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Yes Bank Partners FortyTwo42 Labs To Implement Cybersecurity Solutions
Yes Bank has collaborated with FortyTwo42 Labs as a co-innovation partner for developing next generation fintech and cybersecurity solutions
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Yes Bank, India’s fifth largest private sector bank, has collaborated with FortyTwo42 Labs, a Global Cyber Security Lab set up in India (Vizag and Pune) and Israel (Tel Aviv) as a co-innovation partner for developing next generation fintech and cybersecurity solutions.
The PI-Control Platform that Yes Bank has jointly developed with FortyTwo42 Labs is being rolled out in the next few weeks.
The solution has the capability to provide real time cryptographic digital transaction signing at massive scale. This is a first of its kind solution.
The private lender plans to use the cybersecurity solution as a multiple factor authentication for all online channels including API, and has an exclusive tie up with FT42 for the same, as part of its ART (Alliances & Relationships for Technology led Innovations) strategy.
PI-Control can secure all digital transactions including online funds transfers, internet banking access, POS & ATM transactions, API banking transactions, limits and approvals, live communications, bill payments, remittances, deal and loan approvals, cash advances, credit and debit card controls and more.
"In this increasingly connected world, where digitalisation takes centre stage in banking, it is critical to address the associated risks in the networks. To protect digital transactions from advanced cyber-attacks, we believe that there is a need to move from application level security controls to transaction level security controls. Currently, there are multiple technology solutions built for specific threats. The PI-Control platform allows digital transaction signing at scale. It eliminates the need for multiple contemporary technologies used to secure a transaction by providing a unified platform and increased security," said Rana Kapoor, founder and managing director of Yes Bank.
Dr Kamlesh Bajaj, advisor to FortyTwo42 Labs who was also the Founder Director of Computer Emergency Response Team (CERT-IN), Ministry of Communications and IT, further said, "I strongly believe that I-AM Crypto ID based transaction signing method and corresponding PI-Control Digital Risk Control platform will bring about a transformative change and a significant improvement in the enterprise digital security posture. It will simplify the user- experience, and most importantly will be compliant with the IT ACT 2008 regulations pertaining to electronic signatures of transactions."
Sanjay Deshpande, Managing Partner FortyTwo42 Labs said: "Time has come for a collaborative platform based approach to cyber security. At our innovation center, we are developing the PI-Control platform with a vision to provision adaptive, dynamic security controls in response to the rapidly changing threat landscape. I-AM crypto-ID is probably the first non-PKI massively scalable cryptographic technology which simplifies usage and increases distribution and adoption given its Cloud Native and mobile first nature."