Penetration Testing for Fintech. How to avoid cyber-attacks?

Penetration Testing 

Technology has been expanding for many years. Nowadays, it is an excellent tool for daily life that makes information extensive and easy to digest. However, it can also make our information public without notice. We use many mobile and financial applications daily, which can present cybersecurity problems that we might not be aware of.

As technology advances, we leave everything in its hands, including our finances. Fintech Companies wanting to improve and advance for the good of users came to the creation of Fintech applications.

Thanks to Fintechs, cyberattacks started to be noticed. Cybercriminals exploit the vulnerabilities of their victim’s systems and take advantage of everything they could have access to, functionality, data, etc.

Main security challenges 

Fintechs and eCommerce businesses are usually more vulnerable to cyber security attacks because of the nature of their business; validating an order, making any bank transaction, changing the shipping address of an order, applying for credit by bypassing controls, etc. They must consider the risks of fraud and cyber-attacks from the start of a new build, development, or implementation.

The penetration Test then encompasses the security options and protections against the actual danger. The test interests might vary depending on the type of Fintech, which can specialize in payments, credits, equity, crypto, etc.

How do you avoid cyber-attacks?

Working on a penetration testing (pen test) plan, a legally sanctioned simulated attack on a computer system to evaluate its security. To identify or find the security weaknesses and everything that could have access to its functionality and data. This type of testing typically simulates many attacks that could pose a risk to a company or business. Penetration testing, also called penetration testing, could look into whether a system can handle attacks from both authenticated and unauthenticated actors and a variety of system roles. With the appropriate scope, it can dive into any aspect of a system that needs to be evaluated.

Types of penetration testing

Depending on the purpose of security testing, the organization gives the testers varied degrees of information or access to the target system that can be involved, such as mobile application, computer system, Fintech application, etc. In certain circumstances during this test, the testing team may change its strategy as its understanding of the system grows. We will go through three different sorts of penetration testing.

• • • White box penetration testing: Having access to systems and system artifacts, security testers can provide the highest level of assurance in the shortest period.

• • • Black box penetration testing: Because the team does not know the target system’s internal structure, they operate like hackers, exploring for outwardly exploitable flaws.

• • • Gray box penetration testing: A tester generally gives incomplete or restricted data on the internal features of the program of a system, and it may be classified as an attack by an external hacker who had received illegal access to an organization’s network infrastructure files.

Benefits of implementing a penetration testing plan

Software and systems are meant to be created to overcome vulnerabilities from day one.  A penetration test can tell you how successfully you have accomplished this goal. 

It helps you identify flaws and better understand digital systems, which means that “Penetration Testing” will remove the cybersecurity problems, allowing you to build a relationship based on trust with your customers. Additionally, PenTest can help you observe and keep safe data privacy and security requirements.

Time to Make a Decision

If you are currently developing a Fintech application or want to learn more about preventing cybercrime, do not hesitate to contact us.

Get in touch with us!

Author:

Federico Buvinic, Bussiness Developer at TechAID