Cyprus has become a genuine hub for Electronic Money Institutions, licensed and supervised by the Central Bank of Cyprus rather than CySEC — a distinct regulator with its own operational and security expectations, increasingly layered with DORA for any EMI that meets the financial-entity definition. EMIs move real-time payments and hold client funds in safeguarding accounts, making them a direct target for account takeover and payment fraud rather than a theoretical risk.
We test the payment platform, API and integrations, including open banking-style access where applicable, review the technical controls separating safeguarded client funds from operational accounts, and run an ICT risk gap analysis mapped to Central Bank of Cyprus expectations and DORA where your EMI is in scope.
Why it matters
An EMI's entire promise to its regulator and its customers rests on two things: client funds are safe, and payments are reliable. A breach or payment-fraud incident undermines both simultaneously, and the Central Bank of Cyprus, like CySEC for CIFs, expects documented, tested ICT risk management rather than a policy binder nobody has validated technically.
What we test
- Payment platform & API penetration testing
- Account takeover & session security testing
- Safeguarding account / fund segregation control review
- Open banking / third-party integration testing
- KYC/AML data exposure testing
- ICT risk gap analysis (Central Bank of Cyprus / DORA)
Common vulnerabilities we uncover
- Weak session or authentication controls enabling account takeover
- Payment API integrations with insufficient validation
- Unclear technical separation of safeguarded client funds
- Third-party open banking integrations with excessive trust
- KYC/AML data exposed through weak access controls
- No documented ICT risk management evidence for the regulator
How we run your engagement
- Kick-off & scoping. A short call to agree goals, in-scope assets and rules of engagement, so your emi penetration testing cyprus is safe, authorised and aimed at your real business risk.
- Mapping & discovery. Before touching anything we map the full attack surface in scope, so nothing exploitable slips through.
- Hands-on testing. Cyprus-based specialists exploit and chain weaknesses manually — the flaws scanners walk straight past — to show genuine impact.
- Reporting. Each issue is verified, CVSS-rated and documented with a step-by-step reproduction and a practical fix your team can apply.
- Free retest. Once you have remediated, we re-test at no extra cost to confirm the attack path is truly closed.
Tools & techniques
We manually test the payment platform and its APIs, review session and authentication controls given how directly account takeover translates into fraud loss for an EMI, and examine the technical separation between safeguarded client funds and operational accounts — the specific control regulators and depositors are both relying on.
When you need this engagement
- You hold, or are applying for, an EMI licence from the Central Bank of Cyprus
- You are launching a payment, e-wallet or remittance platform from Cyprus
- Your licence renewal or supervisory review needs security testing evidence
- You are in scope for DORA as a financial entity
- You need independent testing of payment and fund-safeguarding controls specifically
What you receive
- Payment platform penetration test report
- Account security & session findings
- Fund safeguarding control review
- API & integration testing results
- ICT risk gap analysis
- Free retest after remediation
Your deliverables
When your emi penetration testing cyprus wraps up, you receive a clear, audit-ready report plus a walkthrough call with your team. Inside you will find:
- A concise executive summary that management and the board can act on
- Every technical finding with a reproducible, copy-paste proof of concept
- CVSS v3.1 ratings and plain-language business impact for each issue
- Practical, prioritised remediation your developers can implement straight away
- A free retest and updated finding status once fixes are in place
- A signed attestation letter for clients, auditors, GDPR, NIS2 and ISO 27001
Standards & frameworks
Central Bank of Cyprus EMI licensing framework
DORA (where applicable)
PCI DSS (card-linked flows)
What you gain
By the end of your emi penetration testing cyprus, you will know exactly which weaknesses a real attacker could exploit, what it would cost your business, and the precise order in which to fix them — backed by evidence, not a scanner’s guesswork. Cyprus firms use our findings to close critical gaps, satisfy client and regulator security questionnaires, and demonstrate due diligence for GDPR and NIS2. With a free retest included, you also get documented proof the issues are resolved.
Working with us
Every emi penetration testing cyprus begins with a short, no-obligation scoping call to understand your goals, environment and constraints, followed by a fixed-price proposal. Most work is delivered remotely, and because we are based in Cyprus we work in your timezone with on-site visits across Limassol, Nicosia and island-wide where it helps. We keep you updated throughout and flag any critical finding immediately rather than waiting for the report. Everything is covered by a signed NDA and safe, non-disruptive testing that protects your production systems. You receive your report, a walkthrough and a complimentary retest once fixes land. Engagements are typically booked one to three weeks ahead, and urgent testing can often be arranged — just email hi@cypruspentest.com.
Why Cyprus businesses choose CyprusPentest
Your emi penetration testing cyprus is run by senior offensive-security specialists who test the way genuine attackers do — manually, creatively and focused on proving real impact. What sets us apart:
- Based in Cyprus — local, in your timezone, with on-site coverage across Limassol and Nicosia.
- Manual, exploit-led testing that chains vulnerabilities the way an attacker would, well beyond automated scanners.
- Reproducible proof for every finding, with copy-paste steps your team can independently verify.
- Compliance-ready reporting that supports GDPR, NIS2, ISO 27001 and CySEC expectations.
- A free retest so you have documented evidence your fixes actually hold.
- Fixed-price and responsive, with a named point of contact from scoping through to retest.
Explore related services
EMI Penetration Testing Cyprus pairs well with our other Cyprus penetration testing services for fuller coverage. You may also want:
How much does EMI Penetration Testing Cyprus cost?
Every emi penetration testing cyprus in Cyprus is scoped and priced individually, so you pay only for the coverage you need — with no hidden extras. After a short, no-obligation scoping call we send a fixed-price quote, usually within one business day, with clear deliverables, a firm timeline and a complimentary retest included. The price depends on the size and complexity of your environment, so you always know the cost up front before any work begins.
Get a fixed-price quote
Frequently asked questions
Is an EMI regulated differently from a CIF in Cyprus?
Yes — EMIs are licensed and supervised by the Central Bank of Cyprus, not CySEC, with their own operational and safeguarding requirements, though DORA now applies across both where the financial-entity definition is met.
Does this cover PSD2-style open banking requirements?
Yes, where your platform exposes or consumes open banking APIs, we test those integrations as part of the engagement.
What is the biggest real risk for EMIs specifically?
Account takeover and payment fraud through weak session or API controls tend to cause more real loss than infrastructure-level attacks, so we weight testing accordingly.
How does fund safeguarding get tested?
We review the technical controls separating safeguarded client funds from operational accounts, since that separation is central to what the regulator and your customers are relying on.