A series of cyberattacks witnessed recently on the DeFi platform illustrates how fintech companies have emerged as a prominent target and a big prize to cyber criminals. Particularly when it comes to fintech apps, there is often a huge possibility for profit. Attackers can also do greater damage by going after tech users, who may have adopted comparatively less stringent cybersecurity measures. One malicious software can deprive fintech consumers of their assets and ruin the reputation of the financial organization.
Considering the seriousness of the constantly evolving threat, fintech companies are now required to reconsider their approach including their identity and access control strategies, in order to ensure sure that their platforms are equally trusted by consumers and businesses. It is crucial to implement the right controls to maintain an organization's security posture as this industry continues to transition to the cloud, but doing so presents a unique set of problems.
While cloud development has emerged as a breakthrough, garnering the opportunity for new apps to be made possible and existing apps to operate more smoothly than before, it has also rapidly increased the number of potential attack surfaces and created additional opportunities for configuration errors, human mistake, and identity management problems.
Any form of change makes a company vulnerable at the cloud scale, whether it is upgrading an outdated program to a new and better cloud-based architecture or enhancing current capabilities. Due to the fact that an infrastructure's attack surface now expands and is dynamic in the cloud, this can further increase the explosion radius of a single attack.
Fintech applications must also adhere to strict regularity standards that differ from country to country and frequently incur heavy fines for noncompliance.
Since operating in the financial sector requires a greater standard of accountability towards clients and the entire sector, which can be a challenging task, organizations must assure visibility, dependability, and proper configuration as a result of fintech.
Fintech companies need to maintain a tight grasp on security and privacy from the very beginning of growth, especially as third-party services continue to expand, in order to remain competitive in this extremely crowded market.
Since fintech organizations are more dependent on vendors and other partners like manufacturers, suppliers, and subcontractors and an increasingly complex supply chain. This further could be a reason for the system being exposed to potential attackers.
Companies frequently lack visibility into their third- and fourth-party partners, and consequently, the large amount of data that is available to them. Interoperability is crucial in today's software-centric world, but it frequently makes firms even more vulnerable to attackers.
Fintech developers are thus advised to continuously be vigilant for potential problems with the software supply chain and the security risks that third-party services may pose to their companies.
We are listing more measures that could be adopted by fintech organizations to safeguard themselves from potential cyber-attacks that could hinder their security:
The volume and sophistication of cybercrime attacks have sharply increased at the same time, causing concerns inside IT departments. According to the most recent study from Cisco AppDynamics, the shift to a security approach for the full application stack, 78% of technologists believe that their company is susceptible to a multi-stage cybersecurity attack that would target the entire application stack over the course of the following 12 months. Indeed, such an attack might have catastrophic results for brands.
The major problem for IT teams is the lack of the right level of visibility and insights in order to recognize where new threats are emerging across a complicated topology of applications. More than half of engineers claim that they frequently find themselves operating in "security limbo" since they are unsure of their priorities and areas of concentration.
IT teams can safeguard the complete stack of modern apps throughout the entire application lifecycle by using an integrated approach to application security. It offers total protection for applications across code, containers, and Kubernetes, from development to production. Moreover, with coupled application and security monitoring, engineers can assess the potential business effect of vulnerabilities and then prioritize their responses instead of being left in the dark.
In order to improve the organization security, tech experts are recognizing the need for adopting a security strategy for the entire application stack that provides comprehensive protection for their applications from development through to production across code, containers, and Kubernetes.
Moreover, IT teams are required to integrate their performances and security checks to gain a better understanding of the way security flaws and incidents could impact users and organizations. Tech experts can assess the significance of risks using severity scoring while taking the threat's context into account thanks to business transaction insights. This entails that they can give priority to threats that pose a risk to an application or environment that is crucial for conducting business.
Due to the complexity and dynamic nature of cloud-native technologies, as well as the quick expansion of attack surfaces, IT teams are increasingly relying on automation and artificial intelligence (AI) to automatically identify and fix problems across the entire technology stack, including cloud-native microservices, Kubernetes containers, multi-cloud environments, or mainframe data centers.
AI is already being used for continuous detection and prioritization, maximizing speed and uptime while lowering risk by automatically identifying and blocking security exploits without human interaction. Also, more than 75% of technologists think AI will become more crucial in tackling the issues their firm has with speed, size, and application security skills.
To safeguard modern application stacks, companies must encourage much closer IT team collaboration. With a DevSecOps strategy, security teams analyze and evaluate security risks and priorities during planning phases to establish a solid basis for development. This adds security testing early in the development process.
IT teams can be far more proactive and strategic in how they manage risk with a comprehensive approach to application security that combines automation, integrated performance, security monitoring, and DevSecOps approaches. A security strategy for the entire application stack can free engineers from their impasse and enable them to create more secure products, prevent expensive downtime, and advance into the next innovation era.
A range of automakers from Toyota to Acura is affected by vulnerabilities within their vehicles that can let hackers steal personally identifiable information (PII), lock owners out of their vehicles, and even control functions like starting and stopping the vehicle's engine.
A team of seven security experts said vulnerabilities in the automakers' internal applications and systems gave them a proof-of-concept hack to send commands using only the vehicle identification number (VIN), which can be seen through the windshield outside the vehicle.
The team has found serious security loopholes from automakers like BMW, Ford, Volvo, Ferrari, and various others throughout Europe, the US, and Asia. It has also found problems with suppliers and telematic companies like Spireon, which makes Gps-based vehicle tracking solutions.
BMW said that IT and data security are the top priorities for the company, and it continuously monitors its system landscapes for potential security threats or vulnerabilities.
"The relevant addressed vulnerability issues were closed within 24 hours and we have no indication of any data leaks. No vehicle-related IT systems were affected or compromised. No BMW Group customers or employee accounts were compromised," a spokesperson at BMW said.
This is the most recent security threat that surfaced, in March last year, telemetry from industrial systems security firm Dragons found Emotet command-and-control servers in contact with various automotive manufacturer systems.
In December, experts found vulnerabilities in three mobile apps that let drivers remotely unlock or start their vehicles. These bugs allowed unauthorized malicious actors to perform the same commands from afar.
Security vulnerabilities have been a challenge in the automotive industry for a long time, and automakers are not very proactive in identifying the potential severity of the threat developments.
Experts believe that while automakers are slowly changing into software developers, they find it difficult to address all points of the development cycle- which includes security.
One very simple notion is if you're not good at software, you're probably not going to be very good at making that software safe. That is guaranteed." "Automakers look at this in a more reactive way than a proactive way, basically saying we'll address the small number of customers affected and solve the issue and then everything goes back to normal," he says. "That's the way of thinking for many carmakers," said Gartner automotive industry analyst Pedro Pacheco.
When automakers make more sophisticated ecosystems that connect customers with app stores and connect them with their smartphones and other connected devices, the stakes also get high.
"This is the reason why cybersecurity is going to become more and more of a pressing issue," said Pedro. "The more the vehicle takes over driving, then of course the more chances there are that this can be used against the customer and against the automaker. It hasn't happened yet, but it could very well happen in the future."
Given both vendors’ history of exploitation, admits are warned of prioritizing patching, alerts both disclosures prompted CISA on Wednesday.
Citrix Gateway, A Perfect Avenue for Infesting Orgs:
As for Citrix, a critical vulnerability tracked as CVE-2022-27510 (with a CVSS vulnerability-severity score of 9.8 out of 10) allows unauthorized access to the Citrix Gateway when device is used as SSL VPN solution. Consequently, allowing access to the internal company applications from any device through the Internet, and offering single sign-on across applications and devices.
This way the vulnerability would give a threat actor means to easily access initial data, then dig deeper into an organization’s cloud footprint and create nuisance across the network.
In a published advisory, Citrix also noted that its Application Delivery Controller (ADC) product, that provides admin visibility into applications across multiple cloud instances, is vulnerable to remote desktop takeover (CVE-2022-27513, CVSS 8.3), and brute force protection bypass (CVE-2022-27516, CVSS 5.3).
According to researcher Satnam Narang, Citrix Gateway and ADC have always been a favorite target to cybercriminals, thanks to how many parts of an organization they provide entrée into. Thus, marking the importance of patching.
"Citrix ADC and Gateways have been routinely targeted by a number of threat actors over the last few years through the exploitation of CVE-2019-19781, a critical path traversal vulnerability that was first disclosed in December 2019 and subsequently exploited beginning in January 2020 after exploit scripts for the flaw became publicly available," Narang wrote in a Wednesday blog.
"CVE-2019-19781 has been leveraged by state-sponsored threat with ties to China and Iran, as part of ransomware attacks against various entities including the healthcare sector, and was recently included as part of an updated list of the top vulnerabilities exploited by the People’s Republic of China state-sponsored actors from early October," he added.
Users should be quick in updating to Gateway versions 13.1-33.47, 13.0-88.12, and 12.1-65.21 to patch the latest issues.
VMware Workspace ONE Assist, a trio of cybercrime threat:
On the other hand, VMware has reported three authentication-bypass bugs, all in its Workspace ONE Assist for Windows. The bugs (CVE-2022-31685, CVE-2022-31686, and CVE-2022-31687, all with CVSS 9.8) allows both local and remote attackers to gain administrative access privileges without the need to authenticate, giving them full run of targeted devices.
Workspace ONE Assist is a remote desktop product that is mainly used by tech support to troubleshoot and fix issues relating to IT, for employees from afar. As such, it operates with the highest levels of privilege, potentially giving remote attackers an ideal initial access target and pivot point to other corporate resources.
Moreover, VMware revealed two additional vulnerabilities in Workspace ONE Assist. One is a cross-site scripting (XSS) flaw (CVE-2022-31688, CVSS 6.4), and the other (CVE-2022-31689, CVSS 4.2) that allows a "malicious actor who obtains a valid session token to authenticate to the application using that token," notes vendor’s Tuesday advisory.
VMware as well has a history of being a target to cybercriminals. A proof-of-concept (PoC) exploit was almost immediately published on GitHub and tweeted out to the world after a major Workspace ONE Access vulnerability (used to distribute corporate apps to distant employees) identified as CVE-2022-22954 was revealed in April.
Consequently, researchers from multiple security firms started looking for probes and exploit attempts very soon thereafter — with an ultimate motive of infecting targets with numerous or establishing a backdoor via Log4Shell.
Online users are advised to update their Workspace ONE Assist to version 22.10 in order to patch all of the most recently disclosed problems.