DCB Bank Delivers Secure Services to Customers With CyberArk

Rhea-AI Summary

CyberArk (NASDAQ: CYBR), a leader in identity security, announced that India’s DCB Bank has implemented the CyberArk Identity Security Platform. This platform enhances productivity, strengthens identity security, and improves compliance and auditing capabilities.

DCB Bank, one of India’s new generation private sector banks with 442 branches, one million active customers, and over 10,000 employees, has chosen CyberArk to manage and protect credentials found in application code. This move aligns with the Reserve Bank of India's mandate for stronger cybersecurity safeguards due to increasing cyber threats.

The implementation includes CyberArk Secrets Management to rotate and manage credentials centrally and eliminate vault sprawl. DCB Bank aims to ensure sensitive customer information is protected while maintaining transaction integrity and business resiliency.

Positive

• DCB Bank's implementation of the CyberArk Identity Security Platform boosts productivity and strengthens identity security.
• The platform assists in complying with the Reserve Bank of India's cybersecurity mandates.
• CyberArk Secrets Management helps in managing credentials, protecting customer information, and maintaining transaction integrity.

Negative

• None.

CyberArk manages, rotates and secures thousands of secrets across hundreds of commercial and homegrown applications

NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the identity security company, today announced 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 services 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 to manage privileged access for internal and external IT users, developers and applications.

To read more about the DCB Bank’s story, please visit: https://www.cyberark.com/customer-stories/dcb-bank/

¹ per reported financial results for 1 April 2023 to 31 March 2024.

About CyberArk:

CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, X, Facebook or YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710654238/en/

Media:

Carissa Ryan

press@cyberark.com

Investor Relations:

Erica Smith

IR@cyberark.com

Source: CyberArk

FAQ

What recent collaboration did DCB Bank announce involving CyberArk?

DCB Bank announced its collaboration with CyberArk to implement the CyberArk Identity Security Platform, enhancing productivity and identity security.

How does CyberArk's platform benefit DCB Bank?

CyberArk's platform helps DCB Bank manage and protect credentials, comply with cybersecurity mandates, and maintain transaction integrity and business resiliency.

What is CyberArk's stock symbol?

CyberArk's stock symbol is CYBR.

Why did DCB Bank choose CyberArk's Identity Security Platform?

DCB Bank chose CyberArk's Identity Security Platform to strengthen identity security, bolster compliance and auditing capabilities, and manage application secrets.

What type of security measures has DCB Bank implemented with the help of CyberArk?

DCB Bank has implemented CyberArk Secrets Management to centrally manage and rotate credentials, protecting them from cyberattacks.