Banks and UPI platforms rush to improve cybersecurity

New Delhi: Many private sector banks and UPI platforms in the country engaged in mobile banking are looking to upgrade their cyber security systems, thanks to the exponential increase in digital banking services over the past two years and the rapid adoption of cloud technologies amid the pandemic.
“Private banks have moved into the cloud. For business continuity, they have looked at a multi-cloud environment,… they have gone with public cloud service providers like Amazon, Azure and Google to spread the risk due to outages, etc. Security as a Service (SaaS) platforms have started to be adopted very quickly. SaaS gives you a very good advantage of trying to get to market very quickly”, Rohan Vaidya, Regional Director of sales for India at CyberArk, a global pioneer in identity security solutions centered around intelligent privilege controls, said.
He added that with remote working and the adoption of cloud security, most employees have become privileged access users. “If I put the three clouds together, any person or standard user could get 21,000 permissions, which until well managed can become a challenge,” Vaidya said, adding that the privileges must be “properly defined”.
Also, DevOps as a development framework was previously not very popular in the financial segment. With Covid, mobile and digital banking has become a very big part of business and people have quickly embraced it. “So the speed at which you need to be able to modify your apps needs to be faster,” Vaidya said, while adding that developers sometimes ignore security and use open-source tools, compromising credentials or “secrets”. “which could cause disruption. in the business.