Enhancing Security and Compliance in Banking: A Case Study of Merchant Bank of Sri Lanka & Finance
Technology Category
- Cybersecurity & Privacy - Malware Protection
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- Finance & Insurance
- National Security & Defense
Applicable Functions
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Tamper Detection
Services
- Cybersecurity Services
- System Integration
About The Customer
Merchant Bank of Sri Lanka & Finance PLC (MBSL) is a leading financial service provider in Sri Lanka. The bank is listed on the Colombo Stock Exchange and is licensed by the Central Bank of Sri Lanka. As one of the most stable finance companies in the country, MBSL has more than 40 branches across the island and serves customers with diverse financial needs. The bank's core banking system is the IBM i, a powerful operating system known for its robust security mechanisms. Ensuring maximum security and compliance is a top priority for MBSL, given its large customer base and the sensitive nature of the financial data it handles.
The Challenge
Merchant Bank of Sri Lanka & Finance PLC (MBSL) is a leading financial service provider in Sri Lanka, with over 40 branches across the country. The bank's core banking system is the IBM i, a powerful operating system known for its robust security mechanisms. However, the bank faced challenges in ensuring maximum security and compliance, particularly in mitigating the risk of internal security breaches caused by powerful users or administrators. The bank also needed to comply with the Baseline Security Standard and Regulatory Framework on Technology Risk Management and Resilience for Licensed Finance Companies issued by the Central Bank Sri Lanka (CBSL). Furthermore, MBSL needed greater control and visibility into user activities, such as accessing, downloading, and uploading data. The bank also faced challenges in managing access to sensitive data, reducing the time spent on password resets, and generating audit reports efficiently.
The Solution
To address these challenges, MBSL implemented multiple Powertech software solutions over a period of 5 years. The bank started with the highest priority items and worked in stages to achieve compliance with CBSL’s requirements. MBSL invested in Powertech Antivirus to meet CBSL regulation and ISO 27001 requirements and to protect its production servers from viruses. The bank also implemented Powertech Exit Point Manager for IBM i to control access to IBM i and monitor user activities. To manage access to sensitive data, MBSL used Powertech Authority Broker for IBM i, which provides the necessary access to users and records every screen, creating an audit trail. The bank also implemented Powertech Database Monitor for IBM i to monitor who is reading data and making changes to transactions. To reduce the time spent on password resets, MBSL implemented Powertech Password Self Help for IBM i. Finally, to generate audit reports efficiently, the bank implemented Powertech Compliance Monitor for IBM i.
Operational Impact
Quantitative Benefit
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