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Single Sign-On (SSO) is a new technology that allows the employees to access all the companys data, websites, and apps using only one set of log-in credentials. However, like any system with such ambitious functions, SSO has its benefits and drawbacks. Some of these drawbacks can be mitigated through the careful and complex implementation process. Despite this possibility, the initial sources of the need for SSO must be evaluated, as some industries and businesses will benefit more from it and others less. In other words, in some sectors, SSOs benefits may not outweigh implementation costs and potential flaws. However, SSO is a useful tool for the finance industry, especially considering its assistance in preventing cyber crimes prevalent in this industry.
SSO has three major advantages compared to the standard sign-in system: greater security, increased compliance in security matters, improved usability and efficiency, employee satisfaction, and future lower IT costs. Across the board, the employees report greater levels of ease of access and consequent satisfaction, as they only need to remember one password. The improved efficiency is also a direct benefit, as the employees need less time and effort to access the data. Moreover, this efficiency leads to increased available working hours for employees and consequent greater focus and company profits, The reduction of login time over the 7 day period showed a net gain of 168.3 h per week (Koundinya & Baliga, 2020, p. 413). On the other hand, security in the SSO system can be both advantageous and a drawback, depending on the implementation. In other words, if the system is implemented correctly, including necessary additional precautions, SSO can significantly strengthen the whole IT system from cyber-attacks. However, if a simple approach is taken in SSOs initial setup stage, the security system can fall instantly after only one password is leaked. Thus, the benefits of SSO are apparent for any business, but careful implementation is necessary to avoid drawbacks.
SSO is a suitable solution for the finance industrys constant threat of cyber attacks. The finance industry is arguably the most targeted sector by cyber criminals because of its nature of dealing with money. Many security solutions before SSO were unnecessarily costly, complex, and, thus, prone to error. However, SSO has the potential to provide a simple solution that is relatively cheap to maintain and easier to strengthen. As mentioned before, SSO alone is not sufficient to achieve these results. However, combining such tools as Multi-factor Authentication (MFA) is perfect for cyber security in the finance industry, as MFA provides a crucial extra layer of protection. Moreover, the above-mentioned ease of access and improved employee satisfaction can serve as a leveraging ground for increasing security compliance among the employees. Security training and mandates for more secure passwords can further strengthen security. Employees are more likely to set up and remember a complex password if it is just one or a few. Thus, SSO is a good option for battling the finance industrys ever-present security threat.
References
Koundinya, V., & Baliga, S. (2020). A review on single sign on as an authentication. System, 7(06). Web.
Pandey, P., & Nisha, T. N. (2021). Challenges in single sign-on. Journal of Physics: Conference Series, 1964(4). Web.
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