The FinTech or financial technology industry, by its very nature, is favorite of hackers. As per the current status of FinTech organization’s security, you must have seen several security hacks, breaches, or data leaks in the past few years. In 2016, one of the biggest cyber-attacks happened in Bangladesh. The hackers successfully stole $81 million from the accounts of Bangladesh’s Central bank. It was neither a security gap nor a data breach; instead, the hackers utilized a specific malware which was already installed on the bank official’s computer.
Following Bangladesh bank heist, 3.2 million debit cards were hacked in India and a well-known Indian bank, i.e. Union Bank of India, was robbed of 171 million USD. These are just a few instances where the data leakage from banks was acknowledged and published. Though, there are many such instances where the security breaches in financial service industry never came into limelight.
Due to these security breaches, many big organizations are lacking in gaining consumer’s trust. We cannot measure the exact financial impact of cyber attacks, but as an organization, we can for sure acquire a risk management strategy that can help us in creating a plan and defining security mechanisms into the system architecture to reduce cyber-attacks.
Security Challenges in FinTech Organizations:
1. Data Ubiquity: As more services go online and penetration of online and phone banking increases, there is a tremendous amount of data that is gathered for analysis, including a lot of personal and financial data. Protecting this data and transferring it securely when needed is a challenging task for any industry.
2. Seamless Data Sharing: The traditional financial institutions need to partner with new service providers to help provide better products at affordable prices. This needs not only a strong secure technology backbone but also robust policies to handle customer data.
3. Customer Access: As the partnership various, FinTech services grows, managing customer access increasingly becomes complex.
4. Digital Identities: As organizations aim to provide an integrated omnichannel experience by offering a breadth of financial services, managing organization’s digital identity across channels becomes a challenge, especially at the consumer level.
5. Cross-Platform Malware Infection: Interfacing systems through APIs within and outside the organization leaves them susceptible to malware propagation. It is imperative for the organizations to have a re-look at the security architecture to avoid viruses and malware passing through data interfaces.
Solutions for FinTech Organizations to Ensure Cyber Security
As the FinTech industry is evolving heavily, it is equally vital to adopt safe and secure practices right from the beginning. Data loss prevention solutions should be integrated into the organization’s system security architecture. It is important to have security solution integrated with the enterprise’s system architecture carrying built-in safety features such as:-
- Advanced endpoint protection with antivirus, intrusion detection, firewall, etc.
- Uninterrupted protection against malicious websites, phishing attacks, etc.
- Comprehensive endpoint and data protection in one integrated solution
- Smart blocking of unauthorized applications to achieve organizational compliance
- Proactive scanning of installed applications to detect unforeseen vulnerabilities.
Seqrite offers advanced endpoint security that suits all types of businesses such as SMEs and large businesses. Seqrite Endpoint Security (EPS) is an all-in-one solution that offers complete protection by identifying and fixing security vulnerabilities.
Seqrite’s security solutions provide advanced features such as Advanced Device Control, Patch Management, ransomware protection, vulnerability scan, IDS/IPS protection and many more.