London – 7th March 2005 – Cyber-Ark Software, the information security company that invented and markets Vaulting Technology(tm), today announced that Voca has selected Cyber-Ark’s Network Vault to securely store, share and centrally manage all of their administrative passwords for their hundreds of servers and switches that run business operations for the whole of Voca, operating 24 hours a day, seven days a week.
With the introduction of a new payment processing channel BACSTEL-IP, running back to back with the old system, as well as relocating their Head Office and processing centre it became clear that Voca had outgrown their paper based password management system and needed to replace it with an automated and secure digital system. Like many financial institutions Voca had used physical safes to store over 800 administrative passwords, relying on a team of people to authorise, track and administer the passwords. Following a successful trial, Voca’s Business Continuity & Security Assurance team rolled out Cyber-Ark’s Network Vault in January 2005.
Keith Reeve, Manager Certification Authority and Access Control, Voca, responsible for introducing and managing Cyber-Ark said “In 2004, Voca processed over 4.5 billion items amounting to nearly £3 trillion of payments, £11 billion daily. With that amount of administrative passwords it was essential and timely to introduce a digital password management system which was reliable, simple to use and trustworthy. We needed a system that would integrate with our existing operational and security processes while offering unequivical resilience, auditing capabilities and most important of all high levels of security. External IT Consultancy firm Nexillis recommended Cyber-Ark because it was the only product on the market to offer these capabilities together with a track record with major financial institutions, insurance companies and government bodies around the world. In addition, Nexillis reviewed the long term strategic benefits of its scaleability and adaptablity.”
“Security is of utmost importance to a company like Voca, and by choosing Cyber-Ark they have an out-of-the-box solution which provides them with a best-in-class secure process whereby administrative passwords can be archived, transferred and shared among IT staff and authorised administrators.” Said Udi Mokady, COO and Co-founder of Cyber-Ark.
Keith Reeve continues “In the few weeks we have used it, we have already experienced time, cost and convenience benefits. It has immediately achieved what we set out to achieve and I will now recommend it to other departments within Voca.” Cyber-Ark’s Network Vault solution for passwords provides a “safe haven” within the enterprise where all administrative passwords can be archived, transferred and shared among IT staff and both on-call administrators and those in the field. The end-to-end solution protects passwords during transmission and at rest with multiple layers of integrated security, granular access control mechanisms and graphical auditing solutions to thoroughly track every password’s whereabouts.
About Voca Limited (www.voca.co.uk)
Voca’s infrastructure offers over 100,000 businesses, including the FTSE 100, the most scaleable, robust and functionally-rich payments engine in the world. In 36 years of operation it has handled over 50 billion secure transactions and never lost a payment. As BACS it was the power behind automated payments in the UK, including all Direct Debits and over 90% of salaries.
* Voca will continue as the power behind BACS Payment Schemes Limited the UK’s membership-based industry body whose role is to develop, enhance and promote the use and integrity of automated payment and payment-related services.
* Voca provides the secure network that is the core infrastructure of the UK payments industry with over 90% of UK salaries being paid by Direct Credit and over 70% of the UK population regularly used its service to pay their household bills.
* Voca will continue to undertake a technology renewal programme in order to meet the rapidly growing demand for its electronic payment services, which exceeded four billion financial transactions and more than 64 million on a peak day in 2003. The first stage is BACSTEL-IP, which utilises Internet Protocol and Public Key Infrastructure (PKI) technology to create a new delivery channel. Benefits include improved security, faster payment confirmation and the ability to track the status of payments online.
* Voca has won six respected awards for technical innovation including the eema award for excellence in secure electronic business in September that recognised the PKI deployment behind BACSTEL-IP as a ground-breaking e-business security solution.
About Cyber-Ark Software
Cyber-Ark Software is the leader in Vaulting solutions for securely connecting enterprises. The Company’s Inter-Business Vault enables the creation of secure instant wide area networks (WANs) for connecting enterprises with partners, customers and sub-contractors over the Internet – enabling them to exchange information as if they have deployed a shared WAN, but without actually doing so. Cyber-Ark’s leading Inter-Business Vault applications include solutions for Treasury Management files, PLM and CAD/CAM files, and Source Code. In addition to its business-to-business solutions, Cyber-Ark’s Network Vault provides solutions for securely managing critical information, such as administrative passwords and critical documents, within the enterprise. Today Cyber-Ark enjoys strong customer relationships with more than 100 Global 1000 companies around the world.
Founded by a group of leading military security experts and computer engineers, Cyber-Ark Software is privately held and backed by some of the world’s most successful venture capitalists, including Jerusalem Venture Partners, Seed Capital Partners (a SOFTBANK Affiliate), JP Morgan/Chase Partners and Vertex Management.