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Canadian Institutional Fund Manager Protects Against the Insider Threat with CyberArk
Technology Category
- Cybersecurity & Privacy - Identity & Authentication Management
- Cybersecurity & Privacy - Network Security
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Intrusion Detection Systems
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- Cybersecurity Services
- System Integration
The Challenge
One of Canada’s leading institutional fund managers faced significant risks from potential insider threats. With over $200 billion in assets, the company needed to protect against both external and internal cyber attacks. The primary concern was the abuse of privileged accounts, which could allow malicious insiders to move freely and undetected within the network. The company had hundreds or thousands of privileged accounts that were unknown, unmanaged, or unsecured, posing a critical vulnerability. The challenge was to identify and secure all privileged accounts to mitigate the risk of insider threats.
About The Customer
The customer is one of Canada’s leading institutional fund managers, managing assets worth over $200 billion. The company has a proactive approach to security, given its investments in major financial markets, private equity, infrastructure, and real estate. With over 800 employees, the company must ensure robust security measures to protect against cyber threats. The company’s IT environment includes Unix, Oracle, and Microsoft systems. The customer’s primary concern was the potential for insider threats, particularly the abuse of privileged accounts, which could lead to significant damage to the business.
The Solution
The company selected the CyberArk Privileged Account Security Solution to address the challenge of securing privileged accounts. They began by implementing the CyberArk Enterprise Password Vault to manage and track the use of privileged credentials across the organization. During the discovery process, they identified over 10,000 privileged accounts, many of which were previously unknown and had not been used or had their passwords changed in years. The company conducted a thorough clean-up of all privileged accounts, finding credentials across servers, firewalls, routers, and applications. Using CyberArk, they categorized privileged accounts into application, administrative, and service accounts, ensuring that access was managed through the Enterprise Password Vault. This solution allowed them to secure, manage, and track privileged credentials across all environments, operating systems, databases, applications, and network devices. The implementation provided individual accountability for specific activities, eliminating the ability for malicious users to hide behind shared accounts.
Operational Impact
Quantitative Benefit
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