Security Challenges and Solutions To Ensure Cyber Security In FinTech

Did you know that the financial technology industry i.e.popularly known as the FinTech industry , by its very nature is every hackers most favorite thing.  As far as the present day scenario of a FinTech organization’s security is concerned, you must have heard about various security breaches, hacks or data leaks that have taken place previously. In the year 2016, Bangladesh experienced, one of the biggest cyber attacks. The cyber-terrorists successfully hacked around $81 million from the accounts of Bangladesh’s Central Bank. This was neither a data breach nor a security gap, rather, the hackers used a particular malware which was already set up on the bank’s official computer.

Security Challenges and Solutions To Ensure Cyber Security In FinTech

Followed by the Bangladesh bank rip-off, approximately 3.2 million debit cards were hacked in India and The Union Bank of India was robbed of $171 Million. Whoa!! That’s insane!

Due to these security breaches, many organizations are lacking a customer’s trust but there’s always a solution, isn’t it? What are security software companies for then? If you know it, then why the delay? Anyways, let’s take a quick look at some of the security challenges faced by a FinTech company.

  1. Data OmnipresenceAs more services switch to online mediums and the involvement of phone and online banking upsurges, there is a rattling amount of data that is collected for the purpose of analysis, which consists of a lot of financial and personal data. Hence, securing this data and transferring it in a secured manner is a challenging job for any industry.
  1. Coherent Data SharingThe conventional financial institutions need to collaborate with the latest service providers in order to provide better products at reasonable prices. This not just requires a strong secured technology support but it also requires a robust contract to deal with customers data.
  1. Digital IdentitiesAs organizations intent at providing a compound omni-channel ordeal by offering a dimension of financial services, carrying out a company’s digital individuality across several channels turns out to be very challenging, particularly at the consumer level.

Now let’s take a look at the solutions for protecting FinTech organizations against cyber threats. Keep reading as this will help you and organization stay protected. 

As the FinTech industry is developing rapidly, it is also important that you take up safe and certified practices right from the start. Data loss avoidance solutions, for example data encryption should be incorporated into the organization’s safety infrastructure. It is also important to integrate these security solutions with the organization’s system edifice having built in specifications such as:-

  1. Constant protection against spiteful websites
  2. Initiating an enterprise sso solution
  3. Cutting off access to unauthorized applications

Conclusion:

It’s never too late, to implement cyber security solutions, so if you fear the worst, protect your data today!

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