Critical Need for Attack Surface Monitoring

“Securing Banks Through Surface Vigilance”

The need for Attack Surface Monitoring relates to banking sector in Bangladesh has undergone a significant transformation in the past decade. With rapid digitization, online banking, mobile financial services (MFS), and digital payment systems have become integral parts of the financial ecosystem. However, this digital shift has also exposed banks to numerous cybersecurity threats. From sophisticated ransomware attacks to phishing scams and data breaches, banks are increasingly becoming prime targets for cybercriminals.

One of the most effective ways for banks to protect themselves is through Attack Surface Monitoring (ASM). In this blog, we will explore why attack surface monitoring is essential for banks in Bangladesh and how it helps mitigate the ever-growing cyber risks in the financial sector.

Understanding Attack Surface Monitoring

The attack surface of an organization refers to all the points where an unauthorized user (attacker) can try to enter data into or extract data from an environment. For banks, this includes everything from internal networks, web applications, and third-party integrations to employee laptops, customer mobile apps, and even cloud services.

Attack Surface Monitoring (ASM) is the continuous discovery, analysis, and management of all these digital assets to detect vulnerabilities, misconfigurations, and potential threats before attackers can exploit them.

Why Banks in Bangladesh Need Attack Surface Monitoring

High-Value Targets for Cybercriminals: Banks handle vast amounts of sensitive data, including customer information, account details, and transaction records. The financial gains from attacking a bank make them an attractive target for cybercriminals, both locally and internationally. ASM helps banks keep track of their entire digital footprint, ensuring no vulnerabilities are left unchecked.
Rising Cyber Threats in the Financial Sector: Bangladesh has already faced major cyber incidents, including the notorious Bangladesh Bank heist in 2016, where $81 million was stolen through SWIFT transactions. Such incidents highlight the importance of proactive monitoring. ASM enables banks to detect threats in real-time and respond before significant damage occurs.
Increasing Digital Transformation: With the rise of internet banking, mobile apps, and fintech collaborations, the digital presence of banks is expanding. Each new digital service adds to the bank’s attack surface. ASM ensures that every new asset is continuously monitored and secured, reducing the risk of breaches.
Regulatory Compliance: The Bangladesh Bank and other regulatory bodies are increasingly emphasizing the importance of cybersecurity in the financial sector. ASM helps banks meet these regulatory requirements by providing continuous security assessments, regular reports, and a proactive defence mechanism.
Third-Party Risks: Banks often rely on third-party vendors for various services, from payment processing to cloud storage. These third parties can become weak links in the security chain. ASM provides visibility into third-party integrations, ensuring that any vulnerability from external partners is promptly identified and mitigated.

Challenges in the Cybersecurity Landscape for Banks in Bangladesh

Despite growing awareness, banks in Bangladesh face several challenges in maintaining robust cybersecurity:

Expanding Attack Surfaces: The adoption of digital services like MFS, agent banking, and digital wallets has expanded the attack surface exponentially.

Legacy Systems: Many banks still rely on outdated systems that are more vulnerable to attacks.
Skill Shortage: There is a significant shortage of skilled cybersecurity professionals in Bangladesh.
Lack of Continuous Monitoring: Traditional security measures often focus on perimeter defence, ignoring the dynamic nature of modern attack surfaces.

ASM addresses these challenges by providing continuous, automated monitoring of all digital assets, ensuring banks stay ahead of potential threats.

Key Benefits of Attack Surface Monitoring for Banks

Continuous Visibility of Digital Assets: ASM provides banks with real-time visibility into their entire digital footprint, including cloud services, web applications, internal networks, and third-party integrations. This continuous monitoring ensures that no asset goes unmonitored.
Early Detection of Vulnerabilities: ASM tools scan digital assets for vulnerabilities, misconfigurations, and weak points. Early detection allows banks to remedy issues before they can be exploited by attackers.
Real-Time Threat Intelligence: ASM solutions often integrate with threat intelligence feeds, providing banks with up-to-date information on emerging threats. This proactive approach helps in identifying potential attacks before they occur.
Risk Prioritization: Not all vulnerabilities pose the same level of risk. ASM helps banks prioritize threats based on their severity and potential impact, ensuring that critical issues are addressed first.
Compliance and Reporting: ASM solutions generate detailed reports on the bank’s security posture, helping meet regulatory requirements and providing auditors with necessary documentation.
Reduction in Attack Surface: By continuously identifying and eliminating unnecessary or insecure digital assets, ASM helps in reducing the overall attack surface, making it harder for attackers to find entry points.
Enhanced Incident Response: In the event of a cyber incident, ASM provides valuable insights into the attack vector, helping incident response teams act swiftly and effectively.

Attack Surface Components Critical for Banks

For banks in Bangladesh, the attack surface can be broadly categorized into:

Network Infrastructure: Firewalls, routers, and internal networks.
Web Applications: Online banking portals, mobile banking apps.
Endpoints: Employee laptops, ATMs, and point-of-sale systems.
Cloud Services: Data storage, SaaS applications.
Third-Party Integrations: Payment gateways, fintech partnerships.
Customer Interfaces: Mobile apps, internet banking platforms.

ASM ensures that each of these components is continuously monitored and secured.

Implementing Attack Surface Monitoring in Banks

Implementing ASM requires a structured approach:

Asset Discovery: Identify all digital assets, including hidden or forgotten assets.
Continuous Monitoring: Deploy ASM tools for real-time monitoring of all assets.
Vulnerability Assessment: Regularly scan for vulnerabilities and misconfigurations.
Threat Intelligence Integration: Use threat intelligence to stay ahead of emerging threats.
Risk Management: Prioritize and remediate high-risk vulnerabilities.
Incident Response: Develop and test incident response plans.
Regular Audits: Conduct regular security audits to ensure compliance and continuous improvement.

Choosing the Right ASM Solution for Banks in Bangladesh

When selecting an ASM solution, banks should consider:

Comprehensive Asset Discovery: Ensures no asset is left unmonitored.
Real-Time Monitoring: Provides continuous threat detection.
Scalability: Can grow with the bank’s digital footprint.
Integration Capabilities: Seamlessly integrates with existing security tools.
Automated Remediation: Offers automated solutions for common vulnerabilities.
User-Friendly Interface: Simplifies complex security data for easy understanding.
Regulatory Compliance: Supports compliance with Bangladesh Bank regulations and international standards.

Conclusion

The financial sector in Bangladesh is at a critical juncture, with rapid digitalization bringing both opportunities and risks. As cyber threats become more sophisticated, banks must adopt proactive cybersecurity measures to protect their assets, reputation, and customer trust.

Attack Surface Monitoring offers a comprehensive solution by continuously monitoring, analysing, and securing all digital assets. For banks in Bangladesh, ASM is not just a cybersecurity tool; it is a strategic necessity to safeguard against the ever-evolving cyber threat landscape.

Investing in attack surface monitoring today means securing the future of banking in Bangladesh. As cyber threats grow, the question is no longer if an attack will happen but when – and ASM ensures that when it does, your bank is ready.