One of India’s Largest Financial Services Conglomerates Selects CyberArk To Reduce Cyber Risk and Streamline Compliance Requirements

NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)--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.

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Contacts

Media:
Nick Bowman

CyberArk

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Investor Relations:
Srinivas Anantha, CFA

CyberArk

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