CyberArk > Case Studies > Finansbank Relies on CyberArk to Automate Manual Tasks That Enable it to Streamline Operations and Improve its Security Posture.

Finansbank Relies on CyberArk to Automate Manual Tasks That Enable it to Streamline Operations and Improve its Security Posture.

Customer Company Size

Large Corporate

Region

Europe

Country

Turkey

Product

CyberArk Privileged Account Security Solution
Enterprise Password Vault
Application Identity Manager
Inter-Business Vault

Tech Stack

MSSQL
Oracle
Windows
Unix
RSA tokens

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Productivity Improvements
Customer Satisfaction
Cost Savings
Digital Expertise

Technology Category

Cybersecurity & Privacy - Identity & Authentication Management
Cybersecurity & Privacy - Security Compliance
Application Infrastructure & Middleware - Database Management & Storage

Applicable Industries

Consumer Goods
Finance & Insurance

Applicable Functions

Business Operation
Quality Assurance

Use Cases

Remote Asset Management

Services

System Integration
Training
Cybersecurity Services

About The Customer

Finansbank is a leading global consumer bank founded in Turkey in 1987. It operates in 10 countries with more than 460 branches and seven million customers. The bank recorded a net profit of $433 million (USD) in 2009 and has more than 10,200 employees. IBTECH S.A., a subsidiary of Finansbank, is responsible for managing the bank’s core banking solution, infrastructure design, project management, and services management. The bank is known for its extensive reach and significant customer base, making it a prominent player in the consumer banking industry.

The Challenge

Finansbank faced daunting IT security and compliance challenges associated with its highly manual, time-consuming approach to managing privileged passwords to its core banking systems. There was one dedicated password for each server and each device in the network. All passwords were stored in approximately 200 separate paper envelopes in a physical vault. If anyone needed access to an application, server, or necessary system, password requests were processed through a service center and issued by hand by the IT team. If there was ever a server crash or the need for a password to be accessed immediately, as in a break-glass scenario, it could take more than 30 minutes just to get the right envelope. Additionally, password inventory was stored in an Excel file, audit reports were limited, and the process for manually resetting passwords after each use wasn’t efficient. The manually-intensive approach to password management was impeding the bank’s ability to scale operationally, it was difficult to manage power users, and meeting audit and compliance requirements put a serious strain on resources.

The Solution

Finansbank worked with ErCon, a reseller partner in Turkey, to select CyberArk’s Privileged Account Security Solution to tackle its initial pain points associated with password management. The Privileged Account Security Solution is a full lifecycle solution for securing, managing, automatically changing, and monitoring all activities associated with privileged accounts. Specifically, Enterprise Password Vault® enables organizations to enforce an enterprise policy that protects their most critical systems, managing the entire lifecycle of shared and privileged accounts across data centers. Finansbank began installing CyberArk’s Enterprise Password Vault in October 2009, which included integration with ArcSight and RSA tokens for one-time use passwords. All physical envelopes were transferred to an electronic, virtual vault as part of the Privileged Account Security Solution. The IT team established a dual-control (request-approve) mechanism so each operational group can access its own safes without external approval. Finansbank established a MasterKey for rapid request approvals, and all actions associated with password management have been fully automated, from requests to resets, resulting in better authentication and audit capabilities.

Operational Impact

Finansbank established a MasterKey for rapid request approvals, and all actions associated with password management have been fully automated, from requests to resets, resulting in better authentication and audit capabilities.
All user accounts are now integrated within the CyberArk Privileged Account Security Solution’s central repository – including MSSQL, Oracle, Windows admins, Unix Root and admins, ATMs, Qmatics netscalers, switches, routers, swift users, firewall, and Cisco user accounts.
Finansbank took on a massive project that required fundamental changes across people, process, and technology elements. Keys to a smooth roll-out included preimplementation workshops that educated users on the technology’s capabilities while allowing participants to play a role in defining the scope of the project.
The bank now has a fully-automated, 24/7 system that streamlines operations, lowers enterprise risk, and improves reporting and audit processes on its 3108 privileged accounts in which it has ATM and q-matic passwords managed in 86 different virtual vaults.
Going forward, Finansbank will expand its use of the CyberArk Privileged Account Security Solution, including the implementation of Application Identity Manager™ for privileged accounts embedded in applications. The bank also intends to introduce the CyberArk Inter-Business Vault® for governed file transfer.

Quantitative Benefit