Urgent Cybersecurity Gaps in Southeast Asia’s Financial Sector Demand Immediate Attention

Recent research has highlighted significant cybersecurity risks within Southeast Asia’s financial sector, revealing vulnerabilities that could have severe consequences if left unaddressed. The study, which analyzed the external attack surface of over 90 leading banking, financial services, and insurance (BFSI) organizations across Singapore, Thailand, Malaysia, Indonesia, Vietnam, and the Philippines, identified more than 26,500 internet-facing assets susceptible to exploitation.

Among the countries surveyed, Singapore emerged with the highest number of internet-facing assets, totaling over 11,000 among its top BFSI companies. This significant exposure, coupled with many assets hosted externally in the United States, underscores the complex cybersecurity challenges facing the region. Thailand followed with more than 5,000 assets, further illustrating the widespread nature of these risks.

The study revealed that many financial institutions are struggling to address critical security gaps that leave them vulnerable to cyber threats. Proactive and continuous management of these exposures is essential to mitigate potential risks and safeguard sensitive information from cybercriminals.

Several critical vulnerabilities were identified, including outdated software, weak SSL/TLS encryption, and misconfigurations, all of which present potential entry points for cybercriminals. For example, nearly 2,500 of the assets evaluated were still supporting the outdated TLS 1.0 encryption protocol, despite Microsoft disabling it in September 2022. This outdated protocol, along with other vulnerabilities, highlights the challenges institutions face in keeping their systems up to date.

Furthermore, the study uncovered that over 4,000 assets, originally intended for internal use, were inadvertently made accessible externally. This misconfiguration significantly increases the risk of cyberattacks, providing malicious actors with opportunities to target sensitive information and critical systems.

Another alarming finding was the identification of over 900 assets with unencrypted final URLs. The lack of encryption leaves data vulnerable to interception and manipulation by cybercriminals, potentially exposing sensitive information such as login credentials, personal data, and payment details. Additionally, over 2,000 API v3 implementations were flagged as potential vulnerabilities, with weaknesses in authentication, input validation, and access controls creating an exploitable attack surface for malicious actors.

As the cybersecurity landscape continues to evolve, financial institutions must stay ahead of emerging threats by adopting robust cybersecurity strategies. Addressing these vulnerabilities is not just about closing gaps but ensuring that organizations can protect their digital assets, maintain customer trust, and operate securely in an increasingly hostile digital environment.

At Directpath Global Technologies (DGT), we understand the critical importance of addressing these vulnerabilities head-on. As a Managed Security Service Provider (MSSP), we offer a comprehensive suite of services, including Managed Threat Detection (MTD), Extended Detection and Response (XDR), Vulnerability Assessment and Penetration Testing (VAPT), and Vulnerability Risk Management as a Service (VRMaaS). Our advanced Artificial Intelligence Division tailors these services to the specific needs of organizations, ensuring that they are equipped to navigate the complexities of today’s cybersecurity challenges.

In an era where the digital landscape is fraught with risks, it is imperative that financial institutions take proactive steps to secure their systems and protect their assets. The findings from this research serve as a stark reminder that the time to act is now. Source: IT Brief