IIFL Group Secures Developer Access To Sensitive Data and Applications With CyberArk
June 19 2024 - 9:25AM
Business Wire
One of India’s Largest Financial Services
Conglomerates Selects CyberArk To Reduce Cyber Risk and Streamline
Compliance Requirements
CyberArk (NASDAQ: CYBR), the identity
security company, today announced that IIFL Group, one of
India’s largest financial services conglomerates, has chosen the
CyberArk Identity Security Platform to implement least
privilege across vulnerable, high-risk developer endpoints for
greater threat protection, improved user experience and simplified
compliance reporting.
The IIFL Group employs over 30,000 people and caters to more
than seven million customers through various financial products and
services. It comprises IIFL Finance, IIFL Home Finance, IIFL
Securities, Livlong Insurance Brokers, 5Paisa and Livlong 365
Protection & Wellness Services.
Before adopting CyberArk, the Group’s cybersecurity teams
grappled with significant issues related to vulnerable, highly
privileged developer endpoints and inefficient compliance
processes. The risk of compromised identities due to developers
holding standing administrative rights posed threats such as data
loss, vulnerability injection and malicious software installation.
In addition, cumbersome compliance practices strained resources and
risked regulatory compliance, adherence to which is crucial for
financial institutions to maintain market share and customer
trust.
IIFL Group needed an identity security solution for developers
that was easy to administer but did not disrupt workflow. The Group
selected the CyberArk Identity Security Platform to manage and
secure developer access to sensitive data and applications, helping
prevent unauthorized software installations and protect its
development platform against malware. CyberArk applies intelligent
privilege controls to provide just in time access. In addition, it
secures stored credentials across all operating systems and
third-party applications, while its reporting and analytics
capabilities simplify compliance reporting demands.
Ameya Sathye, Vice President & Group Head of Cyber
Security, India Infoline Group, said, "CyberArk has played a
crucial role in enhancing our cybersecurity posture. The
implementation enabled us to adopt best practices in identity
security for our developers and has significantly improved the
experience for our administrators. We are highly satisfied with the
product, support and service provided by CyberArk."
Rohan Vaidya, Area Vice President, SAARC & India, CyberArk,
said, “The CyberArk Identity Security Platform enables
organizations like IIFL to effectively mitigate cyber threats to
developers, who often enjoy always-on, unrestricted access to
source code, production environments, databases and other critical
assets and due to this are highly sought-after targets. We are
pleased to partner with IIFL Group and look forward to supporting
the Group’s progression towards establishing more widespread,
resilient and streamlined cybersecurity practices to protect all
identities, human or machine.”
To read more about CyberArk’s work with the IIFL Group, please
visit: https://www.cyberark.com/customer-stories/iifl-group/
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.
Copyright © 2024 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
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version on businesswire.com: https://www.businesswire.com/news/home/20240619762324/en/
Media: Nick Bowman CyberArk +44 (0) 7841 673378
press@cyberark.com
Investor Relations: Srinivas Anantha, CFA CyberArk
617-558-2132 ir@cyberark.com
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