Thanks to COVID, cybersecurity has become a top priority for CxOs in a quickly digital world. Cybercriminals are continually threatening banking, financial services, and insurance (BFSI) firms that handle sensitive financial and personal information of users and workers.
According to Forbes, fraudsters targeted financial institutions four times more than other industries in a 2015 study. Financial institutions were reported to have 300 times more cyber-attacks than other corporations in 2019, according to the same survey.
As a result, cyber-attacks on banks and financial organizations are common. In this article, you will get to know the different types of Security threats.
The answer is to do rigorous Vulnerability Assessment and Penetration Testing on a regular basis (VAPT).
VAPT is a collection of security assessments that may be used to address cybersecurity issues throughout an organization’s IT landscape. Automated vulnerability tests and human-led penetration testing or ethical hacking tests are examples of these tests.
Individuals, governments, and public and private enterprises entrust extremely sensitive financial data to BFSI organizations. Bank account numbers, credit card numbers, national identity numbers, addresses, and other personal information are among the information collected. Security testing tools play an imperative role in enhancing the quality of the apps.
Financial damages, regulatory penalties, and a loss of reputation can all result from data breaches at such institutions. As a result, the majority of these businesses have made significant investments in cybersecurity infrastructure to ensure that their systems, apps, and databases are protected from cyberattacks.
The following are the various types of dangers that financial services firms face today.
Encryption is a common method of securely storing data. Even these days, sensitive data encryption is not strictly enforced throughout the firm; for example, data in test environments are subject to internal harmful threats. You can use VPN to protect your data from cyber threats. If you do not know why should use VPN, so you can read our article.
We’ve seen a number of ransomware and virus assaults on major banks and IT service providers that collaborate with banks. Internal staff was responsible for many of these flaws since they connected to infected devices or unwittingly provided user passwords in phishing campaigns. According to Forbes, ransomware damages businesses to the tune of $75 billion every year.
Because many BFSI firms employ cloud providers for storage and applications, cloud providers have become prime targets for cyber assaults. According to a recent Wall Street Journal investigation on an attack known as ‘Cloud Hopper,’
In a world where outsourcing of technology and business process services is the norm, third-party services firms that work on the systems are another source of vulnerability. In their application environment, financial institutions also use a variety of third-party vendor software products. Third-party software that hasn’t been thoroughly vetted could be another source of vulnerability for financial organizations.
Many fake banking websites established by hackers employ this strategy to deceive clients into surrendering their user credentials. These credentials are then used by the hackers to steal from the user accounts.
Cyber-attacks are increasingly focusing on hardware as a new source of vulnerability. Home routers, printers, and webcams are among the devices that can be hacked.
While we’ve seen the various types of dangers that financial services firms face, it’s critical to learn more about VAPT testing’s services.
Vulnerability assessment is a methodical examination of the information technology landscape’s flaws. The evaluation entails
1. Hosts and Servers
2. Wireless and network infrastructure
3. Information databases
4. Applications – both internal and external facing
5. The safety of cloud infrastructure
Our dynamic application security testing services are distinguished by the following features:
OWASP, Open SAMM, and OSTTM approaches are standardized.
• Testing from the perspective of a hacker.
• Continuous Testing Platform with Security Engineering and Testing built-in.
• Next-Generation IP – BlueSwanTM, which includes a Model-Based Testing Tool (Prudentia) and a Reporting Dashboard Verita for SLA/KPI monitoring; CxO dashboards; and Predictive Analytics for speedier decision making and time-to-market. Certified Ethical Hacker, Licensed Penetration Tester Master, Certified Information Systems Security Professional, Certified Information Systems Auditor, and Certified Information Security Manager are some of the industry-recognized qualifications held by our security test professionals. Therefore, the significance of security testing tools in the BFSI sector cannot be overlooked.