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

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. <br>Read more: https://www.cigniti.com/blog/bfs-vulnerability-assessment-security-penetration-testing/

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

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

  2. 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.   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 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 organization’s 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). 

  3. 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 about $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 we’ve seen the different modes of threats that financial services organizations face, it is imperative to know more about the services that VAPT testing offers. 

  4. 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.  Cigniti’s 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 discussionwith 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-vulnerability-assessment-security-penetration-testing

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