The Reserve Bank of India (RBI) – the country’s central bank and regulatory body of the Indian banking system – isn’t messing around when it comes to cybersecurity. And neither should the banks it regulates. A key focus of its guidelines is privileged users. They hold the keys to the kingdom, and if they’re not managed correctly, you’re handing bad actors a free pass. This post breaks down how privileged access management (PAM) solutions are the backbone for staying secure and compliant with the RBI’s strict expectations.
Why banks are in the crosshairs
Let’s be real: banks are prime targets for cyberattacks. According to CERT-In, India’s financial sector saw a 20 percent increase in targeted cyberattacks last year alone, with privileged accounts being a top target. Massive amounts of sensitive data, critical financial systems and constant digital transactions make them prime hunting grounds. Threats like phishing, ransomware, insider abuse and APTs aren’t hypothetical; they’re happening. The cost of a breach isn’t just financial but also reputational. Lose trust, and you lose customers, contracts and cash.
The RBI’s message is clear
The RBI has made it crystal: privileged access needs to be tightly controlled. The RBI’s directive NT41802062016 and LBS300411F highlights the need for strong privileged access governance, especially across core banking and payment systems. Their guidelines call for:
- Strict access policies
- Complete audit trails
- Secure credential storage
- Regular access reviews
These mandates are not a suggestion, but a baseline.
What privileged access management (PAM) actually does
PAM helps you regain control over who can access critical resources, when they can do so and for what length of time. For example, when a system admin logs in to update core banking infrastructure, PAM ensures their access is time-bound, monitored and revoked immediately after the task is complete.
Here's what a solid PAM solution should be able to do:
- Vault credentials so passwords aren’t floating around unsecured
- Enforce least privilege so no one has more access than they need
- Monitor sessions in real-time for visibility and accountability
- Require MFA so one password isn’t the only line of defense
- Rotate passwords automatically to reduce exposure and human error
Safeguard stands out in PAM
Banks using Safeguard have cut privileged access review time by as much as 40 percent – making compliance audits smoother and freeing teams to focus on what matters. One Identity Safeguard doesn’t just meet the requirements – it goes beyond them:
- Fine-grained access control so banks can define who gets what
- Live session monitoring to spot risky behavior as it happens
- Credential vaulting that locks down passwords tight
- Audit-ready logs that make compliance way easier
- Easy integration with your existing MFA (via RADIUS or SAML) to lock down every privileged login
Real benefits for real-world banking
Implementing Safeguard does more than tick boxes:
- Protects sensitive data from prying eyes, inside and out
- Reduces your attack surface by removing unnecessary access
- Improves incident response with visibility and real-time alerts
- Simplifies audits and compliance for less scrambling, more control
- Keeps insiders honest and limits third-party exposure
PAM is just one piece of the puzzle. When integrated into an Identity Fabric that unifies governance, access and security, it creates a more adaptive, scalable defense strategy.
Bottom line
Compliance isn’t just about avoiding penalties; it’s about protecting what matters most. With the right PAM strategy in place, banks can defend against modern threats, secure their most sensitive systems and meet RBI guidelines with confidence. Safeguard is more than a tool; it’s part of a bigger security strategy built on an Identity Fabric that gives banks the visibility and control they need to stay ahead of threats.
Final word
In a world where threats are always changing and trust is fragile, PAM isn’t optional. It’s essential. If you’re in banking, and you’re not taking privileged access seriously, you’re falling behind quickly. Safeguard can help you catch up and stay ahead.
