We’ve all read the headlines about the recent online banking scam that hit a bank in the Philippines. The investigation into the scam is still on-going, with findings being revealed before the end of the month. The incident is quite complex, requiring forensic investigation, attributed to a sophisticated fraud technique.
While the Bank has implemented additional security measures to block further unauthorized access or transactions and is planning on expanding their cybersecurity team, we don’t think its sufficient measures given the cybersecurity threat climate today.
Financial institutions along with any other organizations that deal with confidential data need to close all and any window of opportunities for hackers. Banks have stringent data privacy rules and should take preemptive measures against potential breaches with the appropriate security strategy and tools. To augment small budgets and under-resourced teams, they need more frequent, automated penetration testing to continuously expose vulnerabilities that may exist before they get exploited or an incident occurs.
Cybersecurity teams need to pen-test their networks continuously, on demand, and regularly, versus once-a-year or twice-a-year practice that is currently in place.
RidgeBot, an automated penetration testing from Ridge Security, is the tool that keeps the windows of opportunity closed for hackers. Built for enterprise environments with strict compliance mandates — works for any size business. Learn more about RidgeBot here.