VAPT: Vulnerability Assessment & Penetration Testing for Financial & Fintech Organisations

VAPT: Vulnerability Assessment & Penetration Testing for Financial & Fintech Organisations

Financial and fintech organisations are among the most targeted industries by cyber criminals. In fact, financial firms are 300 times more likely to experience cyber attacks than companies in other industries. As productivity and operations depend highly on technology and digitalisation, a vulnerable system or application can pose huge risks to an organisation and its clients. This is especially so for the financial sector, as companies handle extremely sensitive information — from bank accounts to identification data of individuals, corporations and government agencies.

Vulnerability assessment and penetration testing are some of the vital tools to have in your defence arsenal against cyber attacks.

What is Vulnerability Assessment & Penetration Testing?

Vulnerability Assessment and Penetration Testing, or VAPT in short, is a range of cyber security assessment services to uncover vulnerabilities and security gaps in a company’s computer systems, IT infrastructure, network and applications. The vulnerabilities can then be mitigated to secure data and safeguard your organisation.

Vulnerability assessment (VA) and Penetration Testing (PT) serve different purposes, but they are often performed together for a more comprehensive evaluation.

Vulnerability Assessment

Vulnerability assessments is a non-intrusive approach to uncover, assess and mitigate security risks to reduce the probability of cyber threats. Consider them as the first step to evaluating the security posture of your company. Vulnerability assessment tools  and  scanners are used to detect existing flaws on network devices, servers and systems that attackers can potentially exploit.

Penetration Testing

Penetration testing, or pentesting for short, checks if an identified vulnerability exists by exploiting it in your company’s system, infrastructure and applications. It is a more intrusive method of “stress testing” your company’s systems to assess its security and validate defense mechanisms in a controlled manner.

Human pentesters, also known as ethical hackers, simulate real-world attacks and check for potential weaknesses to evaluate and improve your organisation’s cybersecurity readiness. After which, a detailed post-assessment report from the penetration testing provides a clear picture of pre-existing gaps and recommends possible workarounds and solutions.

Why VAPT Is Crucial For Your Organisation

1. Achieve Compliance with Regulatory Bodies

IT security audits like VAPT are required for certifications and compliance standards in Singapore, such as the ISO 27001, Payment Card Industry Data Security Standard (PCI DSS) and the MAS Technology Risk Management (TRM) guidelines.

2. Protect Confidential Information

Comprehensive VAPT helps financial and fintech organisations safeguard critical information and data regarding employees, customers, and third-party vendors. Doing so instills trust and confidence in customers and stakeholders and contributes to the Personal Data Protection Act (PDPA) compliance by mitigating potential data breaches.

3. Improve Cyber Resiliency & Gain a Competitive Edge

Companies that conduct security assessments demonstrate their dedication to robust cybersecurity governance, risk management, strategies and operations. As attackers constantly evolve and attacks become more prevalent, it is crucial to be proactive and take action before the hackers do. Hence, by taking the necessary steps to improve your organisation’s cyber posture, you can ensure better business continuity and longevity, gaining an advantage over competitors in the process.

4. Optimise Operations & Reduce Costs

Lowering your company’s susceptibility to cyber attacks results in less downtime and losses. With the support of a trusted VAPT service provider, your internal IT security teams can shift their focus to mitigating vulnerabilities and implementing measures instead of constantly monitoring and putting out fires.

Secure Your Organisation with CSIntelligence 

CSIntelligence provides reliable and comprehensive vulnerability assessment and penetration testing services in Singapore and beyond. Our team of CREST-certified pentesters adhere to the highest industry standards and develop customised solutions for your company’s requirements. By utilising professional techniques and tools, we assist businesses in the finance industry to accurately analyse and identify flaws in computer systems, network nodes, firewalls, and applications.

Contact us for a non-obligatory discussion on your VAPT needs today.

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