INDUSTRY WATCH needs as the Bank accelerates digital transformation in support of its business goals .”
Rohan Vaidya , Area Vice President , South Asian Association for Regional Cooperation ( SAARC ) and India , CyberArk , said : “ CyberArk is committed to supporting DCB Bank against attacks that seek to compromise identity . Credentials found in source code alongside those used by developers in production environments are highly sought-after by bad actors due to the access they can provide to critical data and assets . CyberArk will help DCB Bank ensure that sensitive customer information is protected while maintaining transaction integrity , banking services availability and business resiliency .”
DCB Bank is also evaluating additional components under the CyberArk Identity Security Platform so that it can build a consistent , single platform for application secrets and to manage privileged access for internal and external IT users , developers and applications . p
Background – DCB Bank and CyberArk
DCB Bank is a leading adopter of new technologies to improve customer services and cyber security .
Additionally , the Bank is continuing its digital transformation drive with a raft of innovative and emerging technologies including select fintech tie up , AI , machine learning , blockchain , Internet of Things ( IoT ), robotics and Big Data .
These will enable the Bank to offer customers futuristic services , world class banking experience , customer self-service options and enhanced security while achieving operational excellence . Implementation of these technologies will also enable the Bank to automate customer interactions and offer personalized services based on real-time data while creating new ways of engaging with customers .
However , these technologies also expand the threat landscape .
One particular concern is the protection of the credentials living across the code of applications . Breaches into systems of other organizations bring into sharp focus the risks that the regional financial sector faces .
The threat looms large , it is unrelenting , the modus operandi sophisticated and crops up at the most innocuous of places . A wakeup call for the entire sector , it has spurred DCB Bank to intensify its own secrets management strategy .
DCB Bank conducted an evaluation of various solutions on the market and decided to partner with CyberArk – primarily chosen because it offered the Bank a more secure and professional way to manage application secrets .
DCB Bank deployed CyberArk Secrets Manager and the implementation was managed by the Bank and its CyberArk business partner , along with close and responsive support from CyberArk .
DCB Bank employed the CyberArk Blueprint framework to continuously achieve risk reduction and accelerate operational efficiencies . For instance , DCB Bank has onboarded a few applications initially to understand the stability and subsequently onboarded more business-critical applications .
The solution manages , rotates and secures thousands of secrets across hundreds of commercial and homegrown applications , Java , . Net , automation scripts and other non-human identities with secrets vaulted in CyberArk Secrets Manager .
Applications typically include non-banking and back-office for business functions such as Asset products ( loans ).
The onboarded applications , which are expected to increase significantly in due course , are either on-premises or the cloud .
The CyberArk Secrets Manager solution is evolving to become a key part of DCB Bank ’ s highly automated environment that uses the latest technologies to support business functions .
The Bank ensures its information and cybersecurity policies are updated periodically to ensure protection of customers ’ sensitive information , transaction integrity , availability of banking services and resiliency when faced with emerging cybersecurity risks .
Furthermore , the Bank has a 24 × 7 Security Operations Center to monitor security alerts and take appropriate actions .
CyberArk also had a major impact on improving efficiency and productivity as developers can reuse modules from existing applications with new ones .
Overall , the key benefits of CyberArk adoption are pitched as :
• Protecting brand reputation and competitive advantage
• Making existing security posture stronger
• Helping meet current and future banking regulations
• Delivering accurate , detailed and transparent data for auditing
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