CDR Compliance for a Fintech Application

Client Overview

A fintech company providing payment processing applications needed CDR compliance to become an Accredited Data Recipient (ADR). Budget constraints were a concern, as the client was a rapidly growing startup.

Challenges Identified

1. Weak API authentication mechanisms.
2. No encryption for sensitive data transfers.
3. Lack of a comprehensive data governance framework.

CyberKeon’s Approach

1. Threat Modelling: Reviewed the current state of APIs to identify security gaps, including weak API key management and insufficient rate limiting.
2. Recommendations and Solutions:
   • Replaced basic authentication with JWT-based token authentication, a cost-effective yet robust solution.
   • Implemented API gateways for rate limiting and traffic monitoring.
   • Encrypted all sensitive data using AES-256 for storage and TLS for transmission.
3. Compliance Support: Provided detailed documentation and prepared the organisation for audits under ASAE 3150 standards.

Outcome

• Achieved unrestricted ADR accreditation within a limited budget.
• Reduced API vulnerabilities by 80%.
• Improved customer trust and compliance readiness.