DCB Bank spruces up its cybersecurity posture with a new identity security solution

DCB Bank, a private sector bank in India, announced on Wednesday that it has implemented a new identity security solution to enhance cybersecurity posture.
 
Identity security ensures that only authorised users have access to sensitive information across devices and locations and that data is not compromised by malicious actors.
 
The bank stated that it has leveraged cybersecurity firm CyberArk’s Identity Security Platform to increase productivity, strengthen identity security, and further enhance compliance and auditing capabilities.
 
The Mumbai-based lender operates 442 branches across 20 states and two Union Territories, serving one million active customers and employing over 10,000 individuals.
 
Previously, the bank has utilised innovative technologies such as APIs, open banking, and robotic process automation (RPA) to improve service delivery, customer experience, and operational efficiency.
 
While DCB Bank already has a robust cybersecurity architecture in place, it said, it started to recognise the importance of investing in identity security to address the challenges of delivering automated customer interactions and personalised services for on-premises or cloud-based applications.
 
Additionally, the Reserve Bank of India (RBI) mandates that financial institutions strengthen their cybersecurity safeguards due to the rising frequency and complexity of cyber-attacks. In the first half of 2024, over 14,483 frauds were reported, compared to 5,396 cases during the same period a year ago, ranging from identity theft and account hacking to sophisticated phishing attacks.
 
Specifically, the bank aimed to implement a comprehensive secrets management strategy to protect credentials found in application code, which are increasingly targeted by attackers seeking to compromise financial services organisations. The bank collaborated with the vendor to implement the new Identity Security Platform, centrally rotating and managing credentials, eliminating vault sprawl, and aligning with existing developer workflows.

Rohan Vaidya, Area Vice President of South Asian Association for Regional Cooperation (SAARC) & India at CyberArk, explained that credentials found in source code and used by developers in production environments are highly sought-after by bad actors due to the access they provide to critical data and assets. CyberArk will help DCB Bank protect sensitive customer information while maintaining transaction integrity, banking services availability, and business resiliency.
 
Murali Mohan Rao Manduva, Chief Technology Officer of DCB Bank, said that the implementation has enabled the bank to establish a future-proof identity security strategy for current and future needs as it accelerates digital transformation to support its business goals.
 
DCB Bank is also exploring additional components under the CyberArk Identity Security Platform to create a consistent, single platform for application secrets and manage privileged access for internal and external IT users, developers, and applications, he said.