Why do Banking & Financial Services need Security & Penetration Testing today - PowerPoint PPT Presentation

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Why do Banking & Financial Services need Security & Penetration Testing today

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Vulnerability Assessment, Security and Penetration Testing combine to provide a detailed view of the flaws in the banking and financial systems and the potential losses that these flaws could expose. – PowerPoint PPT presentation

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Title: Why do Banking & Financial Services need Security & Penetration Testing today


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Why do Banking Financial Services need Security
Penetration Testing today
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Why do Banking Financial Services need Security
Penetration Testing today
In a rapidly digitizing world, thanks to COVID,
cybersecurity has become a key focus of CxOs.
Banking, Financial Services Insurance (BFSI)
organizations, which handle sensitive financial
and personal information of users and employees,
are constantly threatened by cybercriminals.   Ac
cording 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 cyber-attacks than
other organizations.   What is Vulnerability
Assessment and Penetration Testing (VAPT)? Why is
it needed for BFSI organizations?  VAPT comprises
a wide array of security assessments to help
address cybersecurity risks across an
organizations information technology landscape.
These tests include automated vulnerability tests
and human-led penetration testing or ethical
hacking tests.  BFSI organizations handle highly
sensitive financial data of individuals,
governments, and public and private corporations.
Those data are bank account numbers, credit card
numbers, national identification numbers,
addresses etc.   Financial services organizations
are at the top of the regulatory focus for data
protection as they handle highly sensitive
nonpublic personal information (NPI). 
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Why do Banking Financial Services need Security
Penetration Testing today
What are the different types of threats that
financial services organizations face today?  The
different modes of threats that financial
services organizations face today are as
follows.    1. Unencrypted data  A primary
way of safely storing data 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 is left vulnerable to internal
malicious threats.    2. Ransomware Malware  We
have seen multiple ransomware malware attacks
on leading banking 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 causes ab
out 75 billion per year in damage to various
organizations.   3. Cloud providers  Cloud
providers have become key targets of cyber
attacks as 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.   While weve seen the different modes
of threats that financial services organizations
face, it is imperative to know more about the
services that VAPT testing offers. 

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Why do Banking Financial Services need Security
Penetration Testing today

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.  Cignitis Managed 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 Security Testing and web application
penetration testing exposes vulnerabilities in
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.  Schedule
a discussion with our Security and Penetration
Testing experts to find out more about why
banking and financial services need Vulnerability
Assessment and Penetration testing today.  Read
Full Blog at https//www.cigniti.com/blog/bfs-vu
lnerability-assessment-security-penetration-testin
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