Nowadays, when digital transactions are ubiquitous, the security of financial technology (FinTech) applications is more crucial than ever. Recognizing this, a FinTech company specializing in digital wallets recently contacted CyberProx to enhance the security of their Android mobile application.
The challenge: protecting the digital wallet
With an increasing number of users relying on digital wallets for their financial transactions, the need for ironclad security is paramount. CyberProx experts were tasked with conducting a comprehensive penetration test on the Android version of the application. The goal was to simulate an attack from a malicious user with partial system knowledge – a real-world scenario that many apps face. As an IBM report says, customer and employee personal identifiable information (PII) was the costliest to have compromised. In 2023, customer PII such as names and Social Security numbers cost organizations USD 183 per record, with employee PII close behind at USD 181 per record. The least expensive record type to have compromised is anonymized customer data, which cost organizations USD 138 per record in 2023.
The approach: comprehensive pen testing
Our team deployed a penetration testing methodology which has proven to be efficient in cases like this. The first few days focused on penetrating the Android application, while the remaining time was dedicated to data analysis, filtering out false positives, and developing a detailed remediation report.
The steps included:
- Planning: Outlining the objectives and scope of the penetration test.
- Analysis of mobile structure and linked technology: Scrutinizing the app’s architecture and associated technologies.
- User-centric review: Examining the app’s functionalities both with and without user interaction.
- Error detection: Searching for design and programming flaws.
- Business logic review: Assessing the app’s operational procedures.
- Client interaction review: Evaluating how the app interacts with users.
- Confidentiality and source code integrity review: Ensuring the app’s code is secure and its data remains confidential.
- Result generation: Collating findings and insights from the test.
The outcome: enhanced security measures
The penetration test revealed several critical insights, but one stood out: the need for implementing certificate pinning to protect client-server communication. This recommendation is particularly relevant for FinTech companies, where data breaches can have severe consequences.
Methodology: top-level security consulting
CyberProx utilizes the most up-to-date and efficient methodology, ensuring the highest level of security for organizations. This approach is comprehensive, thorough, and adapted to meet the unique challenges and threats that modern businesses face.
Moving forward: commitment to security
For businesses in the FinTech sector and beyond, we stand as a guardian against digital threats. Companies interested in fortifying their cybersecurity can complete the form to engage with our team of experts. CyberProx assures prompt response and unwavering commitment to safeguarding your digital assets.
This case once again underscores the vital importance of robust cybersecurity measures in the digital age, particularly for businesses handling sensitive financial transactions. The study highlights not just the vulnerabilities that exist within digital platforms, but also the effectiveness of proactive cybersecurity strategies.
By partnering with CyberProx, you can ensure that your organization is not only protected against current threats but also prepared for future challenges. Reach out to us, and let’s work together to fortify your cybersecurity defenses and keep your business secure in an increasingly digital world.