When it comes to security, financial service organizations are in a bind. They face an increasingly hostile threat environment:
Meanwhile, regulators are responding by demanding stronger customer protection, which further strains already resource-constrained security teams.
Continuous pen testing can help financial services organizations by ensuring that digital assets are routinely monitored for vulnerabilities and providing compliance assurance without extra overhead for your team.
Bugcrowd recently released the Ultimate Guide to Crowdsourced Security for Financial Services, which breaks down offensive security in the industry. It’s a thorough overview of the space, but if you’re in a rush, here are five specific benefits of continuous pen testing in the financial services industry.
Financial services organizations deploy code daily, but traditional penetration tests provide only point-in-time snapshots, so they won’t catch any new vulnerabilities introduced by code changes. Continuous penetration testing closes these gaps by testing assets immediately upon deployment, reducing the window of opportunity for attackers.
Financial services organizations store sensitive customer data, like payment information, financial records, and personal information—making them prime targets for cybercriminals and nation-states who specifically target the financial sector. Continuous penetration testing protects this data by providing ongoing, sweeping coverage of your assets.
Financial services organizations face a litany of compliance requirements worldwide and steep penalties for noncompliance. Frameworks like GLBA, DORA, and PCI-DSS expect continuous monitoring and more frequent validation, which annual, point-in-time penetration tests alone can’t satisfy. Continuous penetration testing is a first step towards ongoing compliance assurance, with attestation as proof.
Financial services organizations rely heavily on third-party integrations and APIs, which create potential entry points for attackers. Continuous testing identifies vulnerabilities in external dependencies before they can be exploited as attack vectors.
Attackers probe for vulnerabilities 24/7. Organizations need ongoing monitoring to keep their assets secure. Continuous penetration testing allows organizations to identify and fix security vulnerabilities faster than attackers can exploit them.
Bugcrowd’s platform provides continuous penetration testing through a global network of thousands of hackers ready to secure your assets. We use our proprietary CrowdMatch algorithm to find the right testers for your project (along with white-glove sourcing when required), and you can track the findings in real time on your dashboard. With Bugcrowd, financial services organizations can achieve compliance goals, protect customer trust, and shift to defensible resilience. Talk to an expert at Bugcrowd and get started with continuous pen testing today.