Fifth Third Named 2024 Enterprise Identity Management Project of the Year by the Identity Defined Security Alliance

Rhea-AI Summary

Fifth Third Bank has been honored with the 2024 Enterprise Identity Management Project of the Year award by the Identity Defined Security Alliance (IDSA). This recognition highlights the Bank's commitment to enhancing identity security for both customers and employees. Over the past four years, Fifth Third has implemented key security measures such as multi-factor authentication for employees and seamless login experiences for customers using its mobile banking app. This international award underscores the Bank’s leadership in identity management and sets a benchmark for the industry according to IDSA’s executive director, Jeff Reich.

Positive

• Fifth Third Bank received the 2024 Enterprise Identity Management Project of the Year award by IDSA.
• Implemented multi-factor authentication for employees, enhancing security.
• Enabled seamless login experiences for customers using the mobile banking app.
• Recognition sets a benchmark in the industry for identity management practices.
• The initiative supports both customer and employee security, bolstering trust.

Negative

• No direct financial impact or performance improvements were mentioned in the PR.
• The PR does not provide specific metrics on cost savings or return on investment from the identity management initiatives.
• The potential risks or challenges faced during the implementation of these security measures were not discussed.

Bank Honored for Prioritizing Identity Security for Customers and Employees

CINCINNATI--(BUSINESS WIRE)-- For the last four years, Fifth Third Bank has been on a modernization transformation journey to secure and enable its customers and employees. These efforts have been recognized by the Identity Defined Security Alliance (IDSA), which named the Bank the 2024 Enterprise Identity Management Project of the Year. Fifth Third is one of four companies to receive this international award.

The IDSA is a nonprofit organization that provides vendor-neutral education and resources to help organizations reduce the risk of a breach by combining identity and security strategies.

“Keeping our customers and employees secure within digital experiences is of the utmost importance to Fifth Third,” said Lori Anello, Fifth Third’s chief information security officer. “Identity and access management has been reshaping our capabilities and practices across the company and for millions of our customers.”

“Identity management is a critical security enabler for all digital functions across the Bank.”

Some enhancements Fifth Third is recognized for is enforcing multi-factor authentication for employees, to protect the Bank, and enabling seamless logins for customers using the mobile banking app.

“The Identity Management Awards honor those organizations and individuals who prioritize identity security as a core component of their operational philosophy. These awards celebrate the champions of identity management and security, recognizing those who not only implement these practices effectively but also advocate for their critical significance in the broader industry," said Jeff Reich, executive director of the IDSA. "We applaud Fifth Third Bank for their exceptional practices. They set a benchmark for others, demonstrating excellence in identity management that can inspire and guide peers."

The Identity Management Project of the Year – Enterprise Award goes to an end-user organization that has implemented an identity management and security project that exemplifies the use of identity management best practices while providing overall value to the business.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240611902212/en/

Beth Oates (Media Relations)

Beth.Oates@53.com | 313-230-9002

Matt Curoe (Investor Relations)

Matthew.Curoe@53.com | 513-534-2345

Source: Fifth Third Bank

FAQ

What award did Fifth Third Bank win in 2024?

Fifth Third Bank won the 2024 Enterprise Identity Management Project of the Year award by the Identity Defined Security Alliance (IDSA).

Why was Fifth Third Bank recognized by the IDSA in 2024?

Fifth Third Bank was recognized for its commitment to identity security and implementation of measures like multi-factor authentication and seamless customer logins.

What improvements did Fifth Third Bank implement for identity security?

Fifth Third Bank enhanced security by enforcing multi-factor authentication for employees and enabling seamless login experiences for customers using its mobile banking app.

How long has Fifth Third Bank been focusing on modernization for security purposes?

Fifth Third Bank has been on a four-year journey to modernize and enhance security for its customers and employees.

Who recognized Fifth Third Bank with the identity management award?

The Identity Defined Security Alliance (IDSA) recognized Fifth Third Bank with the 2024 Enterprise Identity Management Project of the Year award.