With good 10-year track record using its existing security platform, the bank will extend protection to digital and mobile banking initiatives.
In view of rampant and escalating fraud, as well as the strong growth of payment systems in the country, the Bank of India has announced that it will extend the use of a security platform, Uniken REL-ID to its digital and mobile banking initiatives.
Notably, growth in digitization has increased the risk of online fraud in India and around the world. Today, enterprises (especially in the banking, financial services and insurance sector) are struggling to satisfy what seems like competing priorities. Customers are now demanding better engagement, security and more functionality on the channel of their choice. Meanwhile, enterprises are facing an expanding threat landscape that targets their customers, employees, and critical infrastructure with rapidly evolving attacks.
Commenting on the announcement, Rajesh Kumar Ram, General Manager and CIO, Bank of India, said: “Data security is extremely critical when it comes to financial institutions and banks. With Uniken’s world-class threat intelligence and protection solution, Bank of India has been successful in keeping a zero data-breach record and keeping up with their customers’ trust. Over the last 10 years, we have built a robust security around our channels in India, and with their reappointment we are sure to have a tightly secured global counterpart.”
Said Bimal Gandhi, CEO, Uniken Inc: “REL-ID is the only solution that organically combines device fingerprinting, app fingerprinting, user identity management, malware detection, multi factor authentication, secure channel and cryptographic digital signing, in a single solution.”
In view of the changing attack landscape and advancements in security technologies (security protocols/crypto mechanisms/use of machine learning for scanning non signature-based malware, etc.), the Bank of India had partnered Uniken successfully earlier, and this latest announcement increases the commitment to cover a broader range of products and services.