Cyber-Ark Software, the leading provider of Privileged Identity Management (PIM) and Sensitive Information Management solutions, today announced the availability of version 5.0 of the Inter-Business Vault (IBV), its widely-used Managed File Transfer solution that provides both business and IT departments with unprecedented governance over sensitive data exchange processes.
Today, enterprise organizations understand that traditional solutions such as Secure FTP or other home grown file-transfer solutions are not viable and have turned to Managed File Transfer (MFT) systems to accommodate the organisation's need for secure connectivity to third parties. Traditional MFT focuses on technical and operational aspects of file-transfers, such as multi-protocol support, secure communications, third party provisioning, administration and management. Cyber-Ark's Managed File Transfer solution, the Inter-Business Vault, extends traditional MFT out of the IT/Security departments, allowing business departments to also apply their policies and govern file-transfer processes from their business perspective. IBV uses simplified business terminology to provide an intuitive way to build and govern business processes, and cross the chasm of mapping the business terminology to the technical level of files and protocols.
"IBV 5.0 is unique in providing a single platform supporting all methods of business file-transfer including automated, ad-hoc and collaborative processes, resulting in a centralized and fully governed file transfer solution," said Adam Bosnian, VP of products, strategy and sales at Cyber-Ark Software. "Banks, Insurance companies, and other financial institutions, as well as Telco, Pharmaceutical and government institutions worldwide, use IBV to exchange sensitive information with their partners and customers on a daily basis. This assures business activity and continuity, and gives users added confidence that files will be delivered to their destination on time, and in an auditable and highly secure manner."
There is no denying the growing demand for secure file transfer among customers, partners and subcontractors. In a recent report, Gartner estimates that the market for MFT suites and services is approximately $450 million and is growing at a rate of 21 percent to 26 percent year over year. As organizations s understand the need to open up for communication with third parties, however, they cope with significant challenges, such as managing multiple protocols and file-transfer methods with no centralized management, providing secure connectivity to third parties, and minimizing IT overhead for each new third party connection, which also causes business process delays.
IBV fully addresses the IT and business concerns and regulatory mandates for the exchange and sharing of sensitive information within and between an enterprise and its business community and enables enterprises worldwide to conduct faster, more efficient and more reliable business processes by automating and streamlining file-transfer processes with high performance and a highly secure solution. IBV also reduces operational costs of managing and operating file transfer processes and reduces the business risk of disclosing sensitive information.
The new features of IBV 5.0 include:
- Secure File Exchange (SFE) web-portal - A new web-based web application offers an intuitive UI for business users and third party users to exchange files. This new web portal provides seamless, worldwide, 24x7 connectivity while maintaining the highest level of security. It is completely brandable, so its look and feel can be easily changed to fit in any existing customer facing website.
- Management of file-transfer processes is simplified - Provides intuitive mapping of business processes into governed file-transfer services, resulting in secure, reliable and auditable information exchange.
- Streamlined third party enrollment - Enables "ad-hoc" secure connectivity with third parties without IT involvement, yet with IT governance.
"In today's ever more complex IT and business environment, it is critical to have governance capabilities in place that can assist, streamline and improve cross-enterprise business processes. Managing and carrying out file-transfer processes need to be accompanied with governance of not only the IT and security departments, but also the business departments that need to control the business aspects of carried out file-transfers. IBV stands out in this capacity and for its simplicity, ease of use and productivity capabilities, all while providing the most secure infrastructure platform based on the patented Digital Vault technology," added Bosnian.