SecurityScorecard's report analyzes 250 top fintech companies, revealing a robust overall security posture with a median score of 90. Despite this strength, the report highlights concerning vulnerabilities, particularly from third-party and fourth-party sources, which constitute a major share of breaches. Notably, 18.4% of fintech firms reported breaches, with high incidences linked to technology products and services, especially cloud platforms. Application Security and DNS Health emerged as major weaknesses, stressing the need for enhanced internal security measures.
According to the findings, fintech firms had the greatest security posture among analyzed industries, gaining a median score of 90, with 55.6% receiving an 'A' rating.
Yet, there were still weaknesses to be exploited, as 41.8% of breaches could be linked to third-party attack vectors and fourth-party vulnerabilities accounted for an added 11.9%.
Among the analyzed fintech companies, 18.4% faced publicly reported breaches, while 28.2% experienced more than one incident, indicating significant security challenges.
The most common weaknesses were Application Security and DNS Health, with 46.4% of organizations scoring the lowest in application security, exposing them to considerable risks.
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