CIBIL chooses IBM Security to strengthen and protect critical systems
Posted OnMay 12, 2016 by Geeta Priya
New Arrangement Includes Real-Time Monitoring of Threats and Enhanced Protection of Sensitive Data
IBM today announced that Credit Information Bureau India Limited (CIBIL), India's pioneer Credit Information Company (CIC), has selected IBM Security to strengthen security and protect their critical business systems from cyber-attacks. Under the agreement, IBM Security Services has developed a customized security operations framework to monitor real-time threats and help CIBIL proactively identify fraud.
CIBIL is India's pioneer Credit Information Company that collects credit information pertaining to borrowers from banks and credit institutions which are its members. CIBIL collates this information into credit reports and credit information solutions and provides them to banks and credit institutions to help evaluate risk while lending to a consumer. An individual's CIBIL Report and CIBIL TransUnion Score, other than his/her income, is one of the most important tools used by a lender to evaluate application for any loan or credit card.
IBM Security Services provides a round-the-clock proactive security log monitoring and real time validation of suspicious threats using IBM X Force Intelligence. IBM also built an integrated Security Operations Center (SOC) for incident reporting and management, which detects and monitors security events and phishing attacks in real time. The CIBIL website is also monitored in real-time with daily scanning for malware infections.
"IBM has helped us to reduce incident identification time from hours to minutes and streamlined operations further by reducing risks and associated costs. Our overall security architecture has improved with an enterprise-wide security intelligence platform that correlates events from IT and business critical systems and applications," said Mr. Satish Pillai, Managing Director & Chief Executive Officer, CIBIL.
"The threat landscape has changed today with new attack vectors and complex attack motives. Attackers are more sophisticated and organized than ever before, and breaches are reported on an almost daily basis making existing models of security protection inadequate to meet these security challenges. While security technologies have been widely implemented, what is missing is the centralized & integrated operation & management for operational excellence and a result driven approach to security management. For an organization such as CIBIL the implementation of an integrated SOC ensures operational excellence and a result driven approach to security management," said Sandeep S Roy, Business Unit Executive, IBM Security Services, India/ South Asia.
IBM Security, manages and monitors 15 billion security events daily with 6,000+ security professionals and threat researchers in more than 133 countries, is helping 10,000+ clients to adapt to security threats with intelligent, integrated solutions. IBM's capabilities are underpinned by one of the broadest security R&D organizations with unmatched IP – 3,000+ security patents.
CIBIL is India's leading credit information company. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. It also provides services and education to consumers to help them better manage their finances.
About IBM Security
IBM's security platform provides the security intelligence to help organizations holistically protect their people, data, applications and infrastructure. IBM offers solutions for identity and access management, security information and event management, database security, application development, risk management, endpoint management, next-generation intrusion protection and more. IBM operates one of the world's broadest security research and development, and delivery organizations.
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