The financial industry has been at the forefront of implementing innovative technologies (including AI, machine learning, SIEM, automated security verification, and identity and access management) for years, but the COVID-19 pandemic has significantly accelerated the digitization process, including the development of mobile applications and customer service platforms. According to Adobe’s FIS Trends report, by the first half of 2020, more than half of companies in the financial and insurance sectors had already seen an increase in mobile users. Moreover, for 40% of executives, digital and mobile channels now generate more than half of revenue – a trend that continues today.

Higher risk – larger attack surface

Digital development also brings new risks. The enlargement of the attack surface, or the number of potential access points for cybercriminals, increases the risk of security breaches. Effective management of this surface requires tools to accurately monitor threats and quickly prioritize and eliminate the most critical vulnerabilities.

Traditional approaches to security assessment

Financial institutions use various methods to verify the status of collateral, including:

  • Breach and attack simulations (BAS) – Simulations help identify potential attack paths, but their effectiveness is sometimes limited to predefined scenarios, making implementation difficult.
  • Manual penetration tests provide valuable information about real-world threats but are costly and performed infrequently. Their effectiveness depends on the experience of the tester, which can result in some vulnerabilities going undetected.
  • Vulnerability scanning – automated tests conducted regularly are fast but provide generic information, requiring additional analysis by security teams.

Modern approach: automatic security verification

Automated security verification is becoming a key component of today’s security strategies. It combines the benefits of vulnerability scanning, control validation, and simulation of real-world attacks to offer risk-based remediation recommendations. Continuous monitoring and modeling of cybercriminal behavior provide a comprehensive picture of threats.

Implementing automatic security verification in the financial sector

Financial institutions such as banks and insurance companies, are increasingly using automated collateral verification to manage risk more effectively and meet regulatory requirements. A typical process includes:

  • Attack Surface Mapping – Using advanced tools such as Pentera, organizations get a detailed picture of their domains, IP addresses, networks, and services, identifying potential access points.
  • Vulnerability testing – through simulations of realistic attacks, organizations identify potential threat vectors, checking their exploitability.
  • Prioritization of actions – based on the emulation of attack paths, institutions can assign priorities to individual vulnerabilities, facilitating effective management of the protection strategy.
  • Execution of remediation – organizations develop lists of remediation actions, monitoring their impact on the overall state of IT security.

Key to the future: automation and risk management

Digital transformation in the financial industry is inevitable, but it requires effective tools to counter threats. Automated security verification allows financial institutions to focus on protecting key assets, strengthening their trust in the eyes of customers. In a world of growing threats, automation and in-depth risk analysis are becoming the foundation of effective security management.

The article was made in cooperation with Pentera.