Several private sector banks and UPI platforms engaged in mobile banking in India are seeking to upgrade their cybersecurity due to the increase in digital banking in the past few years and the quick adoption of cloud technologies amid the coronavirus pandemic. Now, the banks and UPI platforms are primarily focusing on identity security solutions found in the recent conversations with the cyber security providers.
Rohan Vaidya, Regional Director of Sales-India at CyberArk and who is the global settler of identity security solutions centered on intelligent privilege controls, said that Private banks have started their cloud journey. They sought a multi-cloud environment for business growth and continuity. The banks chose the public cloud services such as Amazon, Azure, and Google to outstretch the risk due to outages and many more. Security-as-a-Service (SaaS) platforms are starting to get adopted very rapidly. These platforms provide an opportunity to try to market very quickly.
He further added that with the WFH opportunity and adoption of cloud technology, several employees have become privileged access users. Emphasizing on the privileges must be set right, Vaidya said that if all the three clouds are combined, any person or standard user could get close to 21,000 permissions which until organized generously can become a major challenge.
However, DevOps as a framework was not very popular for development in the financial segment. With the Covid pandemic situation, mobile banking and digital banking became a large part of the business and people adopted them very quickly. Hence, he said that the pace at which the banks should be able to change their applications has to be faster. Further adding that sometimes, developers ignore the security and use open source tools compromising on credentials which could lead to a disturbance in the business.
Vaidya said that from the cyber security perspective, The Cloud, SaaS, and DevOps environments have opened up different foreparts. According to him, these technologies have been adopted very quickly in the last 24-30 months but the traditional IT security teams were not there to catch up.
CyberArk’s existing customers in India are coming back and asking what they can do to make their systems more secure or that there is a shift in the way they are going to do business. Only from privileged access, several customers are moving to identity security as a platform.
CyberArk claims to provide the most thorough security for any identity that is whether a human or machine across the variety of business applications, distributed workforces, hybrid cloud workloads, and throughout the DevOps lifecycle.
CyberArk Identity Security Platform which is built for dynamic enterprise secures access for any identity to any resource or environment from anywhere using any device. Focused on intelligent privilege controls, the platform covers a vast range of identity security requirements, all this from a single admin portal along with unified audit and threat detection and response.
CyberArk was founded in Israel in 1999 by Udi Mokady who is also the CEO of the company. The company provides cybersecurity solutions to around 275-300 customers in India which include energy companies, system integrators providers working with Fortune 500, Public as well as private sector banks, UPI platforms, large enterprises with automated manufacturing, and companies start-ups that already have seed funding and are preparing for an IPO.
