Redefining Fintech Application Security with Advanced Web and API Protection

Prophaze specializes in application, web, and API security. The financial domain, especially NBFCs (Non-Banking Financial Companies), hinges heavily on APIs for operations. However, the massive back-end infrastructure of APIs is challenging to protect given its distributed nature.

Challenges in Current Fintech Security Protocols

Vulnerability Patch Management: One of the most significant problems across all verticals, especially banking, is managing vulnerabilities. Regulatory compliance mandates that systems are patched regularly.

Centralized Application Hosting: Modern applications are moving from centralized hosting to edge-security. Despite having applications hosted across global servers like AWS, GCP, and Azure, major companies like LinkedIn, Facebook, and Zoom have faced significant security breaches.

Need for Proactive Measures: The technology landscape has seen innovations across endpoints, but application firewalls remain largely stagnant. With the emergence of cloud security needs, there’s a dire need for proactive, not just reactive, application security solutions.

Introducing Prophaze’s Solution: WAF 3.0

Prophaze’s cutting-edge solution, WAF 3.0, is the next generation of application firewalls. Launched post the technology advancements by Google in 2017, it operates on microservices. This model offers benefits like rapid response to attack vectors, rolling updates, and quick identification of issues.

In April 2023, when prominent Indian airports faced a DDoS attack by a group called Anonymous Sudan, Prophaze’s solution was a savior, ensuring that the Hyderabad and Delhi airports remained operational despite such a massive threat.

Features of Prophaze’s WAF

Intelligent Response: The platform can automatically distinguish between malicious and benign requests, making the response process faster and more efficient.

Holistic Security Suite: Prophaze offers behavior-based API security, AML 7 protection, multi-cloud application security, CDN and DNS security, and best-in-class bot protection.

Client Portfolio: Prophaze has successfully protected several prominent institutions, including GMR group, TCI group, Manappuram Finance, and many more.

Awards and Recognitions

Prophaze has been recognized by Kuppinger, a significant feat for an Indian company in cybersecurity. They’ve also received awards from the Data Security Council of India and NASCOM, establishing their pioneering role in application security.

Conclusion

While most traditional security solutions operate in a monitoring mode, Prophaze prides itself on operating entirely in blocking mode. As a result, it has a near-zero rate of false positives. As the financial sector grows more interconnected and dependent on digital solutions, institutions must prioritize robust security solutions like Prophaze’s to safeguard their operations.

Views expressed by Nishant Kalia, Pre-sales Head, Prophaze