RBL Finserve selects CyberArk to safeguard customer data, boost resilience

RBL Finserve, part of RBL Bank, is strengthening its cybersecurity posture. The company has partnered with cybersecurity firm CyberArk to improve cyber resilience, safeguard customer data and ensure business continuity in the face of a rapidly evolving threat landscape.

Through a network of over 1,000 branches, RBL Finserve provides financial services for millions of customers, with an especially strong presence in economically vulnerable communities. Its increased reliance on third-party services, cloud computing and remote work meant that perimeter-based cybersecurity was no longer a viable model to protect a growing number of identities.

The security team was also determined to boost its ability to guard against password leaks, the company said in a statement.

S K Mohanty, Chief Information Officer at RBL Finserve, said, “The new Security Platform has enabled RBL Finserve to integrate a security-first mindset into its digital transformation initiatives.”

The Mumbai-based fintech implemented the CyberArk Identity Security Platform built on zero trust principles to protect credentials and manage privileged accounts. Specifically, it implemented CyberArk Privileged Access Manager and CyberArk Workforce Identity. The company is now able to manage IT administrators’ privileged access by isolating and monitoring sessions while continuously rotating credentials.

RBL Finserve also consolidated the CyberArk Single Sign-On (SSO) and Adaptive Multifactor Authentication (MFA) as an essential part of its foundation planning to expand intelligent privilege controls across all human identities that access its systems, including third-party vendors, Mohanty said adding that this has set a new benchmark for the lender’s digital trust and safety.

Rohan Vaidya, Area Vice President, South Asian Association for Regional Cooperation & India, CyberArk said that RBL Finserve is using CyberArk’s intelligent privilege controls to protect customer data as well as the systems and processes that serve millions of households and businesses.

Needless to say, the banking, financial services and insurance (BFSI) sector has been one of the most vulnerable to cyber-attacks. According to the RBI's Financial Stability Report, published in June, over the past 20 years, more than 20,000 cyber-attacks have been reported in the financial sector, leading to losses amounting to $20 billion.