Enhancing the Financial Sector with PTaaS

Enhancing the Financial Sector with PTaaS

The Financial Sector is one of the most dynamic and fast-paced industries of the modern era, using technology to provide global services to customers. The fast-paced nature of this industry also makes it a prime target of cybercriminals eager to exploit channels such as online banking, e-commerce payment engines, point-of-sale machines, etc., for cyberattacks. As threats evolve and become more dangerous, financial institutions have looked to enhance their security controls with Penetration Testing as a Service (PTaaS) emerging as a key solution. The service-based model of PTaaS, in which high-quality penetration testing can be delivered on demand, makes it a perfect match for the financial industry. This article explains why the financial sector should embrace and use the PTaaS model to enhance its security posture and how CyScope’s pentest-as-a-service solution provides your organisation with the benefit of regular testing, scalability, and the expertise of a community of security professionals to safeguard your critical assets and reduce risks.


The Need for PTaaS in the Financial Sector


The financial sector heavily depends on technology for a competitive advantage. Everything from online banking to digital wallets to AI chatbots requires technology to provide a seamless experience to customers. Unfortunately, cybercriminals are aware of this and seek to compromise this technology infrastructure. Organizations in the industry typically have sprawling infrastructures from cloud to on-prem to mobile applications, with any of them being a potential entry point for cyberattacks. The highly sensitive data stored within the financial industry, such as payment card information and customer details, also make them a highly lucrative target. Organizations in this sector are also subject to strict regulations that impose heavy fines for not complying with security best practices.



A single data breach can be enough to permanently damage a financial institution’s reputation, making the traditional methods of security assessments insufficient. A one-time penetration test vulnerability assessment can inform an organization of the risks at a particular point but cannot keep up with the fast-changing landscape. This is where CyScope’s PTaaS can be leveraged to provide an on-demand and continuous security assessment service. Our PTaaS services can easily adapt to the size of your organization and grants you access to our extensive global network of cybersecurity experts for evaluating your infrastructure. We deliver the findings in a straightforward report that you can easily share within your organization. CyScope not only offers efficient and automated frameworks to quickly identify vulnerabilities, but our pentesters also provide clear steps to replicate the issues and practical recommendations to fix them promptly.



The Benefits of PTaaS for the Financial Industry


The benefits of PTaaS can be easily seen by looking at a few hypothetical situations. For instance, a bank might require a new version of a mobile application to be released to maintain its standing in the industry. While standard security assessments and penetration tests might reveal issues at the launch, they cannot keep pace with the rapid post-launch changes. By leveraging the PTaaS model, the bank can subject the mobile application to continuous rounds of security testing by qualified experts and immediately highlight any critical security flaws. Timely identification and remediation reduce the risk of attackers compromising a mobile application and preserves its standing within the industry.   In another situation, a digital wallet provider might release an update to their application that processes millions of transactions daily. This update might open a vulnerability that could be exploited and not detected in their internal processes. By incorporating PTaaS into their change cycle, they can detect this severe vulnerability and patch it before any damage can be done.   This example shows the tangible benefits financial institutions can benefit from after adopting PTaaS. In addition to identifying vulnerabilities, PTaaS also offers the following benefits:
  • Scalability: As mentioned earlier, financial institutions are characterized by rapid growth and digital transformation that can rapidly change their digital footprint. PTaaS services can scale to meet these changes without significant changes or investments.
  • Compliance: PTaaS services can be customized to align with regulations that financial institutions must comply with, such as the PCI DSS (Payment Card Industry Data Security Standard), GDPR, etc., which require organizations to maintain a robust security posture. 
  • Access to Qualified Personnel: PTaaS provides on-demand access to qualified penetration testing resources without the organization worrying about headcounts, training, and other overheads. PTaaS providers can also invest in maintaining their skills with the latest attacks and techniques. 
  • Economical: PTaaS services eliminate the need for organizations to maintain costly tools and in-house resources and can demonstrate an actual return on security investment over time. 
  • Competitive Advantage: An organization can also use its PTaaS adoption as a competitive advantage. By demonstrating a commitment to its security posture, the organization can attract customers who feel safer with an organization that has invested in improving its security over its competitors.

The Way Forward


The rapid rate of change in the financial sector means that organizations can longer rely on point-in-time assessments like penetration tests and vulnerability scans. A process is needed to monitor vulnerabilities continuously and scale with the organization’s needs. PTaaS is not a technical control to adopt but a strategic asset that can increase customer trust, improve security posture, and provide organizations assurance about their environments. The financial sector is one of the most targeted sectors globally, with newer and advanced cyberattacks emerging regularly. By investing in advanced services like PtaaS, financial institutions can confidently meet the modern challenge of cybercrime and cement their position within the industry.



CyScope’s PtaaS solution offers the perfect synergy of cutting-edge technologies, expert analysis, and a deep understanding of evolving cyber threats. We recognize the unique challenges faced by financial institutions and are committed to providing the highest level of protection. Take proactive steps today to protect what matters most. Reach out to the CyScope team and discover how we can fortify your defenses and keep your assets safeguarded.

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