With a growing number of cyber risks and breaches, security emerges as a top concern for business owners. Some industries are inherently riskier, and FinTech is one of them. Since these companies hold the precious financial information of customers, they are an alluring target for hackers. If you run a FinTech company, you must go the extra mile with safety.
A cyber attack may have a catastrophic impact on your business, damaging revenues, operations, and reputation. The best way to avert hacking threats is by preparing a viable cybersecurity program to protect networks from attack and address an attack if it still happens.
Let us share some practical measures you can implement to bolster cyber defense for your FinTech business.
Read more: 4 High Cyber Security Risks in the Banking Industry
1. Safeguard your network and infrastructure
Safeguarding your network is perhaps the first line of defense in FinTech. Everything boils down to finding the weak links in your system and infrastructure and addressing them sooner than later. Since cyber threats constantly evolve, you cannot take a set-and-forget approach to cybersecurity in FinTech. Include regular reviews and perform updates on the protections.
2. Secure the cloud effectively
Several applications in the domain are hosted on the cloud, but it entails both opportunities and risks for a business. Working on the cloud expands your attack surface, so you must implement a cloud security strategy for your business. It is also vital to review and expand the strategy down the line as new threats and risks emerge on the cloud. The good thing about cloud security is that it keeps your business ahead on all fronts.
3. Hire an ethical hacker
FinTech security is crucial, and you cannot leave it to chance. Even the most robust networks and applications may have vulnerabilities that risk your confidential data. You can hire a hacker to detect such flaws through penetration testing. The best thing about hiring an ethical hacker is that they think like the real ones, so they can suggest the best measures to bolster your defenses.
4. Protect users when logging in
While users are your greatest asset, they may end up being the greatest liability. But you can do your best by protecting them when logging in. You can check users’ identities and accounts by setting up strong authentication through robust passwords and multi-factor authentication. Go the extra mile by educating them to create awareness against common and unusual threats.
5. Get Certified
Like all industries, FinTech companies must adhere to some safety standards and compliance guidelines. Certification such as ISO 27001 helps implement a reliable cybersecurity risk management program.
It may also deter attackers from targeting your organization in the long run. Typically, such certifications include elements such as assessment of third-party risks, identifying vulnerabilities, and managing them.
Most importantly, remember that you cannot take a set-and-forget approach to cyber risk management. Assess and review it frequently to stay one step ahead of the changing threats for your organization. With FinTech, there are no second chances, as a breach can ruin customer trust and your reputation for good.
