ESP Journal of Engineering & Technology Advancements |
© 2022 by ESP JETA |
Volume 2 Issue 2 |
Year of Publication : 2022 |
Authors : Piyush Ranjan, Akhil Khunger, Chalamayya Batchu Veera Venkata Satya, Sumit Dahiya |
: 10.56472/25832646/ESP-V2I2P108 |
Piyush Ranjan, Akhil Khunger, Chalamayya Batchu Veera Venkata Satya, Sumit Dahiya, 2022. "Threat Modeling and Risk Assessment of APIs in Fintech Applications" ESP Journal of Engineering & Technology Advancements 2(2): 44-61.
The proliferation of Fintech applications has dramatically transformed the financial services industry, offering unprecedented levels of convenience, efficiency, and accessibility to consumers and businesses alike. This transformation is largely driven by the extensive use of Application Programming Interfaces (APIs), which enable seamless integration and communication between diverse financial systems and services. However, the increased reliance on APIs has concurrently introduced significant security challenges, necessitating a deeper examination and robust approach to securing these critical interfaces. This paper presents a comprehensive framework for threat modeling and risk assessment specifically tailored to APIs in Fintech applications. We delve into the unique security risks inherent to Fintech APIs, such as data breaches, unauthorized access, injection attacks, and denial of service (DoS) attacks, and examine the evolving threat landscape that poses continual challenges to financial data security. Through a methodical analysis of current threats and vulnerabilities, we propose effective mitigation strategies, including technical controls like encryption, multi-factor authentication, and rate limiting, alongside organizational measures such as security policies, employee training, and incident response planning. The paper incorporates detailed case studies, such as the Capital One data breach and the Plaid API vulnerability, to illustrate the real-world implications of API security failures and the necessity of rigorous security practices. Empirical analysis further underscores the critical importance of implementing robust API security measures to protect sensitive financial information and maintain consumer trust. By systematically identifying and addressing potential threats, this framework aims to enhance the security posture of Fintech applications, ensuring their resilience against cyber-attacks and fostering a secure environment for financial transactions. In conclusion, as Fintech continues to innovate and expand, the imperative for strong API security becomes ever more crucial to safeguard financial data and uphold the integrity and reliability of financial services in the digital age.
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Fintech, Apis, Threat Modeling, Risk Assessment, Cybersecurity, Financial Services, API Security, Mitigation Strategies, Consumer Trust.