Fintech companies have emerged on the scene in recent years and largely represent a seismic shift within traditional banking and financial services, providing users with more flexibility, convenience, speed, and security than ever before. With such an increase in technological capability comes an equally high level of expectation regarding data safety protocols – as well as some common pitfalls and cyber threats that many security leaders are now tasked to address. Many CISOs find themselves flanked by a range of intense legal requirements amidst a quickly changing technology landscape that can prove difficult to secure effectively. I’m sharing the top three fintech-related security issues that keep CISOs up at night.
- Advanced Threats: A fintech app uses cookies to communicate with its backend but does not properly restrict the ways a cookie can be added to the session on the client side (the app’s side). This can allow attackers to inject cookies of their control into the app, which can allow them to hijack user sessions, make fraudulent transactions, steal user credentials, etc. Another advanced threat are web-to-app attacks, which is when a fintech app uses an embedded web view but does not properly restrict the content that can be loaded in the web view or the sources from which the content can be served. The impact of this is the same as cookie injection and potentially allowing remote attackers to access the app’s private files and data.
- App Ownership: Banks often face an uphill battle when it comes to seamlessly transitioning into the digital world. The complex task of app development and ownership can be handled by one or multiple teams, however traditional banks usually outsource this responsibility to external agencies – with IT staff and business managers tasked with maintenance. With many internal forces at work in addition to outside entities involved, there’s a risk that security systems could become compromised leaving apps vulnerable for unwanted exposure.
- Insecure Data Storage: As users attempt to access the information safely and quickly they need; apps are turning towards new ways of connecting people with their finances. From biometric scanning, tokenization, or securely stored passwords – developers must maintain a stringent focus on security while advancing interconnectivity between devices to achieve optimal user experience.
Security is an ongoing concern for CISOs, and understanding the top issues they are facing is indispensable in ensuring you’re staying one step ahead. Advanced threats, app ownership, and insecure data storage are just a few of the many areas that must be addressed to ensure safe operations in the world of fintech. It’s essential to think proactively when it comes to maintaining full control over your sensitive information. Investing in security tools that protect against ever-evolving threats is a smart move toward achieving confidence in your technology infrastructure. Our Q-MAST solution delivers all of this plus more. Q-MAST has faster and easier scaling with flexible analysis engines that extend market leadership. Our cutting edge application security testing supports compliance with OWASP MASVS, allowing both consumers and businesses to confidently manage funds while ensuring peace of mind knowing that personal information remains safe from cyber threats at all times. Take action now and learn about how Quokka can help you fortify your organization against future attacks.
Additional Resources
- Blog: The Risks Associated Mobile Banking Apps and How to Manage Them
- Blog: Unmasking the Deceptive Techniques of Banking Malware: Cloak and Dagger Attacks
- Fintech AppSec Guide
- Q-MAST Datasheet
