Technology Record - Issue 30: Autumn 2023

FINANCIAL SERVICES Microsoft also provides an extensive array of supporting resources for customers, including the Compliance Program for Microsoft Cloud. This programme connects users with Microsoft experts on cloud-based risk, regulatory compliance, security, and privacy. Tools such as Microsoft Entra Verified ID and Microsoft Purview are aiding banks in safeguarding customer privacy. “With Entra Verified ID, financial services organisations can empower consumers to control their own identity credentials,” says Lisa Lee, chief security advisor and a global lead in Security Business Development. “The solution adopts a decentralised approach where customers have access to their credentials for various purposes, such as proving employment, education and training, all while tracking when and with whom their identity details were shared. Additionally, banks can employ these credentials to enhance authentication, reducing the risk of fraud.” Microsoft Purview is helping financial institutions to automate data protection and data security, to implement their data classification policies and to monitor data that may be at risk. Meanwhile, the Information Protection features in Purview facilitate data classification and ensure controls are commensurate with the risk and policy requirements. 131