Safeguarding identities across India's thriving digital landscape

In an era where India's digital prowess takes center stage, boasting a stellar 93% consumer engagement in the BFSI sector and digital payments soaring beyond Rs 12.98 lakh crore in January 2023, the intersection of astute leadership, post-Covid IT investments, and the infusion of AI has propelled the nation to the forefront of unprecedented digital conversations.

An exclusive presentation themed ‘Safeguarding Digital Entities’ by CNBC TV18 and CyberArk shed light on the critical role of digital identity in the face of unauthorized access. The discussion, moderated by Gautam Srinivasan, featured insights from industry leaders - Rajmohan Shrinivasan, CIO, Sony Pictures Networks India; Debashis Singh, CIO, Persistent Systems and Rohan Vaidya, Regional Director, CyberArk.

Digital Transformation and the Role of Digital Identity

As digital transformation accelerates, security becomes a pivotal factor for sustainable and organic growth. Rohan Vaidya set the context for the discussion by outlining the evolving nature of digital identity for both humans and machines. He highlighted the explosion in the use of digital transactions and online channels in post-Covid India and how this had made the theme increasingly relevant.

Vaidya underscored the shift from trust being associated with physical places to digital platforms, noting, “With Aadhaar and various other digital entities becoming integral to daily life, individuals now possess an average of 45 digital identities. This shift brings forth new challenges for institutions in verifying and securing the identities accessing their platforms.”

Industry Perspectives on Digital Identity Protection

Rajmohan Shrinivasan delved into the challenges faced by the media and entertainment industry, particularly concerning unauthorized access to content. “In a Direct-to-Consumer business like Sony Pictures Networks India, securing content at various stages, from creation to distribution, becomes paramount,” he shared.

Debashis Singh shared insights from Persistent Systems, emphasizing the need for a paradigm shift in identity protection strategies. “With the disappearance of traditional perimeters and the distribution of data and employees across various locations, the importance of holistic identity protection for both individuals and machines cannot be overstressed,” he cautioned.

Balancing Security and Customer Experience

The panel discussed the delicate balance between security and customer experience. Singh highlighted the cultural shift needed for robust security, sharing that his organization followed a zero-trust architecture, where individuals are authenticated for every interaction. In his view, while seamless customer experience is crucial, technology must work seamlessly and organizations must be prepared to respond to anomalies promptly.

At the same time, as cyber threats rise, customer awareness grows, making them more willing to cooperate with companies that prioritize security. The panel stressed the importance of transparency in communicating security incidents and fostering a culture of security within organizations through various engagements, such as gamification, awareness campaigns, training programs, etc. Going beyond technology, they highlighted the need for awareness among all stakeholders about how to ensure that identities are protected. They concurred that this culture has to be driven from the top and offered concrete recommendations on how the identities of people and organizations could be secured so that they remain agile but secure.

CyberArk's Comprehensive Approach to Identity Security

CyberArk, with its broad approach to identity security, advocates for segregating privilege identities and standard identities. Emphasizing the principle of least privilege, CyberArk recommends providing additional privileges on a need basis and revoking them once the need is fulfilled. The concept of 'Just in Time' access is highlighted as a crucial element of the new identity security framework.

In a cloud-centric landscape, CyberArk ensures that the right tools and products are applied to privilege and identity access, offering a comprehensive solution for securing digital identities.

As India continues its digital ascent, safeguarding digital entities and identities emerges as a cornerstone for sustained growth and resilience in the face of evolving cyber threats. The insights shared by industry leaders and cyber-security experts pave the way for a more secure and resilient digital future for the nation.

The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.