Connect with us

Headlines of the Day

Banks, UPI platforms rush to upgrade cyber security

Many of the country’s private sector banks and UPI platforms engaged in mobile banking are looking to upgrade their cyber security systems, thanks to the exponential increase in digital banking over the past couple of years and the quick adoption of cloud technologies amid the pandemic, with their recent conversations with cyber security providers primarily focused on identity security solutions.

“Private banks have embarked on a cloud journey. For business continuity, they looked at a multi-cloud environment,…they went with the public cloud service providers like Amazon, Azure and Google to spread out the risk due to outages etc. Security-as-a-Service (SaaS) platforms started getting adopted very quickly. SaaS gives you a very good advantage of trying to market very quickly,” Rohan Vaidya, Regional Director of Sales-India at CyberArk, a global pioneer in identity security solutions centred on intelligent privilege controls.

He added that with WFH and adoption of cloud security, most employees have become privileged access users. “If I put all three clouds together, any person or standard user could get close to 21,000 permissions, which until managed well can become a challenge,” Vaidya said adding that the privileges must be “set right”.

Also, DevOps as a framework for development was earlier not very popular in the financial segment. With Covid situation, mobile banking and digital banking became a very large part of the business and the people quickly adopted it. “So the speed at which you have to be able to change your applications has to be faster,” Vaidya said while adding that the developers sometimes ignore security and use open source tools, compromising credentials or ‘secrets’ that could lead to a disruption in business.

“The Cloud, SaaS and DevOps environment have opened up a different front from a cyber challenge perspective,” said Vaidya. These technologies have been adopted in the last 24-30 months, but the traditional IT security teams have not been there to catch up, he feels.

CyberArk’s existing customers in India, Vaidya said, have been coming back and asking what more they can do to make their systems secure or that there is a shift in the way they are going to be doing business. “Only from privileged access, a lot of customers are now moving to identity security as a platform,” said Vaidya.

CyberArk claims to provide the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud workloads and throughout the DevOps lifecycle.

Built for the dynamic enterprise, the CyberArk Identity Security Platform secures access for any identity to any resource or environment from anywhere using any device. Centered on intelligent privilege controls, the platform addresses the broadest range of identity security requirements, all from a single admin portal with unified audit and threat detection and response.

CyberArk, founded in Israel in 1999 by Udi Mokady who is also the CEO, is providing cyber security solutions to around 275-300 customers in India that include energy companies, banks in the public and private sector, UPI platforms, large enterprises with automated manufacturing, system integrators providing working with Fortune 500 companies start-ups that already have seed funding and are preparing for an IPO.

The company secures the assets of 7,000 clients across the world. With a revenue of $502.9 million 2021, it has been actively transitioning its business to a subscription model. Pehal News

Click to comment

You must be logged in to post a comment Login

Leave a Reply

 

Copyright © 2022 Communications Today

error: Content is protected !!