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Banks and UPI platforms rush to upgrade cyber security

Many of the country’s private sector banks and UPI platforms that offer mobile banking are looking to upgrade their cyber security systems due to the rapid adoption of cloud technology during the pandemic and the exponential growth of digital banking over the past two years.

“Private banks have embarked on a cloud journey. For business continuity, they looked at a multi-cloud environment,…they went with the public cloud service providers like Amazon, Azure and Google to spread the risk due to outages, etc. Security-as-a-Service (SaaS) platforms started getting adopted very quickly. SaaS gives you a very good advantage of trying to market very quickly,” Rohan Vaidya, regional director of sales-India at CyberArk, a global pioneer in identity security solutions centered on intelligent privilege controls, said. 

He added that with WFH and cloud security adoption, most employees had become privileged access users. “If I put all three clouds together, any person or standard user could get 21,000 permissions, which until managed well can become a challenge,” Vaidya said, adding the privileges must be “set right”.

DevOps as a development framework was previously not very popular in the financial sector. With Covid, mobile and digital banking significantly increased in importance to the business and was quickly accepted by the people.

“So the speed at which you have to be able to change your applications has to be faster,” Vaidya said while adding that the developers sometimes ignore security and use open source tools, compromising credentials or ‘secrets’ that could lead to a disruption in business.

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BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.