Posted by: Hasan Sameer
August 11, 2023
The integration of cloud computing into fintech platform allows them to use remote servers to enhance financial services. Cloud computing offers on-demand access to computing resources, scalability, and cost-efficiency. Fintech companies can utilize cloud services to streamline operations, such as payment processing, risk assessment, and data analytics. This integration enables quicker deployment of new features and services which eventually enhances agility. Cloud platforms come with in-built security controls that ensure data protection and compliance with industry regulations. Cloud computing technologies help fintech platforms to focus resources on innovation. Additionally, it can help them improve customer experiences and efficiently manage vast amounts of financial data in a flexible and secure environment. Although there are some security concerns to think about. But those concerns are manageable with the help of certain measures like cloud pentesting.
of financial institutions experienced the heat of ransomware attacks at least in some intensity.
is the increase in the number of attacks against financial organizations.
of global consumers use fintech services in some form or the other.
million was the average cost of a data breach worldwide in 2022.
Cloud pen testing has a key role to play role in enhancing security for fintech platforms. The primary stage of this endeavor is identifying vulnerabilities and weaknesses in their cloud infrastructure and applications. Fintech companies deal with sensitive financial data, transactions, and customer information on a large scale. This makes these platforms attractive targets for cyberattacks. Conducting thorough penetration testing on cloud infrastructure helps identify and mitigate security risks. It will ensure the platform’s overall integrity and trustworthiness. Here’s a detailed breakdown of the role of cloud pentesting in enhancing security for fintech platforms:
Pene testing for cloud involves systematically assessing the cloud environment, including servers, databases, APIs, and applications. It enables fintech companies to identify vulnerabilities and potential entry points for attackers.
Zero-day vulnerabilities are a real threat to fintech platforms. These are the vulnerabilities unknown to the vendor. Penetration testing helps discover such vulnerabilities and enables the organization to take adequate preventive measures for them.
As we have already discussed, fintech platforms handle sensitive financial and personal data. Penetration testing helps ensure that proper data encryption, access controls, and data leakage prevention mechanisms are in place. This helps to protect sensitive information from unauthorized access and disclosure.
Many fintech platforms deliver their services through web and mobile applications. Penetration testing evaluates the security of these applications by identifying vulnerabilities within these apps. The identified vulnerabilities might include SQL injection, cross-site scripting (XSS), and authentication bypass. Hackers can easily exploit these security weaknesses to compromise user data.
Cloud environments often involve multiple users sharing the same infrastructure. It is important for fintech platforms to assess potential multi-tenancy risks. These risks might lead to data leakage or unauthorized access between different clients’ data. Thorough cloud penetration testing can help the fintech companies with it.
Fintech platforms are often subject to regulatory compliance such as PCI DSS, GDPR, and others. Penetration testing ensures that the cloud infrastructure and applications adhere to these standards.
Penetration testing cloud environment often includes red team exercises. Here, the testing team simulates attacks to test the incident response and detection capabilities of the platform. This helps the organization evaluate its ability to detect and respond to real-world cyber threats effectively.
Incorrect configuration of cloud resources is a major cause of successful attacks and breaches. Penetration testing reviews cloud configurations to ensure that access controls, permissions, and security groups. When all these are appropriately set, it becomes easier to prevent unauthorized access.
Fintech platforms can develop a better understanding of potential threats and attack vectors specific to their environment through penetration testing. This allows them to proactively address these threats before attackers exploit them.
Fintech platforms’ availability is crucial for uninterrupted financial services. Penetration testing assesses the resilience of the cloud infrastructure against distributed denial of service (DDoS) attacks. Plus, it also flags other threats that could impact business continuity.
