Case study: Merkantil Bank has opted for PassMan

Merkantil Bank has chosen PassMan as its corporate password manager solution instead of Lieberman, the popular software in the field of privileged account management (PAM).

Merkantil Bank is owned by OTP Bank, which is the largest financial institution in Hungary. It has a market-leading position in vehicle financing and leasing activities related to production assets.

Challenge: The price of product support has increased several times

Financial institutions are often targets of external attacks due to the large amount of sensitive data they store.

Merkantil is aware of the importance of password and permission management. To minimize risks, it previously used the Lieberman solution, which was a leading player in the privileged account management (PAM) field. The possibility of replacing the PAM solution arose because the acquisition and repositioning of Lieberman resulted multiple increase in the price of the product and product support.

Solution: PassMan Enterprise Password Manager

Since PassMan complies with the password storage and exchange points of GDPR, PCI DSS, ISO 17799, ISO 27001, HIPAA, and NIST 800-66, it is suitable to meet the audit expectations of the largest financial institutions, and even has a unique feature that places IT security at the forefront of the market. This is the 1-Click Connection, which allows authorized users to access apps, webpages, Linux or Windows targets and more without possessing the passwords. Thus, they cannot store or share the password with anyone.

PassMan was selected for its favorable price, Hungarian and English language options and SLA-based product support, as well as comprehensive migration task takeover. In addition to the above, PassMan allows for the creation of strong passwords and SSH keys, it uses strong encryption (AES256) method, and the regular automatic exchange in accordance with the company’s password policy. Thanks to role-based access management, users only have access to passwords (secrets) that are truly necessary for their work. In the case of highly sensitive data, the data owner is notified of all password requests.

Some of PassMan’s best features include:

  • Encrypted password storage
  • Access management
  • Automatic password generation and replacement
  • GDPR compliance
  • 1-click connection to targets without possessing the passwords
  • Tracking user activity
  • Alerts