How VAPT Helped to Secure a Financial Entity

Mon, May 27, 2024

Cybercriminals often target financial institutions because they deal with highly sensitive data on a day-to-day basis. This in fact makes them a lucrative target for attackers. Ensuring cyber security for finance has thus become a top priority for services like ours. Here’s a case study of how we conducted a VAPT testing in finance to secure the critical assets of a reputed financial institution:

The Challenges Faced by Us:

We were contacted by a financial entity that had recently transitioned to offering all their services digitally. They had already invested significantly in upgrading their systems and were strictly compliant with most of the recommended security protocols. However, as an entity with a high reputation and a large customer base, they wanted to ensure there were zero vulnerabilities that cybercriminals could exploit. The major challenge for us was to identify even the most minute threats and evolving threat scenarios.

Key Concerns:

Verify compliance with strict industry regulations and standards.
Meet evolving customer expectations for payment ease and security.
Protect sensitive customer data with robust safeguards.

The Approach

We began with a thorough assessment of the organization’s entire digital infrastructure, following standard penetration testing in finance sector practices. The objective was to pinpoint every potential threat scenario. Our approach included system and application reviews, as well as network assessments, to identify loopholes in those areas. To execute the tests effectively, we employed a combination of human intervention and advanced automation tools recommended for cyber security in finance.

Key Findings by Our Team:

We carried out the VAPT testing in finance in two segments. The initial vulnerability assessment tests, conducted using automation tools and manual interventions by our top testers, revealed a few potential threat loopholes. We then initiated penetration testing to exploit those vulnerabilities, assessing how long a potential attacker could manipulate them and pose a threat to the entity. Among the key issues we uncovered were insecure API endpoints, SQL injection vulnerabilities, and insufficient encryption practices, which collectively posed significant risks to sensitive customer data and the overall security posture of the finance entity.

Impact of VAPT

After we exposed and addressed the key vulnerabilities, the entity achieved a better and more improved state of cybersecurity. Our robust remediation strategies included recommendations for enhancing data encryption and strengthening password policies to protect the data more effectively. The remediation process involved a knowledge-sharing phase with stakeholders to ensure the entire organization could proactively take precautions against any potential threat scenarios. The institution now excels in maintaining compliance with regulatory norms and industry standards, and most importantly, enjoys strong customer trust

Summary

Financial institutions cannot afford to ignore cyber threats. Even a seemingly insignificant threat could result in significant losses. Upgrading to the latest systems and following best practices alone cannot guarantee cyber security for the finance sector. While these efforts are essential, they must be complemented by periodic VAPT testing in finance for comprehensive and robust protection. This case study serves as proof of that.