26,500 cyber weak spots threaten banks in Southeast Asia

TLDR:

Key Points:

• Over 26,500 cybersecurity vulnerabilities were found in Southeast Asia’s top banking and financial institutions.
• Main risks include weak SSL/TSL encryption, misconfigured internal assets, inconsistent URL encryption, and older APIs.

Summary:

In a recent report by cybersecurity firm Tenable, over 26,500 vulnerabilities were identified in the external attack surfaces of Southeast Asia’s top banking and financial services organizations. The assessment focused on weaknesses in software, encryption, APIs, and configurations within these institutions across countries like Singapore, Thailand, Indonesia, Malaysia, Vietnam, and the Philippines.

Singapore had the highest number of vulnerabilities, with over 11,000 internet-facing problem assets. The report highlighted weaknesses in SSL/TSL encryption, misconfigured internal assets, inconsistent URL encryption, and the use of older API versions across the region’s financial sector.

The findings indicate a significant challenge for organizations with extensive internet footprints and underscore the critical need to update outdated technologies to improve cybersecurity posture. The report also emphasized the risk posed by misuse of API v3 instances and the importance of securing internal assets to mitigate potential threats from external actors.

Furthermore, the assessment revealed that even the largest financial institutions in Southeast Asia are susceptible to cybersecurity vulnerabilities, raising concerns about the sector’s overall security resilience. This is especially crucial given the rising cyber risks facing the banking and financial sectors in the Asia-Pacific region.

Overall, the report underscores the importance of addressing cybersecurity gaps in the financial industry to protect sensitive data and critical systems from potential cyber attacks. With regulatory bodies and organizations increasingly focusing on enhancing cybersecurity measures, it is imperative for banking and financial institutions to prioritize security initiatives to mitigate cyber risks and uphold their reputation and credibility in the digital age.