New York, NY – Unbound Security, leader in cryptographic key management and protection solutions, today announced that Fifth Third Bank (NASDAQ: FITB) has deployed Unbound CORE to tokenise credit card and other personally identifiable information (PII) to improve data security as part of its migration to the cloud.
When the bank began upgrading and modernising its data infrastructure – including an organisation-wide move to the cloud – it turned to tokenisation as a means of securing that data. It needed to ensure end-to-end security of its most sensitive information and that data could be segregated on multiple levels to limit the impact of a compromise or technical issue.
While refreshing its infrastructure and moving legacy apps to AWS Cloud and creating new ones for mobile, the bank also required a solution that provided secure tokenisation with a fast application integration API and that had a minimal impact on its existing databases.
The bank deployed Unbound CORE over AWS and two data centres, supporting the tokenisation of assets across multiple applications. The platform uses multiparty computation, an advanced form of cryptography, to split encryption keys into shares and never bring them together to eliminate the single point of failure in cryptographic deployments. Critically, other functions built on top of this technology – such as the ability to tokenise complex data and make it functional with any existing database – ease the cloud migration process for developers.
Philip Schneider, director of security engineering at Fifth Third Bank, comments: “Securing sensitive data is absolutely critical for cloud adoption, specifically in the financial sector. When we embarked on our cloud migration, we knew it had to be one of our top priorities. The local container tokenisation product that Unbound is creating has huge potential to safely post services forward into untrusted zones, in trusted ways.”
Fifth Third Bank secures between 30 to 50 distinct applications with CORE and is examining other ways of utilising the technology to streamline and simplify its tech stack – and to continue to bring premium services and unprecedented security to its customers.
Prof. Yehuda Lindell, chief executive officer at Unbound Security, comments: “At Unbound, we want to ensure that both financial institutions and enterprises can deploy security across their business without compromising on operations or the user experience. Multiparty computation and our CORE platform have helped dozens of enterprise clients do just that, and we are honoured to have Fifth Third as one of our primary customers.”
For more information on Fifth Third Bank’s use of Unbound CORE, please read the case study here.
Unbound Security is the global leader in cryptography and empowers enterprise customers worldwide to confidently secure, manage and authenticate all critical business transactions, information, identity and digital assets – anywhere, anytime. Unbound Security CORE is the enterprise platform of choice for secure key management, trusted by many of the world’s largest banks and Fortune 500 companies. Unbound Security is a recent recipient of the Deloitte Fast 500 award and is headquartered in New York, with research and development facilities in Tel Aviv. For more information visit www.unboundsecurity.com.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centres and 2,383 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2021, had $464 billion in assets under care, of which it managed $58 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.