Yes. When you add a new user, you have the option to choose which security groups the user belongs to. To edit these settings, log into your dashboard and go to ACCOUNT > ACCOUNT USERS.
Once there, click the gear icon ( ) next to the user you want to manage. Scroll down to the bottom where you'll see the title: USER SECURITY GROUPS. Pick and choose which security groups your user can be a part of. Please note, any security group with "-All" next to it shuts off that entire section from the dashboard. So, for example, if don't want to allow any access to Email Messaging, you can uncheck "Email Messaging - All".