Cyber-Ark to safeguard Indian Banks from Cyber-Attacks
To safeguard the bank customers against cyber-attacks and misuse of electronic payment systems in India, Cyber-Ark has recommended certain measures and best practices for banks to step up their PCI DSS compliance through protecting cardholder information, payment card and merchant data.
The Reserve Bank of India has already mandated banks to start additional factor of authentication for all card not present (CNP) transactions, and introduce security measures to safeguard their customers against cyber-attacks.
The recommendations include implementation of Privileged Identity Management and Privileged Session Management solutions which can help secure, manage and control access to privileged identities and sessions across a wide range of systems in the data center.
All banks in India are required to ensure that the terminals installed at the merchants for capturing card payment should be certified for PCI-DSS (Payment Card Industry - Data Security Standards) and PA-DSS (Payment Applications - Data Security Standards). They should also ensure that all existing IP-based infrastructure and solutions are PCI-DSS and PA-DSS certified. With regard to these recommendations, the key security features of Cyber-Ark product suite includes providing end-to-end security services to banks and financial institutions, secure password management , automated management of privileged identities and also meets Visa Best Practices for Data Field Encryption.
By applying all these security norms, banks will be able to reduce risks associated with uncontrolled access to systems that contain cardholder data, create accountability and visibility on usage of privileged credentials, and increase workforce productivity around managing and accessing these accounts.
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