HDFC Bank in $7.4 mn pact with Symantec

Private sector lender HDFC Bank has signed a $7.4 million, three-year strategic enterprise agreement with Symantec for IT compliance, enterprise security and storage management solutions.

Symantec will also provide HDFC Bank with consulting and implementation services.

C N Ram, head, information technology, HDFC Bank, said in a statement, "The bank has entered into this deal with Symantec to enhance the security posture, ensure our data are protected and available and help facilitate our compliance and corporate governance programmes."

Due to exponential data growth and the need to comply with an ever-expanding number of laws and regulations, HDFC expanded its relationship with Symantec to help minimise risk and maximise the efficiency of its IT organisation, it said.

Symantec will provide security and storage solutions and services. Its IT compliance solution will help the bank to automate and standardise processes for compliance with laws, regulations and frameworks, including SOX, Basel-II.

Symantec Security Information Manager will provide HDFC Bank the ability to automate incident management and event correlation across all security devices, network devices, applications, servers, operating systems and databases.

The mail security and database security solutions will help the private bank secure messaging environment and protect sensitive information.

The final layer of solution will be focused on protecting critical network endpoints of HDFC Bank with the integrated Symantec Endpoint Protection and Symantec Network Access Control solutions.

HDFC Bank has a network of 754 branches and 1,906 automated teller machines across 327 towns and cities in India. Symantec is a global leader in infrastructure software.