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Security Concerns Associated With Digital Wallets

Digital wallets are virtual wallets that store financial information and identification documents and allow users to conduct online/offline transactions. Depending on the type of digital wallet, it may contain debit, credit, prepaid, and loyalty card data, as well as personal information like a driver's license, health card, and other identification documents. Cyber criminals can make efforts to get access to this information for monetary benefits.  In order to stay protected, it is important to have in-depth knowledge of the prevailing security risks.

Following is a list of some of the well-known security risks associated with digital wallets:

Attempting to tamper with the application connected to the digital wallet

Backdoor in a mobile payment app allows an attacker to steal login credentials and transfer them to a server controlled by the attacker. This may allow attackers to use information in digital wallet for fraudulent activities.

Exploiting the vulnerabilities of the application connected to the digital wallet

Unauthorized access to mobile payment capability might arise as a result of an attack on mobile payment APIs used for in-app purchases. This may allow attackers to carry out fraudulent transactions.

Theft of bank and credit card accounts linked to the mobile payment app can also lead to fraud. A fraudster might potentially take advantage of flaws in the registration process to add a new mobile device to the user profile and use it to make fraudulent transactions.

Malware/rootkits installation

Rootkit is a serious threat vector that may be used to directly monitor and hijack/alter API requests as they are marshaled to and from the API endpoint connected to the digital wallet. Attackers may manipulate variables in transit, such as payment amounts.

Permissions for gaining access to the device operating system

With the approval of the user, an OS may grant access to particular resources. Even if a program isn't malicious, having certain permissions might allow it to access sensitive information which can be utilized by another app to get unauthorised access to information stored in the digital wallet installed on the device.

Verifying identities of users

On a stolen device, if a hacker is able to circumvent biometric authentication, user’s complete financial/ payment information would be compromised and payments can be made. In some cases, users may authorize payments by just inputting the lock screen pattern on a mobile phone. Because this information can be easily accessed by eavesdropping, it might encourage opportunistic attackers to hijack a device and make payments on the victim’s behalf.

Payments that are illegitimate

If the card issuer’s terms and conditions are not followed, the issuer may refuse to take culpability for fraud.

Payment transaction accountability

To make a payment, the providers demand fingerprint authentication. There have been instances where fingerprint authentication has been bypassed or compromised on mobile devices. Also, when several users have access to the device, accountability is compromised and it might be difficult to identify the individual who made the payment.

Stolen equipment has a larger attack surface

If a device connected to a digital wallet is stolen, criminals may be able to acquire access to payment cards.

Phishing and social engineering assaults

As digital wallets become more widely adopted, attackers may be enticed to launch attacks imitating genuine applications to seek credit card details. They may also resort to phishing and social engineering in an attempt to persuade users to provide the information required to carry an attack.

Centex Technologies provides advanced cybersecurity solutions to businesses. For more information, contact Centex Technologies at Killeen (254) 213 - 4740, Dallas (972) 375 - 9654, Atlanta (404) 994 - 5074, and Austin (512) 956 – 5454.

Information Security Policy

Since, the evolution of security risks and vulnerabilities is constantly ongoing, compliance requirements have too become increasingly complicated. Many businesses fail to develop a comprehensive security approach to address their concerns. This is why, in terms of cybersecurity, every firm must pay close attention to their information security policies and security posture assessments. 

So, what is an InfoSec (Information Security) policy? 

An information security policy assures that all InfoTech (Information Technology) users within an organization's domain follow the InfoSec principles and advisories. InfoSec policies are created by organizations to protect the data contained in their network systems.

Every organization will need to adopt an information security policy to ensure their staff follows the essential security protocols. InfoSec policy aims to keep data disclosed to authorized recipients on a “need-to-know” basis only. An ideal example of using an InfoSec policy is a data storage facility that holds database records on behalf of a financial institution.

All businesses have confidential information that must not be shared with anyone who isn't authorized. As a result, in order to protect all of their vital data, enterprises must learn about strengthening their information security posture.

An organization's information security policy will only be effective if it is updated on a regular basis to reflect any changes that occur inside the organization. Such, malicious changes or modifications could include: 

  1. Emergence of new cyber-attacks and hackers
  2. Evolution of existing cyber-attacks and hackers
  3. Investigations and analysis of existing cyber incidents
  4. Resolutions and remediation done after prior data breaches
  5. Other modifications that have an impact on the vulnerabilities in security posture

It's critical to improve the data security in any network infrastructure by making it enforceable and resilient to malicious cyber incidents breaches. An effective information security strategy should address urgent issues that occur from any department inside the company. In addition, information security rules should always represent a company's risk appetite, risk impact and security management attitude. This policy lays down the groundwork for establishing a control system that safeguards the company from both external and internal dangers.

4 noteworthy characteristics of any information security policy

The most significant factors to consider when developing an information security policy are: - 

#1. The purpose of the information security policy

Information security policies are created for a variety of reasons. The protection of company’s sensitive data and network systems is one of the most important factors. Organizations must adopt a comprehensive strategy to maintain the security of the data and information stored in their systems. Data security, network security, infrastructure security, endpdoint security, perimeter security and likewise are a part of cyber security strategy. To retain the company’s credibility, reputation in the market as well as respect consumers’ rights, every organization must develop an information security policy. This policy also includes how to respond to queries and complaints regarding non-compliance of the regulatory standards. 

#2. End-goals for adopting the information security policy

The business and its leadership should agree on clear objectives as a group and not as individuals. The first goal the executives should establish is the Confidentiality, Integrity and Availability of data and systems nicknamed as CIA Triad. Although employees should have access to data when necessary, essential data assets should only be accessible to a few top-tier personnel in the firm. Integrity refers to the fact that data should be complete and accurate. Executives can extend the CIA triad by also including Authentication, Authorization and Non-repudiation making it CIA-AAN. 

#3. Data categorization according to sensitivity in the information security policy

Employees with lesser clearance levels should not be able to access sensitive data A strong RBAC (Role Based Access Contol) must be enforced within the information security policy. Data organization will aid in the identification and protection of key data, as well as the avoidance of unnecessary security measures for irrelevant data.

#4. The demographic target of the information security policy

The target audience for an information security policy is determined first and foremost. In the policy's scope, leadership executives can describe what employees' responsibilities are based on their hierarchy and job descriptions.

For more information about Information Security policies and methods to mitigate cyber-attacks, contact Centex Technologies at Killeen (254) 213-4740, Dallas (972) 375-9654, Atlanta (404) 994-5074, and Austin (512) 956-5454