DBT Bureau
Pune, 10 July 2024
CyberArk, the identity security company, stated that leading Indian bank DCB Bank Ltd. has chosen the CyberArk Identity Security Platform to augment productivity, strengthen identity security, and further bolster compliance and auditing capabilities. Built for the dynamic enterprise, the CyberArk Identity Security Platform enables secure access for any identity — human or machine — to any resource or environment from anywhere, using any device.
DCB Bank Ltd. is one of India’s new-generation private sector banks with 442 branches, one million active customers and over 10,000 employees1. It uses new and innovative technologies to transform service delivery and customer experience as well as optimize operations.
Despite already having a robust cybersecurity architecture in place, DCB Bank understood the value of increasing its investment in identity security to meet the challenges of delivering automated customer interactions and personalized services for applications based either on-premises or in the cloud. Additionally, the Reserve Bank of India mandates that financial institutions strengthen their cybersecurity safeguards due to the increased frequency and complexity of cyberattacks.
Specifically, the bank aimed to implement a comprehensive secrets management strategy to manage and protect credentials found in application code. These are increasingly targeted by attackers looking to compromise financial services organizations. The bank worked with CyberArk to implement CyberArk Secrets Management, part of the CyberArk Identity Security Platform, to centrally rotate and manage credentials, eliminate vault sprawl and dovetail with existing developer workflows.
Murali Mohan Rao Manduva, Chief Technology Officer of DCB Bank, said, “CyberArk is a significant partner in DCB Bank’s robust governance framework, information security practices and business continuity plan. Partnering with CyberArk has helped to develop a future-proof identity security strategy for current and future 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) & India at 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 manage privileged access for internal and external IT users, developers and applications.
