Thriving Banking & Financial institutions are facing a huge risk regarding the quality assurance of their financial products as financial security is now becoming a huge challenge for them to maintain user’s reliability. Commercial software & apps need to be tested & evaluated with a consistent approach so as to maintain optimum quality standards. As now, more than 38 %of the IT spending is done by the development firms around the globe to preserve optimum quality standards, so it is now essential for every financial institution out there to hire the services of a Penetration testing team so as to maintain the quality of their IT infrastructure. Quality assurance managers of any financial intermediary have to keep in mind the significance of penetration testing of all the IT infrastructures installed in their service departments. In a case of any negligence, they might have to face a decline in overall customer reliability in their financial products. Here is the list of financial intermediaries, those could be exposed in case if proper testing has not been carried out.
- Money & Capital Markets
- Mortgage Fund Companies
- Insurance companies
- Banking institutions
- Mutual & Hedge Funds
Penetration Testing Procedures for a Financial Intermediary
Financial products are more exposed to vulnerabilities & threats, and it’s vital for every financial institution to sustain the quality of their products by employing regular penetration testing tools. Penetration testing team can surely help by evaluating security levels through implementing a five-way process. Security & Vulnerability assessment process for a financial software or an IT infrastructure is as follows
- listing out the susceptibilities and risks devoted with a Financial Product
- picking out the high-risk area that needs immediate attention
- Identify the requirements for security policies & procedures
- Implementation of security evaluation tools to configure defects in commercial product
- Preparation of recommendation to improve safety & quality of commercial product
Any Penetration testing services provider adopt the following above mentioned five-step procedure so as to find out the bugs & inefficiencies attach to a financial product. First, they adopt those frameworks which identify the bugs and then implement testing strategies to overcome impact. The important thing about security testing is that it has to be consistently applied so as to sustain the quality of any financial product; otherwise potential invaders can implement certain changes to accomplish desired results as per their wish. In a nutshell; as the overall money & capital markets have to face security challenges worldwide so implementation of top quality safety standards on persistent time intervals will be the only choice for financial institutions to retain the quality of their products.