TechAIDBlogSecurity Testing for Fintech Businesses. How to avoid cyber attacks?
By Diana Chavez 04/21/2022 0

Security Testing for Fintech Businesses. How to avoid cyber attacks?

 

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 the Fintechs, cyberattacks started to be noticed. Cybercriminals exploit the vulnerabilities of their victim’s system and take advantage of everything they could have access to, the 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 to avoid cyber security attacks?

 

Working on a penetration testing (pen test) plan, which is a legally sanctioned simulated attack on a computer system in order 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 a number of attacks that could pose a risk to a company or business. Penetration testing also called security testing could look into whether a system can handle attacks from both authenticated and unauthenticated actors, as well as 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 security 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 their strategy as their understanding of the system grows. We will go through three different sorts of security testing.

 

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

 

      • Black box security testing: Because the team has no knowledge of the target system’s internal structure, they operate like hackers, exploring for any outwardly exploitable flaws.

 

      • Gray box security 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 security testing plan

 

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

 

It helps you identify flaws and get a better understanding of digital systems, which means that “Security Testing” will take out 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 you want to learn more about how to prevent cybercrimes do not hesitate to contact us.

 

 

Get in touch with us!

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