{"id":7718,"date":"2021-09-01T12:24:45","date_gmt":"2021-09-01T12:24:45","guid":{"rendered":"https:\/\/outofsite.biz\/cynance\/?p=7718"},"modified":"2021-09-01T12:24:46","modified_gmt":"2021-09-01T12:24:46","slug":"cybersecurity-in-fintech-7-ways-to-stay-safe","status":"publish","type":"post","link":"https:\/\/outofsite.biz\/cynance\/cybersecurity-in-fintech-7-ways-to-stay-safe\/","title":{"rendered":"Cybersecurity in FinTech is Key to Building a Safe, Successful Product"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7718\" class=\"elementor elementor-7718\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45e0897e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45e0897e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2a13f229\" data-id=\"2a13f229\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-264884f6 elementor-widget elementor-widget-text-editor\" data-id=\"264884f6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">As with all technology, the Covid-19 pandemic has created both opportunities and challenges for the FinTech industry. User take up of FinTech products increased as users became more accustomed to doing things remotely and contactlessly. And cyber criminals took the opportunity to release a flood of ever more sophisticated attacks on users and companies alike. As a result, effective <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/fintech\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cybersecurity in FinTech<\/span><\/a><span style=\"font-weight: 400;\"> is more important than ever before.<\/span><\/p><p><span style=\"font-weight: 400;\">FinTech companies handle people\u2019s money and personal data through services such as digital banking, digital payments, insurance services, trading, and cryptocurrencies. The unique combination of financial-based services on tech platforms makes them attractive targets for cyber criminals. FinTech cybersecurity risks are further compounded by the regulatory environments in which FinTech companies operate, and which place high value on data protection and information security. As a result, cybersecurity in FinTech is becoming ever more important.<\/span><\/p><h2><span style=\"font-weight: 400;\">FinTech cybersecurity risks and challenges<\/span><\/h2><p><span style=\"font-weight: 400;\">FinTech organisations all share similar FinTech cybersecurity risks and challenges, no matter what area they operate in. In no particular order, these risks and challenges include:<\/span><\/p><p><b>Securing networks and applications<\/b><span style=\"font-weight: 400;\"> &#8211; Applications are at the heart of most FinTech businesses. While they enable FinTech to reach more users and improve the range of services they offer, applications can also be vulnerable to attack. Cyber attackers can target the application in order to gain access to the entire network.<\/span><\/p><p><b>Identity theft<\/b> <b>and fraud <\/b><span style=\"font-weight: 400;\">&#8211; FinTech apps allow users to fill in sensitive data and transfer money with a simple tap on a screen. As a result they are an attractive proposition for attackers who may try to guess passwords and gain access to accounts. Once they have access to those accounts, they will be able to steal money, or use the user\u2019s identity for fraud. Keeping users\u2019 digital IDs secure from attackers is a constant challenge, as simple password verification processes can easily be hacked.<\/span><\/p><p><b>Cyber attacks<\/b><span style=\"font-weight: 400;\"> &#8211; <\/span><a href=\"https:\/\/www.hiscox.co.uk\/cyberreadiness\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FinTech is an attractive target<\/span><\/a><span style=\"font-weight: 400;\"> for malware because of the mix of PII and financial access that it provides. Some of the most common cyber attacks targeting FinTech include:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Denial of service attacks where attackers flood the application with traffic preventing legitimate customers from using the app;\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/outofsite.biz\/cynance\/6-social-engineering-tactics-in-action-in-2021\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Phishing attacks<\/span><\/a><span style=\"font-weight: 400;\"> where cyber criminals pose as businesses or even government agencies to extract information from users and use that information to steal their information and access the application; and\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/outofsite.biz\/cynance\/kaseya-ransomware-attack-update\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ransomware<\/span><\/a><span style=\"font-weight: 400;\"> where attackers infiltrate the network and encrypt it demanding payment in order to decrypt the network or files. All of these tactics can have a significant impact on the success of a FinTech company.<\/span><\/li><\/ul><p><b>Protecting data against breaches<\/b><span style=\"font-weight: 400;\"> &#8211; FinTech companies collect, manage, and store large amounts of data every single day. Online transactions are some of the easiest online activities for hackers to breach. If they breach the application and steal user data, the FinTech company will be held responsible by regulators.<\/span><\/p><p><b>Money laundering<\/b><span style=\"font-weight: 400;\"> &#8211; Many FinTech companies are either cryptocurrencies themselves, or deal with other crypto currencies. Cryptocurrencies can add cybersecurity risks to FinTech as cyber criminals use the anonymous nature of cryptocurrency to launder money or to steal money from the FinTech\u2019s legitimate customers, causing financial losses, and possibly even legal ramifications.<\/span><\/p><p><b>Compliance with banking regulations<\/b><span style=\"font-weight: 400;\"> &#8211; FinTech is an extremely regulated industry. It\u2019s easy to see why &#8211; it deals with not just customers&#8217; personally identifiable information (PII), but their money too. Banks are heavily regulated by bodies such as the <\/span><a href=\"https:\/\/www.fca.org.uk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FCA<\/span><\/a><span style=\"font-weight: 400;\"> (in the UK) when it comes to using the forms of open banking solutions that FinTech companies provide. These regulators may require FinTech companies to implement certain protections, with consequences for the company if these requirements are not met.<\/span><\/p><p><b>Compliance with data protection and security regulations<\/b><span style=\"font-weight: 400;\"> &#8211; Regulations such as the <\/span><a href=\"https:\/\/gdpr.eu\/what-is-gdpr\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GDPR<\/span><\/a><span style=\"font-weight: 400;\"> place requirements on FinTech to have the proper security protections in place, and failure to protect that data through adequate security measures will result in a <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/data-protection-alert-cost-hm-e35m\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hefty fine<\/span><\/a><span style=\"font-weight: 400;\">. Add in Know Your Customer (KYC) requirements, payments regulations such as the Payment Services Directive (<\/span><a href=\"https:\/\/ec.europa.eu\/info\/law\/payment-services-psd-2-directive-eu-2015-2366_en\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PSD2<\/span><\/a><span style=\"font-weight: 400;\">) in the EU, or the Payment Card Industry &#8211; Data Security Standard (<\/span><a href=\"https:\/\/www.pcisecuritystandards.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PCI-DSS<\/span><\/a><span style=\"font-weight: 400;\">), ad there are a lot of different standards that FinTech companies must consider at every point.<\/span><\/p><h2><span style=\"font-weight: 400;\">Cybersecurity in FinTech best practices<\/span><\/h2><div id=\"attachment_7720\" style=\"width: 310px\" class=\"wp-caption alignnone\"><img decoding=\"async\" loading=\"lazy\" aria-describedby=\"caption-attachment-7720\" class=\"size-medium wp-image-7720\" src=\"https:\/\/outofsite.biz\/cynance\/wp-content\/uploads\/2021\/08\/plan-do-review-act-cybersecurity-in-fintech-300x300.png\" alt=\"Cybersecurity in FinTech is Key to Building a Safe, Successful Product\" width=\"300\" height=\"300\" srcset=\"https:\/\/outofsite.biz\/cynance\/wp-content\/uploads\/2021\/08\/plan-do-review-act-cybersecurity-in-fintech-300x300.png 300w, https:\/\/outofsite.biz\/cynance\/wp-content\/uploads\/2021\/08\/plan-do-review-act-cybersecurity-in-fintech-150x150.png 150w, https:\/\/outofsite.biz\/cynance\/wp-content\/uploads\/2021\/08\/plan-do-review-act-cybersecurity-in-fintech.png 512w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-7720\" class=\"wp-caption-text\">Cybersecurity in FinTech is Key to Building a Safe, Successful Product<\/p><\/div><p><span style=\"font-weight: 400;\">Image 1: Plan, Do, Check, Review<\/span><\/p><p><span style=\"font-weight: 400;\">A cyber attack could have a catastrophic impact on a FinTech company, damaging operations, revenues, and reputation. For FinTech companies, the best way to avoid this outcome is to prepare a <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/security-risk-and-compliance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cybersecurity programme<\/span><\/a><span style=\"font-weight: 400;\"> that both protects networks from attack, and plans for an attack should it take place.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Cybersecurity is ever changing, and the best programmes contain plans, actions, reviews, and actions at every stage of the FinTech app\u2019s lifecycle.<\/span><\/p><ol><li><b> Protect the company\u2019s network and infrastructure<\/b><\/li><\/ol><p><a href=\"https:\/\/outofsite.biz\/cynance\/infrastructure-security\/network-security\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Protecting the network from intrusion<\/span><\/a><span style=\"font-weight: 400;\"> by cyber attackers is the first line of defence in cybersecurity in fintech. Cybersecurity constantly changes, so this also includes regular reviews and updates of the protections in place.<\/span><\/p><ol start=\"2\"><li><b> Secure the cloud<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">Many FinTech applications are hosted on the cloud. The cloud has both opportunities and risks for FinTech, including an expanded attack surface. Cybersecurity best practice recommends that every organisation has a <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/infrastructure-security\/cloud-security\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cloud security strategy<\/span><\/a><span style=\"font-weight: 400;\"> in place that they review and expand as new threats emerge on the cloud.<\/span><\/p><ol start=\"3\"><li><b> Take a secure development approach<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">The best way to <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/application-security\/secure-software-development-life-cycle-ssdlc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">build a secure app<\/span><\/a><span style=\"font-weight: 400;\"> is to take a security first approach to developing it. This includes code reviews, pre-release penetration testing, and following secure development best practices.<\/span><\/p><ol start=\"4\"><li><b> Test the app for vulnerabilities<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">Put the app\u2019s security to the test by <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/application-security\/penetration-testing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">penetration testing<\/span><\/a><span style=\"font-weight: 400;\"> it. Pen tests can be carried out at any time, including just before release, and will identify any vulnerabilities in development that could be exploited by cyber attackers.<\/span><\/p><ol start=\"5\"><li><b> Protect users when logging in<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">Users are a FinTech application\u2019s greatest asset, but they can also be the greatest liability. Protect users\u2019 identities and accounts by implementing a <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/secure-passwords-dont-protect-network-security\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">strong authentication process<\/span><\/a><span style=\"font-weight: 400;\"> including requirements for strong passwords, and multi-factor authentication.<\/span><\/p><ol start=\"6\"><li><b> Get certified<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">While certification such as <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/youre-going-for-iso-27001-certification-now-what\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ISO 27001<\/span><\/a><span style=\"font-weight: 400;\"> may not\u00a0 deter attackers from targeting an organisation, it will help the organisation get their <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/security-risk-and-compliance\/cybersecurity-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cybersecurity risk management programme<\/span><\/a><span style=\"font-weight: 400;\"> in order. Just some of the considerations in a programme include assessment of <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/us-treasury-cyber-attack-suppliers-in-the-spotlight\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">third party risk<\/span><\/a><span style=\"font-weight: 400;\">, identifying and managing vulnerabilities, and more.<\/span><\/p><ol start=\"7\"><li><b> Review, and make changes<\/b><\/li><\/ol><p><span style=\"font-weight: 400;\">Once everything in the initial cybersecurity programme is in place, it\u2019s time to <\/span><a href=\"https:\/\/outofsite.biz\/cynance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">start all over again<\/span><\/a><span style=\"font-weight: 400;\">. Cybersecurity in FinTech changes quickly with new threats emerging on a daily basis as cyber criminals refine their techniques and software is updated with the potential of new vulnerabilities to be exploited. The best cybersecurity programmes are constantly changing as the needs of the organisation change.<\/span><\/p><p><span style=\"font-weight: 400;\">Stay safe.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>As with all technology, the Covid-19 pandemic has created both opportunities and challenges for the FinTech industry. User take up of FinTech products increased as users became more accustomed to doing things remotely and contactlessly. And cyber criminals took the opportunity to release a flood of ever more sophisticated attacks on users and companies alike.&hellip;<\/p>\n","protected":false},"author":10,"featured_media":7728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[63,62],"_links":{"self":[{"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/posts\/7718"}],"collection":[{"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/comments?post=7718"}],"version-history":[{"count":0,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/posts\/7718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/media\/7728"}],"wp:attachment":[{"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/media?parent=7718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/categories?post=7718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/outofsite.biz\/cynance\/wp-json\/wp\/v2\/tags?post=7718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}