Banks, UPI platforms rush to upgrade cyber security

New Delhi: Many of the country’s private sector banks and UPI platforms engaged in mobile banking are looking to upgrade their cyber security systems, thanks to the exponential increase in digital banking over the past couple of years and the quick adoption of cloud technologies amid the pandemic, with their recent conversations with cyber security providers primarily focused on identity security solutions.
“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 out 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 centred on intelligent privilege controls, told TOI.