Southeast Asia's Banking Sector Faces Cybersecurity Challenges
Recent findings by cybersecurity firm Tenable reveal that over 26,500 vulnerabilities exist within the external attack surfaces of Southeast Asia’s leading banking and financial services organizations. This alarming statistic underscores significant security challenges in the region's financial sector, affecting countries such as Singapore, Thailand, Indonesia, Malaysia, Vietnam, and the Philippines.
Singapore's Alarming Vulnerability Count
Among the countries assessed, Singapore stands out with the highest number of vulnerabilities, exceeding 11,000 internet-facing problem assets. This is a significant portion of the 26,500 vulnerabilities identified and highlights the cybersecurity risks facing Singapore’s top financial institutions. Intriguingly, over 6,000 of these problem assets are hosted in the United States, further complicating the cybersecurity landscape.
The situation is not much better in other countries, with vulnerability counts as follows:
- Thailand: 5,000
- Indonesia: 4,600
- Malaysia: 4,200
- Vietnam: 3,600
- Philippines: 2,600
Common Cybersecurity Weaknesses
The assessment discovered several common vulnerabilities, including outdated SSL/TLS encryption, misconfigured internal assets, and older APIs. These weaknesses are critical as they pose significant risks to the integrity and security of financial data.
Outdated Encryption Protocols
A particularly troubling finding is the use of outdated SSL/TLS encryption. Out of the vulnerabilities identified, 2,500 assets were still using TLS 1.0, a protocol introduced in 1999 and recently disabled by Microsoft. This highlights the challenges organizations face in keeping up with technology updates.
Misconfigured Internal Assets
Another significant issue is the misconfiguration of internal assets. 4,000 assets originally intended for internal use have been inadvertently exposed, making them accessible to external threats. This poses a substantial risk as it can potentially expose sensitive information.
Inconsistent URL Encryption
The report also found over 900 assets with unencrypted final URLs. Unencrypted URLs can lead to exposure of sensitive information such as login credentials or payment details, as data transmitted between a browser and a server is not protected.
API Vulnerabilities
API v3 instances were another area of concern, with over 2,000 instances identified. Issues such as inadequate authentication and weak access controls create vulnerabilities that can be exploited for unauthorized access and data compromise.
The Financial Impact of Cyber Risks
The implications of these findings are profound, particularly as they affect some of the largest firms by market capitalization in Southeast Asia. Nigel Ng, Tenable’s senior vice president, noted that these weaknesses suggest financial institutions across the region are "struggling to close the priority security gaps." This sentiment is echoed by S&P Global, which has expressed concern over the impact of cyber risks on the financial sector's bottom line.
According to S&P Global, the risk is particularly acute for smaller lenders who may not have the resources to adequately address these threats. A July 2024 update warned that improper risk mitigation could lead to a successful cyber incursion, affecting banks' ratings and credibility.
