In a rapidly digitizing world, thanks to COVID, cybersecurity has become a key focus of\u00a0CxOs. Banking, Financial Services & Insurance (BFSI) organizations,\u00a0which handle sensitive financial and personal information of users and employees, are constantly threatened by cybercriminals.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to Forbes, an analysis in 2015 found that cybercriminals targeted financial organizations four times more than other industries. In 2019, the same survey found that financial firms experienced 300 times more\u00a0cyber-attacks\u00a0than other organizations.\u00a0<\/span>\u00a0<\/span><\/p>\n

So,\u00a0banks and\u00a0financial institutions are big targets for cyber-attacks.\u00a0How can these organizations prepare themselves against these potential cyber threats?\u00a0<\/span>\u00a0<\/span><\/p>\n

The answer to that is to perform periodic and thorough Vulnerability Assessment and Penetration Testing (VAPT).<\/span>\u00a0<\/span><\/p>\n

What is\u00a0Vulnerability Assessment and Penetration Testing\u00a0(VAPT)? Why is it needed for BFSI organizations?<\/span><\/b>\u00a0<\/span><\/p>\n

VAPT comprises a wide array of security assessments to help address cybersecurity risks across an organization’s information technology landscape. These tests include automated vulnerability tests and human-led penetration testing or ethical hacking tests.<\/span>\u00a0<\/span><\/p>\n

BFSI organizations handle highly sensitive financial data of individuals, governments,\u00a0and\u00a0public and private corporations. Those data are bank account numbers, credit card numbers,\u00a0national identification numbers, addresses etc.\u00a0<\/span>\u00a0<\/span><\/p>\n

Data breaches in such institutions can lead to financial losses, regulatory penalties, and loss of reputation for the organizations. So, most of these organizations have invested heavily in cybersecurity infrastructure to ensure that their systems, applications, and databases are safe from cyber threats.<\/span>\u00a0<\/span><\/p>\n

Even before COVID, digitization was a significant trend in the BFSI industry. Apart from the existing firms going digital, digital-only financial institutions have come up in the BFSI industry landscape.\u00a0<\/span>\u00a0<\/span><\/p>\n

This heavy digital presence in this industry has made these organizations even more vulnerable to cyberattacks. The plethora of access mechanisms like\u00a0the\u00a0web, mobile and wireless technologies have exponentially increased financial institutions’ points of vulnerability.\u00a0<\/span>\u00a0<\/span><\/p>\n

In addition to their internal systems,\u00a0banks also have secondhand exposures resulting from credit\/payments card information being handled by organizations in other industries,\u00a0like retail, hospitality, e-commerce website,\u00a0etc.,\u00a0or\u00a0by\u00a0outsourced IT service vendors who manage their systems remotely.\u00a0<\/span>\u00a0<\/span><\/p>\n

All these exposures have made VAPT a primary need for the survival of BFSI organizations.\u00a0<\/span>\u00a0<\/span><\/p>\n

In addition to all the above, VAPT is an organizational imperative to protect against cyber threats and a compliance requirement in today’s world.\u00a0<\/span>\u00a0<\/span><\/p>\n

The\u00a0European GDPR, ISO 27001, Gramm Leach Bliley act of\u00a0the\u00a0USA, California Consumer Privacy Act (CCPA) and similar data protection acts across the globe\u00a0have\u00a0necessitated VAPT testing for information security.<\/span>\u00a0<\/span><\/p>\n

Financial services<\/span><\/a>\u00a0organizations are at the top of the regulatory focus for data protection as they handle highly sensitive nonpublic personal information (NPI).<\/span>\u00a0<\/span><\/p>\n

What are the different\u00a0types\u00a0of threats that financial services organizations face today?<\/span><\/b>\u00a0<\/span><\/p>\n

The different modes of threats that financial services organizations face today are as follows.<\/span>\u00a0<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 1. Unencrypted data<\/span><\/b>\u00a0<\/span><\/p>\n

\n
• A primary way\u00a0of\u00a0safely storing\u00a0data is through encryption. Even in these times, encryption of sensitive information is not followed religiously across the organization, e.g. the data in test environments\u00a0is\u00a0left vulnerable to internal malicious threats.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

  \u00a0 \u00a0 \u00a0 2. Ransomware & Malware<\/span><\/b>\u00a0<\/span><\/p>\n

  \n
  • We have seen multiple ransomware & malware attacks on leading\u00a0banking institutions and IT service organizations that work with banks. Many of these vulnerabilities involve internal employees who connected using infected machines or provided user credentials unintentionally in phishing attacks. According to Forbes, ransomware\u00a0causes\u00a0about $75 billion per year\u00a0in damage\u00a0to various organizations.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

    \u00a0 \u00a0 \u00a0 3. Cloud providers<\/span><\/b>\u00a0<\/span><\/p>\n

    \n
    • Cloud providers have become key targets of\u00a0cyber attacks\u00a0as many BFSI organizations use cloud providers for storage and applications. A recent Wall Street Journal report on an attack named ‘Cloud Hopper’ involved multiple cloud providers.\u00a0<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

      \u00a0 \u00a0 \u00a0 4. Unsecure third-party vendors and services<\/span><\/b>\u00a0<\/span><\/p>\n

      \n
      • In a world where outsourcing of technology and business process services is the norm, the security practices within the third-party services firms that work on the systems\u00a0are\u00a0another source of vulnerability.<\/span>\u00a0<\/span><\/li>\n
      • Financial institutions also use multiple third-party vendor software packages in their application landscape.\u00a0Inadequately tested third party software could be another source of vulnerability for financial institutions.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

        \u00a0 \u00a0 \u00a0 5. Phishing & Spoofing<\/span><\/b>\u00a0<\/span><\/p>\n

        \n
        • In this method, many duplicate banking websites created by\u00a0hackers\u00a0trick customers into providing their user credentials. The hackers then use these credentials to steal from the user accounts.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

          \u00a0 \u00a0 \u00a0 6. Internet of Things (IoT)<\/span><\/b>\u00a0<\/span><\/p>\n

          \n
          • Hardware is the new area of vulnerability that cyber-attacks have started to focus on. Devices such as home routers, printers,\u00a0and cameras are vulnerable to attack.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

            While we\u2019ve seen the different modes of threats\u00a0that financial services organizations face, it is imperative to know more about the services that VAPT testing offers.<\/span>\u00a0<\/span><\/p>\n

            What are the services that comprise VAPT testing?<\/span><\/b>\u00a0<\/span><\/p>\n

            Vulnerability assessment is a systematic review of the weaknesses in the information technology landscape. The assessment includes\u00a0<\/span>\u00a0<\/span><\/p>\n

            \n
            1. Servers and Hosts<\/span>\u00a0<\/span><\/li>\n
            2. Network and wireless infrastructure<\/span>\u00a0<\/span><\/li>\n
            3. Databases<\/span>\u00a0<\/span><\/li>\n
            4. Applications \u2013 Internal and External facing applications<\/span>\u00a0<\/span><\/li>\n
            5. Cloud infrastructure security<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

               Vulnerability assessment alerts organizations\u00a0to\u00a0pre-existing flaws in their applications, hosts, networks, or databases. It does not specify which of those vulnerabilities can be exploited to cause losses. This is where penetration testing comes\u00a0into play.<\/span>\u00a0<\/span><\/p>\n

               Penetration testing (a.k.a. Pen-testing) attempts to exploit those vulnerabilities and helps\u00a0the organization understand the severity of each of these vulnerabilities.\u00a0<\/span>\u00a0<\/span><\/p>\n

               Pen testing comprises a combination of automated and human-led tests to identify and exploit these vulnerabilities in the infrastructure, external-facing and internal-facing applications, and other systems.<\/span>\u00a0<\/span><\/p>\n

               The various types of penetration testing are<\/span>\u00a0<\/span><\/p>\n

               \u00a0 \u00a0 \u00a0 1. External and\u00a0internal infrastructure testing<\/span><\/b>\u00a0<\/span><\/p>\n

               \n
               • Internal threats from employees (Intentional & Unintentional) malicious actions<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
                 \n
                 • Threats to external-facing systems like web servers, mail servers, FTP servers,\u00a0etc.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                   \u00a0 \u00a0 \u00a0 2. Web and\u00a0mobile application testing<\/span><\/b>\u00a0<\/span><\/p>\n

                   \n
                   • Coverage includes\u00a0OWASP\u2019s\u00a0top 10 application security risks.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                     \u00a0 \u00a0 \u00a0 3. Social vulnerability testing<\/span><\/b>\u00a0<\/span><\/p>\n

                     \n
                     • Proactive testing using\u00a0phishing emails\u00a0and\u00a0duplicate websites to create employee awareness and susceptibility<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                       In addition to the testing,\u00a0organizations need to focus on employee and third-party service provider education to prevent them from becoming the conduit for malicious attacks.<\/span>\u00a0<\/span><\/p>\n

                       Last but not least, IoT devices have added a new hardware angle to the cyber threat area. So, organizations that involve remote or home-based\u00a0office-based work need to include IoT devices in their VAPT testing.<\/span>\u00a0<\/span><\/p>\n

                       Thus, Vulnerability Assessment and Penetration\u00a0Testing combine to provide a detailed view of the flaws in the organization’s systems and the potential losses that these flaws could expose.<\/span>\u00a0<\/span><\/p>\n

                       How often does an organization perform VAPT?<\/span><\/b>\u00a0<\/span><\/p>\n

                       The industry\u2019s\u00a0best practice is to run a VAPT once per quarter on all the host systems, applications, databases, and network infrastructure.\u00a0<\/span>\u00a0<\/span><\/p>\n

                       In addition to the periodic tests, all web and mobile application development projects need to undergo VAPT to ensure that the new application or enhancement does not introduce vulnerabilities into the landscape.<\/span>\u00a0<\/span><\/p>\n

                       Conclusion:\u00a0<\/strong><\/h4>\n

                       Cigniti\u2019s\u00a0Managed Security Testing Services model is an amalgamation of industry best practices and decade-long expertise in software testing services delivery, ensuring your applications are secure, scalable, and agile. Our\u00a0<\/span>Security Testing<\/span><\/a>\u00a0and\u00a0<\/span>web application penetration testing<\/span><\/a>\u00a0exposes vulnerabilities\u00a0in applications, assures your application risks are minimized, and benchmarks your software code for increased quality assurance. Our Security Testing services across different industry verticals & enterprises ensure cyber-safety, leading to robust brand image & client retention.<\/span>\u00a0<\/span><\/p>\n

                       Our 100+ Security Testing experts with over 12+ years of security testing expertise are currently working on more than 25 active engagements and\u00a0have\u00a0already\u00a0completed\u00a075+ successful assignments. Our core offerings as a part of\u00a0the\u00a0Security Testing Center of Excellence include Architecture Review\/ Threat Modelling and Risk Assessment, Static Application Security Testing, Dynamic\/Mobile Application Security Testing, Infrastructure Penetration Testing, Vulnerability Management, IoT Security Testing,\u00a0DevSecOps, SOC (Security operation center), and training.<\/span>\u00a0<\/span><\/p>\n

                       The key differentiators of our dynamic application security\u00a0testing\u00a0services are<\/span><\/b>:<\/span>\u00a0<\/span><\/p>\n

                       \n
                       • Standardized methodologies<\/span><\/b>\u00a0aligned\u00a0to\u00a0<\/span>OWASP, Open SAMM & OSTTM.<\/span><\/b>\u00a0<\/span><\/li>\n
                       • Testing performed from\u00a0a\u00a0<\/span>Hacker\u2019s Eye View.<\/span><\/b>\u00a0<\/span><\/li>\n
                       • Continuous Testing Platform<\/span><\/b>\u00a0with in-built\u00a0<\/span>Security Engineering & Testing.<\/span><\/b>\u00a0<\/span><\/li>\n
                       • Next Generation IP –\u00a0BlueSwan™\u00a0<\/span><\/b>that comes with a<\/span>\u00a0Model-Based Testing Tool (Prudentia) & Reporting Dashboard\u00a0Verita,\u00a0<\/span><\/b>for SLA\/KPI monitoring;\u00a0CxO\u00a0dashboards; Predictive analytics\u00a0that help in faster decision making, leading to faster time-to-market.<\/span>\u00a0<\/span><\/li>\n
                       • Industry recognized\u00a0certifications\u00a0<\/span><\/b>of our security test experts include Certified Ethical Hacker, Licensed Penetration Tester Master, Certified Information Systems Security Professional, Certified Information Systems Auditor, and Certified Information Security Manager.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                         In a rapidly digitizing world, thanks to COVID, cybersecurity has become a key focus of\u00a0CxOs. Banking, Financial Services & Insurance (BFSI) organizations,\u00a0which handle sensitive financial and personal information of users and employees, are constantly threatened by cybercriminals.\u00a0\u00a0 According to Forbes, an analysis in 2015 found that cybercriminals targeted financial organizations four times more than other […]<\/p>\n","protected":false},"author":53,"featured_media":16360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[732,7],"tags":[2557,3409,3725,3170,3412,3724,3726,3327,3169,305,3723,1481,3408,3410,3411],"ppma_author":[3771],"yoast_head":"\n

                         Schedule a discussion<\/span><\/a>\u00a0with our\u00a0Security and Penetration Testing\u00a0experts to find out more about\u00a0why banking and financial services need Vulnerability Assessment and Penetration testing today.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"