that truly meets their needs

4min
pages 20-21

Tech collaboration: What does it mean for mortgages?

3min
pages 6-7

Why the future belongs to smart businesses?

4min
pages 12-13

How to optimise your KYC processes

3min
pages 14-15

New avenues for investing in the aviation sector

5min
pages 8-11

Constant Evolution: Cyber Threats, Regulation and Technology

4min
pages 22-23

Authentication vs. Authorisation in the SCA era

5min
pages 16-19

Why information is now the most valuable currency in banking

4min
pages 24-27
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