Cybersecurity for fintech companies
Cybersecurity is generally stereotyped as a need for large corporations and companies that carry sensitive information. However, we have also seen a recent upsurge in attacks against fintech companies. With that, the lesser-known fact that financial institutions have always been the number one target of hackers came to light. But why is this? With the increasing digitization of financial services, financial institutions are aggressively trying to reach the masses for financial inclusion. Fintech companies are also trying to simplify their product so that it is more widely adopted. With the high penetration of smartphones and the internet, fintech services are at the doorstep of all individuals. At the same time, hackers see this opportunity as a gold mine to exploit financial applications.
According to a Boston Consulting Group report, financial institutions are 300 times more likely than other businesses to be targeted by a cyberattack. Here are the common types of cyberattacks against financial institutions listed:
Phishing attacks are a type of social engineering attack that attempts to trick individuals into providing their login credentials and other hackers gaining access to the system.
Ransomware is a type of malware where hackers gain access to the system and encrypt data. The hackers then ask for money to decrypt the data.
The victimized server is flooded with lots of fake traffic which will lead to server bandwidth saturation and affect the performance.
Supply chain attacks
The hackers get into the customer’s system through third party software by exploiting the third party software.
Since these methods have become very consistent, financial institutions need to look beyond regulatory and compliance security requirements to mitigate cyberattacks. They must also have a comprehensive cybersecurity plan in place to protect their networks, data, applications, and devices.
Here are some cybersecurities that need to be in place:
Data Loss Prevention
Data Loss Prevention (DLP) solutions detect and protect sensitive data on your corporate network and block copying, pasting and downloading of data.
Multi-Factor Authentication (MFA) adds an extra layer of security during authentication. This can take the form of OTP, T-OTP, biometrics or push notifications.
Advanced Threat Protection
Advanced Threat Protection (ATP) is a combination of multiple cybersecurity tools that provides detection with real-time visibility, protection, and response. The ATP solution includes an email gateway, anti-malware, endpoint protection and a centralized monitoring platform.
The Zero Trust solution provides secure access to enterprise applications and networks for internal and external users on a need-to-know basis. It encompasses user, device, data and network security.
Even though after living in a technology-driven decade, we as individuals have learned to be aware of all kinds of cybersecurity threats. However, the problem that arises is that we are in a constant race to be foiled or foiled. This gives rise to the need for meticulous planning that will yield the capability for better visibility, early detection, rapid response and timely mitigation scope.
The opinions expressed above are those of the author.
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