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Customer success story – Mirae Asset
VP – Information Technology
The first thing I would like to say to all the organizations, big or small, is that PAM is a must. ARCON | PAM is really at the cutting-edge of PAM solution and therefore must always be in the consideration set. We are very happy with the product, people, process and their support system.
Vishal can you give us a background of the company, its business and the information security posture in your organization?
Ans: Mirae Asset Mutual Fund has completed more than 10 years in India and is now establishing a stronger foothold in the Indian Mutual Fund Industry. Mirae Asset has witnessed a significant surge in the number of investor folios with more than 28 lakh investor folios (including more than 13 lakh+ SIP investors) as on 30th October 2020. We have come a long way in the AMC ranking and now Mirae Asset has made its position strong amongst the top 15 AMCs of India (as on 17th Nov, 2020). Mirae Asset Investment Managers (India) Pvt. Ltd. is a wholly-owned subsidiary of the Mirae Asset Financial Group. Headquartered in South Korea, Mirae Asset Global Investments Ltd (the sponsor) also has investment management operations in Hong Kong, United Kingdom, India, Vietnam, USA, Canada, Australia and Brazil. Apart from asset management, Mirae Asset Financial Group has business interest in Life Insurance, Securities and Investment & Venture Capital. Mirae Asset (India) carries out Asset Management business and also provides Advisory Services to Hong Kong office for Equity Investments and Korea offices for both Equity and Debt Investments. The mix of domestic and International businesses is providing stable growth for Mirae Asset India business. Implementing Information Security practice is not a one-time job. It’s continual process. Over the period we were able to fortify our posture through well-thought/ evaluated product selection & identifying long term partner who can help us to accomplish our vision. ARCON is definitely one of them.
Ans: Following are some of the key use cases which we were looking to address with PAM a) Secure & Audit Privileged Account Credentials b) Enforcing least privileges on desktops c) Applying least privilege across our server’s d) Control Remote Access throughout the organization e) Extending PAM Best Practices to Network Devices, IoT, Cloud and Virtualized Environments f) Integrate PAM with Other IT Tools like SIEM, ITSM and Identity Access Management etc.
Ans: We looked at multiple products based on Gartner’s Magic Quadrant and some local players as well.
What made you zero-in ARCON | PAM? What were the top 3 to 4 points after which you said yes this is what I am looking for?
Ans: We shortlisted ARCON | PAM for the following reasons a) All our use cases were met with out-of-the-box version of the product b) The set-up time was the fastest among all players c) The clarity on the product road map d) Professional approach of the team from Sales and Pre-sales e) Management Expertise in the area of Information Security f) 24 X 7 support etc.
Ans: Our evaluation process was very detailed. We made a business requirement document and listed all the features that were required from the PAM solutions. We invited vendors to do a presentation, demo and followed by the Proof of Concept (POC) in our environment. At every stage we were evaluating the vendors based on product features, skills of the resources interacting with us, response times, depth of knowledge etc. Our evaluation process was spread over 3 to 4 months, but the time and effort were worth it. We are happy with our process and the final selection of ARCON as a partner.
Ans: What I really liked is that once the purchase formalities were completed, during kick – off stage we had all the requisite details like project plan, pre-requisite, identification of project manager, technical lead etc. were available. We discussed and agreed on the plan, and it went smooth and in line with the plan.
How much time was taken for the implementation? In your assessment is the time taken to implement the solution was on expected lines.
Ans: We took less than 6 weeks to implement the whole solution.
Ans: I was pleasantly surprised with the ease of deployment done by ARCON. It surpassed my expectation.
Ans: We are using ARCON | PAM for all our use cases and our expectation is met. We are very happy with our selection.
Ans: We have a dedicated Account Manager and have access to support infrastructure, however we have not had the need to reach either of them, as the product works smoothly like a well-oiled machinery.
Would you like to share an example of how the solution has improved the way your organization functions post deployment?
Ans: All our use cases have been met. Out Audit process on Privileged Id’s has gone very smoothly. This being a big part of our information security infrastructure, I will not be in a position to give more details.
Ans: The first thing I would like to say to all the organizations, big or small, is that PAM is a must. ARCON | PAM is really at the cutting-edge of PAM solution and therefore must always be in the consideration set. We are very happy with the product, people, process and their support system.