Cyber Security and Penetration Testing

Q: What does a penetration test actually involve?

A penetration test simulates a cyberattack using real attacker tools and techniques to identify security weaknesses before malicious actors can. It concludes with a detailed report covering findings, severity ratings, and remediation recommendations.

Q: What is the difference between SOC 2 Type I and Type II?

SOC 2 Type I assesses control design at a single point in time. SOC 2 Type II assesses whether controls operate effectively over a 6-12 month observation period. Most enterprise requirements specifically require Type II.

Q: How does io40 handle findings from a penetration test?

io40 provides a detailed report categorizing vulnerabilities by severity with technical descriptions, reproduction steps, business impact, and remediation recommendations. Remediation verification retesting is included at no charge.

Q: Can io40 help us achieve both PCI-DSS and SOC 2 simultaneously?

Yes. PCI-DSS and SOC 2 share substantial control overlaps in access management, cryptography, logging, incident response, and change management. io40 designs integrated compliance programs that satisfy both frameworks simultaneously.

Security auditing, penetration testing (pentest), and code analysis for financial systems.

Secure Your Digital Assets

We offer penetration testing, vulnerability scanning, and secure code review services to maximize the security of your financial platforms. We protect your data and reputation by identifying potential threats in advance.

Frequently Asked Questions

How often should penetration testing be performed?

According to regulations, at least once a year, but it must be repeated after critical system updates.

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Penetration Testing Methodology

OWASP-aligned testing frameworks and smart contract security audits for financial systems.

OWASP Top 10 & Smart Contract Audit

The OWASP Top 10 is the globally recognized framework for web application security risks, covering vulnerabilities including injection attacks, broken authentication, cross-site scripting (XSS), insecure direct object references, and security misconfiguration. io40 uses the OWASP Top 10 as the baseline for all web application penetration tests, ensuring that fintech platforms, payment gateways, and crypto exchange interfaces are evaluated against the most prevalent and impactful attack vectors. Beyond standard web testing, io40 performs specialized smart contract security audits covering reentrancy attacks, integer overflow and underflow vulnerabilities, access control flaws, front-running exploits, and logic errors in token economics. Our audit methodology follows SWC (Smart Contract Weakness Classification) and integrates automated static analysis tools including Slither, MythX, and Echidna alongside manual review by experienced Solidity and EVM security engineers. Every audit concludes with a detailed findings report including severity classification (Critical, High, Medium, Low, Informational), proof-of-concept demonstrations for exploitable vulnerabilities, and remediation guidance with code-level recommendations.

Black Box, White Box & Grey Box Testing

io40 offers three penetration testing engagement models to match different client needs and risk profiles. Black box testing simulates an external attacker with no prior knowledge of the target system — testers receive only a target scope (domain, IP range, or application URL) and must discover vulnerabilities independently, mimicking the perspective of a real-world threat actor. This approach is ideal for assessing external attack surface exposure. White box testing provides testers with full access to source code, architecture documentation, network diagrams, and credentials. This enables the most thorough and efficient security assessment, uncovering logic flaws and vulnerabilities that are invisible to external-only testing. White box engagements are particularly valuable for pre-launch security reviews of fintech applications, payment processors, and custody platforms. Grey box testing falls between these extremes: testers are given partial information — for example, valid user credentials but no source code access — to simulate an insider threat or a scenario where an attacker has achieved initial access. For financial institutions, grey box testing is often the most realistic model for assessing privilege escalation risks and lateral movement potential within production environments.

PCI-DSS Compliance

Payment Card Industry Data Security Standard implementation and readiness assessment.

PCI-DSS Framework & 12 Requirements

The Payment Card Industry Data Security Standard (PCI-DSS) is the mandatory security framework for any organization that stores, processes, or transmits cardholder data. Version 4.0, effective from March 2024, introduces significant enhancements around customized implementation approaches, multi-factor authentication requirements, and targeted risk analysis obligations. The framework is organized around 12 core requirements: (1) Install and maintain network security controls; (2) Apply secure configurations to all system components; (3) Protect stored account data; (4) Protect cardholder data with strong cryptography during transmission; (5) Protect all systems and networks from malicious software; (6) Develop and maintain secure systems and software; (7) Restrict access to system components and cardholder data by business need to know; (8) Identify users and authenticate access to system components; (9) Restrict physical access to cardholder data; (10) Log and monitor all access to system components and cardholder data; (11) Test security of systems and networks regularly; (12) Support information security with organizational policies and programs. io40 provides gap analysis against all 12 requirements, policy and procedure drafting, technical remediation, and preparation for Qualified Security Assessor (QSA) audits.

io40 PCI-DSS Readiness Services

io40 provides end-to-end PCI-DSS readiness services for payment processors, e-money institutions, fintech platforms, and crypto companies that handle card-linked payments. Our PCI-DSS engagement begins with a scoping workshop to define the Cardholder Data Environment (CDE) — precisely identifying which systems, networks, and personnel are in-scope. Incorrect scoping is the most common cause of PCI-DSS audit failures and can expose organizations to unnecessary remediation costs. Following scoping, io40 conducts a formal gap assessment comparing current controls against all applicable PCI-DSS requirements, producing a prioritized remediation roadmap with clear ownership, timelines, and effort estimates. Technical remediation services include network segmentation design and implementation, cryptographic key management upgrades, vulnerability scanning program implementation, log management and SIEM configuration, and application-level security hardening. io40 also provides pre-assessment mock audits conducted by PCI-DSS experienced consultants to identify and resolve any remaining gaps before the formal QSA assessment, significantly improving first-time pass rates.

SOC 2 Readiness

Trust Service Criteria implementation and audit preparation for technology service providers.

Trust Service Criteria

SOC 2 (System and Organization Controls 2) is an auditing framework developed by the American Institute of Certified Public Accountants (AICPA) to evaluate the security and operational controls of technology service providers. The framework is organized around five Trust Service Criteria: Security (the Common Criteria, mandatory for all SOC 2 audits), covering logical and physical access controls, change management, risk mitigation, and incident response; Availability, covering system uptime, disaster recovery, and performance monitoring commitments; Processing Integrity, ensuring system processing is complete, accurate, and authorized; Confidentiality, covering the protection of confidential information throughout its lifecycle; and Privacy, addressing the collection, use, retention, disclosure, and disposal of personal information in accordance with privacy notice commitments. Most fintech and crypto custody clients opt for Security plus Availability and Confidentiality criteria, which align closely with the expectations of institutional clients and enterprise procurement requirements.

Audit Preparation Process

The SOC 2 audit preparation process begins with a readiness assessment — a structured evaluation of current controls against the selected Trust Service Criteria. io40 conducts the readiness assessment through control interviews, documentation review, and technical testing, producing a detailed gap analysis report. This report forms the foundation of a remediation roadmap with prioritized control implementation tasks. Critical controls typically requiring implementation include: formal information security policies and procedures, access control reviews and access provisioning workflows, change management and software development lifecycle (SDLC) procedures, vendor management programs, business continuity and disaster recovery plans, and security awareness training programs. io40 provides policy and procedure drafting services, technical control implementation support, and continuous monitoring setup to ensure controls operate consistently throughout the audit observation period. We also support evidence collection during the audit period, working directly with the selected CPA firm to ensure audit evidence meets attestation requirements.

Documentation & Ongoing Compliance

SOC 2 is not a one-time certification but an ongoing commitment — the Type II report covers a specific observation period, typically 6 or 12 months, and must be renewed annually. io40 supports clients in establishing the documentation infrastructure and operational rhythms needed to maintain SOC 2 compliance between audit cycles. This includes policy management frameworks to ensure policies are reviewed and updated on schedule, automated control monitoring to provide continuous evidence of control operation, security incident tracking and response documentation procedures, and quarterly access reviews to maintain the principle of least privilege. For fintech and crypto companies operating under MiCA in Europe, SOC 2 controls also align strongly with DORA (Digital Operational Resilience Act) requirements for ICT risk management, operational resilience testing, and third-party risk management — enabling dual-framework compliance with minimal incremental effort.

Frequently Asked Questions

What does a penetration test actually involve? ▼

A penetration test is a controlled, authorized simulation of a cyberattack against a defined target scope. io40 testers use the same tools and techniques as real attackers — including network scanning, vulnerability exploitation, social engineering, and privilege escalation — to identify security weaknesses before malicious actors can. Engagements conclude with a detailed report covering all findings, severity ratings, evidence, and remediation recommendations.

How long does a smart contract audit take? ▼

Smart contract audit timelines depend on code complexity and lines of code. A typical DeFi protocol or token contract audit takes 1-3 weeks. Complex multi-contract systems with custom AMM logic or governance mechanisms may require 3-6 weeks. io40 provides a timeline estimate after an initial scoping review of the codebase. Expedited audit options are available for time-sensitive launches.

Does my company need PCI-DSS compliance? ▼

PCI-DSS compliance is required for any organization that stores, processes, or transmits payment card data. This includes payment processors, e-commerce platforms accepting cards, e-money institutions, and any crypto company offering card-linked products. Even if you outsource payment processing entirely to a third party, you may still have PCI-DSS scope obligations depending on how cardholder data flows through your systems.

What is the difference between SOC 2 Type I and Type II? ▼

SOC 2 Type I assesses whether controls are suitably designed at a single point in time. SOC 2 Type II assesses whether controls are operating effectively over an observation period of typically 6-12 months. Type II carries significantly more weight with enterprise clients and institutional investors because it demonstrates sustained operational security rather than a one-time snapshot. Most enterprise procurement requirements specifically require SOC 2 Type II.

How does io40 handle findings from a penetration test? ▼

io40 provides a detailed findings report upon test completion, categorizing all vulnerabilities by severity (Critical, High, Medium, Low, Informational). For each finding, the report includes a technical description, reproduction steps, business impact assessment, and prioritized remediation recommendations. io40 also offers remediation verification testing — after the client implements fixes, we retest affected areas at no additional charge to confirm vulnerabilities have been effectively resolved.

Can io40 help us achieve both PCI-DSS and SOC 2 simultaneously? ▼

Yes. PCI-DSS and SOC 2 share substantial control overlaps — particularly in access management, cryptography, logging and monitoring, incident response, and change management. io40 designs integrated compliance programs that satisfy both frameworks simultaneously, reducing the total effort compared to treating each framework independently. A unified approach also simplifies ongoing compliance maintenance and reduces audit fatigue for internal teams.