Cybersecurity for Banking and Financial Services
Financial institutions run on trust, and that trust rests on the confidentiality, integrity and availability of money and data. The sector faces persistent, well-funded adversaries and some of the most prescriptive security regulation of any industry, so controls must be demonstrable, tested and continuously monitored.
Request a scoping callSecurity concerns in Banking & Financial Services
Fraud and account takeover
Credential stuffing, phishing and social engineering target online and mobile banking, payment flows and customer accounts, requiring strong authentication and transaction monitoring.
Payment and card data exposure
Cardholder data environments are high-value targets, so segmentation, encryption and tested controls around storage, processing and transmission are essential.
Third-party and supply chain risk
Heavy reliance on fintech partners, core banking vendors and cloud providers expands the attack surface and creates concentration and vendor-management risk.
Ransomware and operational disruption
Attacks that encrypt or disable systems threaten availability of critical financial services, making resilience, backups and incident response central concerns.
Insider threat and privileged access
Access to funds and sensitive records means misuse or compromise of privileged accounts can cause direct financial and reputational harm.
Application and API weaknesses
Online banking, trading and payment APIs are exposed to the internet and must be tested for authentication, authorization and business logic flaws.
Relevant regulations and frameworks
NYDFS 23 NYCRR 500 ↗: New York cybersecurity regulation for covered financial services entities, requiring a risk-based program, controls and periodic reporting.
PCI DSS ↗: Payment Card Industry Data Security Standard maintained by the PCI Security Standards Council for entities that store, process or transmit cardholder data.
FFIEC guidance ↗: The Federal Financial Institutions Examination Council issues IT examination handbooks and guidance used by US financial regulators.
RBI Cyber Security Framework ↗: Reserve Bank of India guidance setting cyber security expectations for banks and regulated entities in India.
SAMA Cyber Security Framework ↗: Framework issued by the Saudi Central Bank (SAMA) for member organizations in the Saudi financial sector.
DORA (EU) ↗: The Digital Operational Resilience Act sets ICT risk management and resilience requirements for EU financial entities.
SWIFT CSCF ↗: The SWIFT Customer Security Controls Framework defines mandatory and advisory controls for users of the SWIFT messaging network.
Assessments for Banking & Financial Services
Vulnerability Assessment & Penetration Testing
Find and prove real risk before attackers do.
Red Teaming
Objective-based adversary simulation.
Attack Surface Assessments
See what an attacker sees.
Risk Assessment & Compliance Readiness
Know your risk. Be audit-ready.
IT GRC, TPRM & Audit Preparation
Govern risk, vendors, and audits in one place.
Secure Code & Cloud-Native Reviews
Find flaws in code and cloud before release.
Social Engineering
Test the human layer.
Ongoing protection
How Clear Infosec engages Banking & Financial Services
Clear Infosec engages financial institutions with risk-based testing and GRC work mapped to the specific regulations that apply to their jurisdiction, then supports ongoing monitoring and response. Engagements are scoped to respect production sensitivity and regulatory reporting timelines.
Related frameworks
Frequently asked questions
Which regulations apply to a bank or fintech?
It depends on where you operate and what you do. US firms may face NYDFS, FFIEC-aligned examination and GLBA, card handlers face PCI DSS, EU entities face DORA, and firms in India, Saudi Arabia and the UAE face RBI, SAMA and local requirements. We help map applicable obligations to your controls.
Do you perform penetration testing for PCI DSS?
Yes. PCI DSS requires regular internal and external penetration testing and segmentation testing of the cardholder data environment. We scope testing to the standard and provide evidence suitable for your assessment.
Can you help with SWIFT Customer Security Programme attestation?
We assess controls against the SWIFT Customer Security Controls Framework and help identify gaps ahead of your self-attestation or independent assessment.
How do you handle testing on production banking systems?
We plan scope, timing and rules of engagement carefully, prefer non-disruptive techniques where required, and coordinate closely with your teams to avoid impact to live financial services.
What cybersecurity assessments should banks perform?
Common assessments include external and internal penetration testing, web and API application testing, cloud security assessments, attack surface assessments, red teaming, and periodic risk assessments. The right mix depends on the institution's size, systems, and regulatory obligations.
How often should financial institutions conduct penetration testing?
Penetration testing is typically performed at least annually and after significant changes. PCI DSS Requirement 11.4 requires external and internal penetration testing at least once a year and after significant changes, and many financial regulators expect a similar cadence.
What should a bank penetration test include?
A bank penetration test usually covers external and internal networks, online and mobile banking applications, payment and account APIs, authentication and authorization, and segmentation of the cardholder data environment, with findings prioritized by exploitability and business impact.
How does NYDFS affect penetration testing and cybersecurity assessment?
The NYDFS Cybersecurity Regulation (23 NYCRR 500) requires covered entities to maintain a risk-based cybersecurity program and to conduct periodic penetration testing and vulnerability assessments as part of monitoring and testing. Clear Infosec provides those assessments; the specific obligations are defined by NYDFS, not by us.
What is the role of third-party risk management in banking?
Banks rely on fintech partners, core banking vendors, and cloud providers, so third-party risk management assesses those vendors' security, contracts, and concentration risk. It is an explicit expectation in frameworks such as NYDFS, FFIEC guidance, and DORA.
How can financial institutions prepare for security audits?
Preparation typically involves a gap or readiness assessment against the relevant framework, remediating findings, collecting control evidence, and validating technical controls through testing. Clear Infosec supports readiness for ISO 27001, SOC 2, PCI DSS, and similar programs.
General information, not legal or regulatory advice. Requirements are set by the relevant authorities linked above.
Securing a banking & financial services organization?
Clear Infosec delivers assessments, advisory, and managed security for regulated industries across five countries.
Contact us