Post digitalization, customer expectations from a software are not restricted to convenience and excitement. One of the key aspects that software developers have to pencil in before release is how secure the application would be.
This is an important aspect for applications which deal with customer’s personal details like citizenship/identity data and financial information.
There are two facets to this; first is the obvious issue of gaining and maintaining the trust of several customers who share their personal details like identity cards and financial information like credit/debit/banking details on the software.
Secondly, software applications are also mandated by government organizations and industry bodies to keep up a particular security standard.
Brands end up paying a heavy price for a security breach-say a data theft, which can cause an irreversible loss of customer trust affecting revenues and brand value.
According to one estimate, the average cost of a data breach is around $4 million and around $150 is the average cost per lost or stolen record
In addition, there would be legal issues from the government and fines to be paid for non-compliance.
Some of the sectors which need to ensure a higher degree of compliance are fin-tech and banking services, retail, and insurance.
Why Vulnerability Assessment and Penetrative Testing
Vulnerability Assessment and Penetration testing are two sides of the same coin, which when combined, detect vulnerabilities in a software application and also generate a report on how the gaps can be misused to collect sensitive information like data from it.
Vulnerability assessment is the process by which experts perform a security analysis of the software, network, server, and other parts of the system infrastructure. This test gives details about the pre-existing weaknesses in the code, software design, or any other internal mechanisms which can be a possible loophole for exploitation.
If vulnerability testing covers the breadth of the software, Penetration Testing or Pen-Test plumbs the depths.
In simpler terms, Pen-test is allowing an ethical hacker to exploit vulnerabilities in your system to exhibit how much damage can be caused. The scope of the test also includes various possible ways a probable hacker can use to break into the network. The expert then is responsible for plugging such loopholes and building a more secure system.
The difference between a Vulnerability assessment test and Pen-Test is the latter is focused more on how much damage can be caused by the presence of a loophole, while the former surveys the number of vulnerabilities in a system.
Pen-Tests are offered for Networks, web applications, mobile applications, cloud, and API.
Quoting our client’s story
A leading Fin-tech player had similar requirements for their software application which is an all-encompassing software covering client management, underwriting, claims, accounting, reporting, and retroceding to optimize their client’s business for efficiency.
Uncovering potential security gaps and providing solid security protection were their requirements.
Aspire’s team of testing experts understood their needs and challenges and came up with a quick and comprehensive solution. The security assessments were standardized in line with globally recognized Open Web Application Security Project (OWASP)’s Top 10 vulnerabilities and SANS-25 software errors.
A detailed audit and test report with problems detected, which included possible data leaks and recommendations on remediation were given to the Fin-tech player as well.
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