The Security Policies tab is visible to operators who have the pzViewAuthPoliciesLP privilege in their Access Roles. This privilege is part of the role PegaRULES:SysAdm4.
Note: In a multitenant environment, each tenant can configure their own security policies or use the common security policies provided by the shared user. However, when a tenant uses the security policies provided by the shared user, if the shared user changes the security policies, then the tenant has to wait for at least 10 minutes before the changes are reflected.
For more information, see PDN article How to configure login security and password policies.