FinTech’s have become so successful over the recent months based on their innovative ideas and the trust their customers and counter-parties on them. Most of the fintech have started small and they are now grown son big that they are challenging some of the world’s oldest major banks and insurances in revenue and market cap. And this tremendous growth also has drawn some major security issues overnight that has become difficult to contain. Cyber security events, hacks or compliance failures might sometimes be a major threat to the business and must be addressed on high priority. Outsourcing the entire IT and IT security practice is a way ahead and we can help you with all the requirements. We have required expertise and provide end to end IT and IT security consulting to provide you a guidance for the way forward.
Financial services industry faces numerous security problems. Data sharing requirements and information security concerns get more complex as we progress toward a cashless society and outsourcing offshore, and the risk of cyber-enabled fraud rises. Fintech companies often secure their solutions only partially, leaving some security measures altogether, especially when they can’t see the added business value. Fintech start-ups may also lower their non-functional data security requirements because of limited cybersecurity awareness and the false conviction. Due to all of these, it made the finance and insurance business as the most targeted industry by cyber criminals.
Attackers can take advantage of rapidly changing technology as they carry out organized attacks on financial institutions (FIs) by leveraging security flaws in outdated technology and human error, costing institutions millions of dollars and reputational risk in the market. Some of the most common cybersecurity risks that the fintech industries facing today are: malware attacks, application breaches- includes both web and mobile, money laundering and crypto currency related risks, cloud computing security issues, scalability issues, identity theft, meeting compliance requirements, financial challenges, mobile platforms and IoT devices, convenience or security.
We provide cybersecurity requirements for fintech applications which vary based on your company’s location and targeted markets. Some of the common regulations that we work on for data protection in financial industries include: GDPR, PSD2, eIDAS, FCA, GPG13, PIPA, PCI-DSS, ISO/IEC 27001. Meeting financial security compliance requirements provides an organization with a number of essential benefits, including: a clear view of the most critical data and systems, a better understanding of what cybersecurity tools and practices to use, reduced time for cybersecurity incident response, greater security for valuable information.
We provide fintech security solutions that provides data protection and covering all the fintech cybersecurity compliances. In general, we enable you to: manage access to critical data and assets, continuously monitor and analyze user activities in real time, monitor and managing third party vendors, deploy advanced identity verification solutions, generate and export detailed exports, set custom rules for alerts and notifications. We provide financial industry companies with all the tools and technologies necessary for ensuring proper protection of the most sensitive data and meeting the requirements of international and local regulations and standards.
Vagari.ai LLC has created a Vehicle Rental App for Auto Dealers, Fleet and other vehicle owners (Owners) to provide vehicles to drivers including those who drive for uber/lyft (Renters) in the rideshare and Transportation as a Service (TaaS) industry. Vagari.ai LLC is a frictionless mobility technology startup based in New York, USA. Their first product is the vehicle rental mobile app. This App offers an opportunity for Owners to earn incremental revenue on idle inventory on one hand and for the Renters to use vehicles at subscription price and if needed be able to purchase it over a period of time.
Some of the vulnerabilities pop out during our pentest in vagari are
We pinpoint potential avenues of network attack where access might be gained through internet-connected servers or network equipment by individuals outside of Vagari which lack appropriate rights or credentials.
We then conducted a mock attack to test security controls, developing and presenting with a cybersecurity assessment on findings along with solutions and recommendations that vagari can use to remediate the issue.
Trusted Hands Financial Services Private limited is a Kerala based Activities auxiliary to financial intermediation company. A consumer-focused financial services & tech platform that solves problem of discovery, shortlisting, application, management and servicing of bank loans, borrowing options. Trusted Hands Financial Services (THFS) will change the way customers take and manage loans. THFS will enable customers to acquire their financial freedom, with right choice at the right time.
Requirement : Internal / External Pentesting, Vulnerability Assesmement, Solution
The Customer needed to test the security controls deployed within their IT infrastructure.
Offenselogic team conducted black box penetration testing of the external perimeter of the Customer’s network. The ethical hackers didn’t manage to penetrate the network with no credentials, so they proceeded with the grey box testing method using user login details but having no access to the entire network. Grey box penetration testing revealed a vulnerability of the Customer’s remote server to external manipulations.
Our security engineers scanned the Customer’s internal network for vulnerabilities and exploited the discovered vulnerabilities using the grey box penetration testing method. They discovered a server using the obsolete HTTPS protocol, which was critical for the banking environment storing clients’ data.
The Customer received detailed reports of the conducted network vulnerability assessment, penetration testing, and the security risk assessment of the client digital channels with recommendations to mitigate the discovered vulnerabilities. After fixing all the issues according to the provided remediation plan, the Customer ran retesting, which showed the increased security level of the network’s external perimeter and internal environment.