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Financial institutions have been attractive hacking targets for many years. This attention has not diminished with the addition of cloud and mobile technology. Penetration testing is a security exercise where a cyber-security expert attempts to find and exploit vulnerabilities in a computer system. The purpose of this simulated attack is to identify any weak spots in a system’s defenses which attackers could take advantage of. So, pen testing is essential for fintech business’s survival. Therefore, here we explain penetration testing for fintech industry.
Everything from a consumer’s ability to go online and see their financial transactions to allowing you to pay friends to apps that pay bills. Financial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. Consumers become savvier and more connected. Companies that succeed will be the ones that continue to successfully innovate in bringing new solutions to old problems.
It is the technology that aims to compete with traditional financial methods. In the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking services, investing and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.
Now, let us understand about Penetration testing or pen-testing.
Penetration testing is also called pen-testing. Basically, it is a process for penetration testing for mobile app, software or website for any safety related issues like vulnerabilities, viruses, bugs, errors and etc. Pen testing assures that your product is fully functional and safe to use, that the app or software is bug free and has no vulnerabilities. This test is essential in order to prove that it is safe for the consumer to use and that the consumer data is safe as well.
During development and implementation phases, vulnerabilities are introduced to a product. Common vulnerabilities are general errors, bugs and sometimes crashing of product. Pen-testers use different penetration testing tools to identify any errors or bugs in the product. The foremost precaution against threats like different viruses and hacking is penetration testing.
Fintech companies are generally more exposed to risks. Moreover, fintech is more mature than the average in terms of cybersecurity. Consider the risks of cyberattacks right from the design stage. These defects vary from security vulnerabilities to code base defects and many more.
Fintech companies developing payment solutions must conform with a set of security requirements. These rules are very strict and compulsory for each and every company operating in India! So, to comply with the rules and regulations, pen testing is critical.
The pentest will enable to verify the possibilities of attacks, not by testing the infrastructure and applications made available by the service provider, but by focusing on calls to the payment system and exchanges between the two systems that may be a source of vulnerabilities.
Financial companies handle a lot of sensitive data that is imperative to protect. If data is not properly protected, the consequences can include a total loss of trust from customers. Moreover, loss of business, and hefty legal and financial consequences.
Finally, we end our blog about penetration testing for fintech industry. We sincerely hope, we enabled you to now to determine the importance of pen testing for your product and fintech company.
FinTech companies should have a well defined pen testing program. It helps monitor their security and bring to light any areas that may need additional protection.
QualySec is India’s best QA and penetration testing company! We aim to improve our process & methodologies, we empower our team members to think outside the box in order to meet or exceed the expectations of our clients. Moreover, we constantly innovate our best-in-class tools to give our clients the very best at an affordable price.
So, we at Qualysec here perform penetration tests with our highly qualified and experienced team with the use of latest technology tools.
Contact us, and allow us to begin this beautiful journey of developing a secure and market breakthrough product!