Top 30 Vulnerabilities Affecting NBFC Banking: A Critical Look at CVEs and Mitigation Strategies

The rapid digital transformation of Non-Banking Financial Companies (NBFCs) has opened doors to new opportunities and growth. However, this has also increased the attack surface, making these institutions prime targets for cybercriminals. NBFCs deal with vast amounts of sensitive data, financial transactions, and customer information, making cybersecurity a top priority.

To help NBFCs stay ahead of the curve, this article explores the top 30 vulnerabilities (CVE - Common Vulnerabilities and Exposures) that affect the banking sector, with a special focus on NBFCs, along with insights into their potential impact and mitigation strategies.

1. CVE-2023-23397: Microsoft Outlook Elevation of Privilege Vulnerability

- Impact: This vulnerability allows attackers to steal NTLM hashes without user interaction by sending specially crafted emails. It can lead to unauthorized access to sensitive data.

- Mitigation: Apply the security updates provided by Microsoft and implement network segmentation to minimize exposure.

2. CVE-2022-30190: Microsoft Support Diagnostic Tool (MSDT) Remote Code Execution Vulnerability (Follina)

- Impact: Exploits the MSDT protocol using Microsoft Office documents to execute arbitrary code on vulnerable systems.

- Mitigation: Disable the MSDT URL protocol and apply patches from Microsoft.

3. CVE-2023-21716: Microsoft Word Remote Code Execution Vulnerability

- Impact: This vulnerability allows an attacker to execute arbitrary code through malicious Microsoft Word files.

- Mitigation: Ensure all software is updated and enable Protected View for files originating from the internet.

4. CVE-2023-23392: Microsoft Windows Point-to-Point Tunneling Protocol (PPTP) Remote Code Execution

- Impact: Could allow an attacker to execute arbitrary code by sending specially crafted PPTP packets to a target system.

- Mitigation: Apply patches and consider disabling PPTP if not required for operations.

5. CVE-2023-21839: Oracle WebLogic Server Remote Code Execution Vulnerability

- Impact: Remote code execution through deserialization of untrusted data in Oracle WebLogic Server. Highly critical for NBFCs using Oracle for backend processes.

- Mitigation: Apply Oracle Critical Patch Updates (CPUs) and follow secure deserialization practices.

6. CVE-2022-22963: Spring4Shell (Spring Framework Remote Code Execution Vulnerability)

- Impact: Allows remote attackers to exploit applications built on Spring Core by leveraging data binding features to inject malicious payloads.

- Mitigation: Upgrade to the latest versions of Spring Framework and ensure secure coding practices.

7. CVE-2023-24055: Fortinet FortiOS Buffer Overflow Vulnerability

- Impact: Affects FortiOS systems, potentially allowing remote code execution or privilege escalation.

- Mitigation: Upgrade to the latest version of FortiOS and apply security patches as recommended by Fortinet.

8. CVE-2023-20963: Android Framework Privilege Escalation Vulnerability

- Impact: Could allow attackers to gain elevated privileges on Android devices, potentially impacting mobile banking applications.

- Mitigation: Ensure devices are updated to the latest security patch levels.

9. CVE-2022-1388: F5 BIG-IP iControl REST Authentication Bypass Vulnerability

- Impact: This vulnerability allows remote attackers to bypass authentication and execute arbitrary commands on F5 BIG-IP systems.

- Mitigation: Apply patches provided by F5 Networks and implement network segmentation.

10. CVE-2022-22205: Adobe Commerce and Magento Open Source Arbitrary Code Execution

- Impact: Allows attackers to execute arbitrary code, affecting e-commerce transactions for NBFCs involved in digital retail finance.

- Mitigation: Update Adobe Commerce and Magento to the latest versions and restrict access to the /admin directory.

11. CVE-2022-22947: Apache Log4j2 Remote Code Execution Vulnerability (Log4Shell)

- Impact: Critical vulnerability allowing remote code execution via LDAP injection, affecting many financial applications using Java.

- Mitigation: Upgrade to the latest versions of Log4j2 and disable JDNI lookups if not required.

12. CVE-2022-26485: Mozilla Firefox Use-After-Free Vulnerability

- Impact: Could allow remote attackers to execute arbitrary code via crafted web content.

- Mitigation: Update Mozilla Firefox to the latest versions and employ browser hardening techniques.

13. CVE-2023-24494: Cisco Secure Email Gateway Remote Code Execution Vulnerability

- Impact: Allows unauthenticated attackers to execute arbitrary code on targeted systems.

- Mitigation: Apply patches and restrict access to email gateways through network segmentation.

14. CVE-2022-22965: Spring Cloud Gateway Remote Code Execution (RCE) Vulnerability

- Impact: Critical vulnerability allowing unauthenticated RCE on Spring Cloud Gateway applications.

- Mitigation: Update Spring Cloud Gateway and follow best practices for secure application development.

15. CVE-2023-23961: Windows Print Spooler Remote Code Execution Vulnerability (PrintNightmare)

- Impact: Allows attackers to execute arbitrary code with SYSTEM privileges by exploiting vulnerabilities in the Print Spooler service.

- Mitigation: Disable the Print Spooler service on servers not used for printing or apply patches from Microsoft.

16. CVE-2022-20754: Cisco Adaptive Security Appliance (ASA) and Firepower Threat Defense (FTD) Remote Code Execution

- Impact: Affects network security appliances, potentially allowing attackers to execute arbitrary code.

- Mitigation: Apply patches from Cisco and review firewall rules and policies.

17. CVE-2023-28662: Microsoft Exchange Server Remote Code Execution Vulnerability

- Impact: Remote code execution vulnerability affecting Microsoft Exchange servers, potentially exposing sensitive email communications.

- Mitigation: Apply the latest cumulative updates and follow secure email practices.

18. CVE-2023-29552: Apache Struts OGNL Injection Vulnerability

- Impact: Allows attackers to execute arbitrary code by exploiting OGNL expressions in vulnerable Apache Struts applications.

- Mitigation: Update to the latest Apache Struts version and use parameterized queries.

19. CVE-2022-37958: Windows Common Log File System Driver Privilege Escalation Vulnerability

- Impact: Enables local attackers to escalate privileges on a compromised Windows system.

- Mitigation: Apply the latest patches from Microsoft and restrict access to administrative privileges.

20. CVE-2023-24225: Adobe Acrobat Reader Remote Code Execution Vulnerability

- Impact: Affects Adobe Acrobat Reader, allowing attackers to execute arbitrary code through malicious PDFs.

- Mitigation: Ensure Adobe Acrobat Reader is updated and consider using alternative PDF viewers.

21. CVE-2022-22963: Spring Cloud Gateway Remote Code Execution (RCE)

- Impact: Exploits insecure configurations in Spring Cloud Gateway, affecting web applications.

- Mitigation: Update to the latest version and implement secure coding practices.

22. CVE-2022-23303: Atlassian Confluence Server Remote Code Execution Vulnerability

- Impact: Affects Atlassian Confluence servers, potentially leading to unauthorized code execution.

- Mitigation: Apply security patches provided by Atlassian and restrict access to Confluence servers.

23. CVE-2023-28038: Citrix ADC and Gateway Improper Access Control Vulnerability

- Impact: Allows unauthenticated attackers to access sensitive information or escalate privileges.

- Mitigation: Update to the latest Citrix ADC and Gateway versions and follow access control best practices.

24. CVE-2022-32148: Java Deserialization Vulnerability in Jenkins

- Impact: Could lead to remote code execution in Jenkins automation servers used for CI/CD pipelines.

- Mitigation: Update Jenkins to the latest versions and avoid deserialization of untrusted data.

25. CVE-2023-25684: VMware vCenter Server Privilege Escalation Vulnerability

- Impact: Allows attackers to gain unauthorized access and execute commands with elevated privileges on VMware vCenter Server.

- Mitigation: Apply patches and regularly review and audit server configurations.

26. CVE-2022-29979: Palo Alto Networks PAN-OS GlobalProtect Gateway Vulnerability

- Impact: Allows attackers to bypass security controls on GlobalProtect gateways.

- Mitigation: Update PAN-OS to the latest versions and review GlobalProtect configurations.

27. CVE-2023-26084: ManageEngine ADSelfService Plus Remote Code Execution

- Impact: Affects ManageEngine ADSelfService Plus, potentially leading to unauthorized code execution.

- Mitigation: Apply patches and restrict access to sensitive administrative interfaces.

28. CVE-2022-29594: Apache HTTP Server Path Traversal and Remote Code Execution

- Impact: Allows attackers to execute arbitrary commands on vulnerable Apache HTTP servers.

- Mitigation: Update Apache HTTP Server to the latest version and implement proper input validation.

29. CVE-2023-26185: SolarWinds Orion API Authentication Bypass Vulnerability

- Impact: Allows attackers to bypass authentication and perform unauthorized actions in SolarWinds Orion.

- Mitigation: Apply the latest patches from SolarWinds and implement strict access controls for management interfaces.

30. CVE-2022-42889: Apache Commons Text Remote Code Execution Vulnerability (Text4Shell)

- Impact: This vulnerability in Apache Commons Text could allow attackers to perform remote code execution by manipulating data processed by vulnerable libraries.

- Mitigation: Update Apache Commons Text to the latest secure version and validate all user inputs to prevent injection attacks.

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Conclusion

The rapidly evolving threat landscape demands that NBFCs and other financial institutions prioritize cybersecurity, particularly by addressing known vulnerabilities that have the potential to cause significant damage. The CVEs listed above represent some of the most critical vulnerabilities that could impact NBFCs, especially given their reliance on digital platforms, third-party software, and internal IT infrastructure.

To effectively manage these risks, organizations should:

1. Implement Regular Patch Management: Ensure that all systems, applications, and third-party software are regularly updated with the latest security patches.

2. Adopt a Proactive Vulnerability Management Program: Regularly scan for vulnerabilities and apply appropriate remediation measures. Consider adopting tools that provide continuous monitoring and automatic updates.

3. Deploy Defense-in-Depth Strategies: Use multiple layers of security controls such as firewalls, intrusion detection systems, endpoint protection, and network segmentation to reduce the likelihood of a successful attack.

4. Educate and Train Employees: Cybersecurity awareness training is crucial. Employees should be aware of phishing attacks, social engineering, and best practices for handling sensitive information.

5. Conduct Regular Security Audits and Penetration Testing: Regularly assess the security posture of your infrastructure through audits and penetration testing to identify potential vulnerabilities and strengthen defenses.

6. Implement a Robust Incident Response Plan: Be prepared for potential breaches with a well-defined incident response plan that includes steps for containment, eradication, recovery, and lessons learned.

NBFCs must remain vigilant in the face of constantly evolving threats. By addressing these vulnerabilities proactively and maintaining a robust cybersecurity posture, they can protect sensitive data, maintain customer trust, and ensure regulatory compliance.

Is your organization prepared to tackle these vulnerabilities? It’s time to act before it’s too late!

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