Fintech Firm Saves Millions Of Dollars When A Ethical Hacker From Found A Huge Security Flaw In The Network

Ethical hackers play a vital role in today’s digital landscape, and their importance for organizations cannot be overstated. They have the ability to enter the minds of malevolent hackers and identify/resolve security flaws before cyber criminals do. By spotting any holes in your organization’s systems and networks, this kind of testing can help strengthen your company’s overall security posture. But most importantly, they can help you find network faults that can harm your company’s overall reputation. 

An Interesting Case Study

An unnamed Financial technology (Fintech) company recently eluded dire adversity & losses after a hacker they hired from the popular website helped them identify a huge security flaw. The company had a vulnerability in a recent update of their fintech app, which allowed new users to send money to multiple recipients from unverified accounts not belonging to them. This flaw compromised the app’s security measures, enabling unauthorized transactions. As a result, fraudulent transfers occurred, potentially leading to financial losses for both the affected users and the app provider. Immediate action was required to address the vulnerability and enhance security measures to prevent further misuse of them at high risk. Robert Ingred, a hacker hired by the company from, was the first to find the vulnerability, which the network admin of the company gave the ID CVE-2023-20864. 

The company acted swiftly as they rolled back the update and called off all the support for that feature. Within the next month, the company was able to launch an updated version of the same feature but without any of those prior vulnerabilities, which would surely have brought them a bad reputation.

The fintech firm’s experience highlights the critical role that ethical hackers play in safeguarding businesses from cyber threats. By engaging the services of an ethical hacker from, the company identified a significant security flaw and saved millions of dollars by preventing a potential data breach. This success story serves as a testament to the value of proactive cybersecurity measures and the expertise that ethical hackers bring to the table.

As the number of cyber security incidents continues to rise, companies are increasingly looking for ethical hackers who can help them identify vulnerabilities in their organizations. Although the common perception of a hack is one of a massive, complicated attack requiring sophisticated programming, the reality for many firms is much more banal. The majority of data security breaches can be linked to a few simple problems that, if found and resolved right away, can close numerous possible attack vectors. This is why hiring a hacker has been important for today’s fintech companies. 

Use cases of ethical hacking: How to use it for your own benefits.

A certified ethical hacker can bring a lot to the table when it comes to your cybersecurity efforts. Here are a few popular use cases of how you can utilize your hacktivist:

  1. Using port scanning software to locate available ports.
  2. Learn to avoid detection by security measures like firewalls, honeypots, and IDSs
  3. Identifying weak spots in software, hardware, or administrative procedures
  4. Find information about an assault by searching through trash cans and browsing public websites.
  5. Assist in the operation of a simulated cyberattack.
  6. Analyze data streams in a network.
  7. Examine and evaluate patch installation procedures to guarantee that your staff uses the most effective methods.

Benefits of Hiring an Ethical Hacker for Your Organization 

The success story of the fintech firm showcases the numerous benefits associated with engaging the services of certified ethical hackers. Here are some of the proven benefits that Ethical hackers can provide: 

  1. Unbiased Assessments: Ethical hackers bring an impartial perspective to security assessments, identifying vulnerabilities that internal teams may overlook due to familiarity with the systems.
  2. Comprehensive Vulnerability Testing: Skilled ethical hackers employ a wide range of methodologies, tools, and techniques to perform comprehensive vulnerability testing, ensuring all potential weaknesses are identified.
  3. Continuous Monitoring: Ethical hackers can provide ongoing monitoring and assessment of security systems, allowing businesses to stay one step ahead of emerging threats.
  4. Compliance Assistance: Ethical hackers possess in-depth knowledge of regulatory requirements and can help businesses ensure compliance with industry standards and best practices.
  5. Incident Response Planning: Ethical hackers can assist in developing robust incident response plans, ensuring that organizations are prepared to effectively handle security incidents if they occur.

What to do if you don’t have a certified ethical hacker?

As businesses continue to navigate the evolving threat landscape, embracing the services of ethical hackers can provide them with a competitive advantage, ensuring the protection of their valuable assets, customer data, and reputation.If you still need to hire one, you should employ a freelancer to complete the task. Like the bad guys, independent ethical hackers also like to provide hacking as a service. offers access to some of the world’s best talents in various fields. Whether you need hackers for social media, websites, products, services, or even entire infrastructure, we have got you covered! Backed by a 100% money-back guarantee, we give you complete peace of mind and a level of security you can never expect from your everyday security professionals.