Introduction

In today's digital world, the protection of sensitive and personally identifiable information (PII) is crucial, especially for financial institutions such as banks and credit unions. We trust these organizations with mass amounts of private data, making them prime attack vectors for cyber criminals. To bolster defenses, they must regularly conduct vulnerability and risk assessments, IT audits, and external penetration tests. One of the most common vulnerabilities we find during these tests and assessments is the use of deprecated TLS (Transport Layer Security) protocols, specifically TLS versions 1.0 and 1.1. Testing alone will not mitigate these vulnerabilities. Organizations must apply system hardening to ensure that their systems and devices are configured to the highest security standards. This article explores the implications of using these outdated TLS protocols and the criticality of disabling them in favor of the more secure TLS versions 1.2 or 1.3.

The Implications of Utilizing Deprecated TLS Protocols

TLS is a cryptographic protocol that ensures the secure transmission of information over the internet by encrypting the communication between a client (such as a web browser) and a server (an online banking website). The encrypted data is protected from interception and alteration. TLS versions 1.0 and 1.1 were once seen as secure protocols, however, technology is constantly evolving, and so security standards must evolve in parallel. Older versions of TLS are vulnerable to cyber-attacks including POODLE and BEAST. Hackers are exploiting these vulnerabilities to capture and decrypt sensitive data, which puts both the organization and their clients at great risk.

Additionally, regulatory bodies have acknowledged the importance of phasing out deprecated TLS versions. For example, the Payment Card Industry Data Security Standard (PCI DSS) now requires disabling TLS versions 1.0 and 1.1 because they do not meet necessary security requirements for financial data.

The Importance of Disabling Deprecated TLS Versions

To improve the security posture of your organization, it is vital to disable deprecated TLS protocols and transition to a more secure alternative such as TLS version 1.2 or 1.3. Here are some of the major implications of using outdated versions of TLS and how to mitigate the inherent risks:

1. Exploitation of Vulnerabilities

Cyber criminals can take advantage of known vulnerabilities to compromise sensitive data such as usernames, passwords, and banking information. POODLE (Padding Oracle on Downgraded Legacy Encryption) and BEAST (Browser Exploit Against SSL/TLS) are two of the most well-known of these security vulnerabilities. Enhanced Security with TLS versions 1.2 and TLS 1.3 which apply much stronger encryption algorithms and have improved security features. These protocols are engineered to endure modern cybersecurity threats and ensure the confidentiality and integrity of sensitive information.

2. Regulatory Non-Compliance

Financial Institutions must adhere to strict regulatory standards, such as the Payment Card Industry Data Security Standard (PCI DSS), which mandates the use of secure cryptographic protocols. Utilization of deprecated TLS versions can result in regulatory non-compliance, resulting in hefty fines and/or damage to reputation. Organizations can maintain compliance with industry standards and prevent damaging consequences by making sure their versions of TLS align with regulatory requirements.

3. Limited Compatibility

As the focus on security increases, modern web browsers and applications are phasing out support for older versions of TLS. Clients may experience compatibility issues and be unable to access websites and services using these outdated protocols, leading to customer dissatisfaction and potential reputational damage. Improve user experience by updating and hardening systems. Eliminating disruptions to service caused by outdated TLS protocols will help build trust and customer retention by ensuring that websites and services are accessible to users.

4. Loss of Trust

In addition to financial losses, data breaches cause a loss of trust with clients. We all have the expectation that an organization will protect our information. Leaked data due to outdated TLS protocols can damage client trust, sometimes beyond repair. When customers feel unsafe, they will migrate to a more secure establishment. Maintain client satisfaction and retention by implementing the highest security standards. This is a progressive approach to keep your organization ahead of constantly evolving threats. By updating your systems and devices, you will be addressing current security issues as well as preparing for future developments.

Conclusion

Deprecated TLS protocols such as TLS 1.0 and 1.1 present substantial risks to institutions that manage sensitive information. A transition to more secure protocols should be a top priority. Failure to do so can result in regulatory non-compliance and potential data breaches. Prioritize cybersecurity to better protect your clients, personnel, and stakeholders. Be proactive and take this crucial step toward a more secure digital world (please consult with your IT security department to ensure proper implementation of these security measures).

AJay Strong, Information Security Analyst

AJay started his cybersecurity career through the Fullstack Academy Cybersecurity Bootcamp at Louisiana State University. Upon graduating, he began teaching for Fullstack Academy and continues to teach for them part-time. At TraceSecurity, AJay works on our IT audits, risk assessments, penetration testing, and Qualys vulnerability assessments. He currently holds certifications in A+, Network+, and ITIL 4 Foundations. He is currently working toward a Bachelor of Science in Cyber Security and Information Assurance at Western Governors University.