A Proactive Approach to Increasing Resilience Against Financial Crime

 

We are currently observing the profound and systemic effects of Industry 4.0, which are derived from the tremendous growth of digital technologies. Therefore, one of the great challenges facing society is to protect our information, ensuring that it is only used by the real owners or other authorised persons.

The financial sector, especially banking, has been one of the sectors with the highest rates of digitalisation. Fintechs have been a game changer in the finance market, reaching almost $4.8 trillion in 2020. However, there are still several challenges intrinsic to this industry. For example, the integration of new services with existing banking solutions continue to generate major concerns about data security. With growing opportunities come growing risks, especially in cybersecurity.

While start-ups in this industry can move and innovate quickly, as soon as they begin to grow, they become viable targets and potential victims of newly emergent risks. These risks must then be remediated to mitigate any possible new attack and fraud situations which the sector and, of course, its users. 

An agile, efficient and proactive approach to threat hunting 

Deploying both proactive and reactive defence resources to improve system survival is fundamental. 

CyScope’s community of White-hat hackers are equipped with the necessary skills, domain expertise and an outsider’s perspective, enabling them to explore vulnerabilities within banks’ systems and to then report them in a timely manner, so that flaws can be fixed before any serious damage is done. CyScope can provide financial institutions with information about security weaknesses, allowing the implementation of effective security measures to prevent future attacks. 

  • Preventing dangerous security vulnerabilities from the outset:

software and systems are created with the intention of preventing dangerous security vulnerabilities. Our expert team can tell you how successfully this goal has been achieved, helping Fintechs with compliance, data security and privacy requirements. Additionally, it helps build a relationship of trust with your customers.

  • Finding vulnerabilities in the real world:

our expert hunters operate as real threat agents uncovering common and sophisticated vulnerabilities that structured testing may not have identified.

  • Continuous pentesting of your mobile and/or web applications:

    Apps are a main attack vector, as they allow end-users to enter sensitive data and transfer money with a single touch of a screen, striving to achieve their «make your life easier» promise. It’s precisely this user-facing aspect that makes it risky: accessing the app is easier than accessing the organisation’s network directly; however, if an attacker has gained access to your app, it will only be a matter of (very short) time before they then gain access to your entire network.

  • Cost reduction:

    the cost of hiring someone to find vulnerabilities is significantly lower than paying someone to remediate an incident after it has already happened. 

  • Permanent protection of your critical assets:

    The services, and more than anything else, the growth of a Fintech, is leveraged by the implementation and proof of adherence to the highest security standards. In addition to securing information and minimising risks, permanently protecting your critical assets makes your organisation attractive for more business partners and investors to drive future development, whilst facilitating cyber due diligence. 

CyScope’s bug bounty programs have been shown to be a successful, proactive method of discovering a far greater number of vulnerabilities and uncovering problems in a short period.

 

“Putting this together with the 25-year experience of the team behind the platform, makes for some very powerful defences. Banks and Fintechs would benefit enormously from this level of automated cyber collaboration.” said Laura Gaudino.

If you are currently developing a app or have a Fintech company and want to know more about how to avoid security risks, contact us today to learn how CyScope’s community can help you reinforce your security.