Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Entrepreneurs, Start-ups, Small Businesses
From Beginner to Pro: How Real Estate Classes Can Transform Your Career
Dec 6, 2024
Image: Freepik
Starting a real estate career can be an exciting but difficult experience. A solid foundation in the field is essential whether your goal is to work as a real estate broker, an agent, or an investor. Real estate classes are vital in this regard. You can put yourself on the road to success by signing up for organized programs, whether they are offered in-person or online via real estate colleges. In this article, we discuss how these courses change your career in the following ways.
Here are ways in which real estate classes can transform your career:
Establishes a Strong Knowledge Base
You could feel overwhelmed by the amount of knowledge and rules you need to learn when you first enter the real estate industry. Real estate courses for beginners make the complexities easier to understand and give you the fundamental knowledge you need to launch your career. These real estate classes provide you with the skills to confidently navigate the sector, from comprehending property rules to becoming an expert in market analysis. Online real estate schools provide the freedom to learn at your speed and offer extensive curricula, which makes juggling school and other obligations simpler.
Emphasize Important Skills for a Prosperous Career.
The gap between understanding principles and putting them to use in real-world situations is closed through effective real estate classes. You will gain a useful understanding of contract management, marketing, and negotiation all essential for success in the industry. To give you an idea of what to anticipate while working with clients, several schools provide case studies or simulated transactions. A real estate agent online course offers interactive courses that concentrate on these crucial abilities if you would rather learn from home.
Offers Networking and Mentorship Opportunities
Connecting with experienced professionals is one of the underappreciated advantages of taking real estate classes. Numerous organizations match students with mentors who can offer guidance, support, and insights. In the real estate industry, developing a professional network is essential because you never know when a connection will result in your next big deal or a chance to change your career. As a real estate broker online, you can attend virtual forums and live meetings where you may network with other students and professionals in the field. You can consider enrolling in real estate courses at RealEstateU and start your journey to becoming a certified real estate agent.
Helps to Keep Up in a Dynamic Field
Government regulations, technological developments, and economic trends all have an impact on the real estate market's ongoing evolution. Attending real estate classes regularly guarantees that you stay up to date with changes in the sector. To help professionals stay current on the newest technologies and tactics while maintaining their licenses, several online real estate schools provide continuing education courses.
Increases Your Credibility and Confidence
It might be frightening to begin real estate classes, particularly when you are up against more seasoned experts. Your confidence can be increased by finishing an online course or real estate agent training program. With the appropriate abilities and credentials, you will feel ready to take on obstacles, seal deals, and go above and beyond for clients. Additionally, you will have a competitive advantage in the market because clients are more likely to trust agents who have had formal training.
Conclusion
A career in real estate is fulfilling, but it takes time to succeed. The foundation for a successful career is laid by enrolling in real estate classes, whether offered by traditional or online schools.
See: Top 5 Outsourced Services for Real Estate Agents
These programs provide a comprehensive approach to job development, including everything from acquiring necessary knowledge and useful skills to remaining current and establishing credibility. To gain a sense of the profession, if you're just starting, think about taking a real estate agent course or looking into real estate courses for beginners.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Is the BRICS Alternative Currency Plan Falling Apart?
BRICS | Dec 3, 2024
Image: Freepik/ibrandify
BRICS Nations Weigh Gains and Risks as New Currency Idea Faces Challenges
The original BRICS member nations including Brazil, Russia, India, China, and South Africa previously announced their bold vision to challenge the dominance of the U.S. dollar by creating a shared currency. The plan hatched and promised an alternative currency and payment system that would be free from the influence of U.S. sanctions and monetary policy.
See: Central Banks Favour USD and Gold Amidst De-dollarization
Lord Lamont of Lerwick stated:
"If it ever happened, it would be a major threat to the Western-led financial system, but above all it would make it impossible for the West to impose sanctions on countries like Russia, China or Iran or other malign countries."
But is the dream now unravelling?
Trump Threatens 100% Tariffs
Just a few days ago, U.S. President-elect Donald Trump announced that American wasn't going to sit by idly while BRICS trading bloc tries to circumvent the U.S. dollar and threatened to implement a 100% tariff on BRICS nations if they launch an alternative currency. He also demanded commitment from these countries that that would and abandon any de-dollarization efforts.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
Growing Divide Among BRICS Members
Russia isn’t backing down arguing that Trump's threats could backfire by pushing even more countries to consider alternatives other than the dollar.
See: Credit Suisse: Statecraft and De-dollarization
Dmitry Peskov, Kremlin spokesman:
"[The dollar is losing its appeal as a reserve currency for many countries, a trend that is gathering pace]. More and more countries are switching to the use of national currencies in their trade and foreign economic activities. If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade)."
Recent reports say that some BRICS members may be stepping back from the initiative due to varying economies and conflicting monetary policies that are anticipated to be difficult to overcome. Each country has unique economic needs so a one size fits all approach to a currency solution is tricky. For example, China is an economic powerhouse and may prioritize its own currency at the expense of smaller nations.
What Does Each BRICS Nation Stand to Gain?
Is it a zero sum game with a clear winner and loser?
China is best positioned to benefit if a BRICS currency takes off. They are the largest economy in the BRICS trading bloc and Beijing could use the initiative as a stepping stone to boost the yuan's role in global trade. China is strategically looking to increase its global influence so its beyond just economics. Critics are concerned that such dominance by China would come at the expense of smaller BRICS members.
See: SWIFT Launching CBDC Solution Within 2 Years (to Compete with BRICS)
Russia, currently at war with the Ukraine and constantly at loggerheads with the U.S. has a lot riding on the idea of an alternative BRICS currency. Russia is currently facing a litany of sanctions and economic isolation so an alternative to the U.S. dollar could help stabilize Russia's economy and offer it a better hand on the geopolitical global stage. Conversely, a failed BRICS currency could force Russia into a rock and a hard place.
India is being more cautious as it understands that while a BRICS currency may make trading easier within a bloc, it could give China more control. India has its own massively growing economy and aspirations so it's walking a fine line that balances cooperation while protecting its independence.
For Brazil and South Africa the risks are high with smaller rewards since their economies are much smaller and they may struggle to stay competitive in a system dominated by China and Russia. So while they may be benefits for a larger block, their smaller interests could easily get pushed to the side so the benefits aren't as clear nor are they guaranteed. Having said that Brazil has been a strong advocate for a BRICS currency system over the dollar.
Global Financial Shift in the Making
While the U.S. dollar is still dominant, cracks are appearing as some countries are seeking alternatives to U.S. economic sanctions or geopolitical strategies. Since trading nations are deeply integrated and affect global markets, any significant changes to currency dynamics could have serious global impact. It could appear as shifting exchanges rates, new supply chains / trade flows and different financial alliances.
See: Tax-Free Bitcoin Zone Proposed by the USABTC
Companies and policymakers need to remain agile. Even if the BRICS currency initiative fails, its a movement that gained momentum and certainly a trend that the world cannot ignore.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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UK’s Regulatory Crypto Roadmap from Sandbox to Mainstream
Crypto Regulation | Dec 2, 2024
Image: Freepik/bedneyimages
UK to Launch Comprehensive Regulatory Framework for Crypto Assets by 2026
The United Kingdom (UK) is preparing to launch a comprehensive framework for cryptoassets and has released a roadmap that sees final rules published in early 2026. The UK has been at the forefront of fintech regulations for years with initiatives like the Digital Securities Sandbox, and now they have plans for stablecoin regulation and more. The UK is setting the standard for responsible yet progressive governance in the digital asset sector. Let's see what's being planned and what it means for industry participants.
A Look at the Roadmap (view PDF)
Here’s the phased timeline that should allow sufficient time for stakeholders to adapt and prepare.
See: Rachel Reeves: UK’s Financial Innovation Blueprint
- Late 2024: The FCA will release papers covering issues like market abuse, trading platform rules, and disclosure requirements.
- Q1/Q2 2025: Consultations start on draft legislation for key areas such as stablecoin regulation, custody services, staking, and prudential requirements.
- Q3 2025: The FCA will review input and finalize standards for consumer protection, operational resilience, and governance.
- Q4 2025: Final consultations will focus on platforms, intermediation, and lending.
- Early 2026: Final rules published and the application process opens for firms seeking authorization.
- Q3/Q4 2026: The new regulatory framework goes live.
More Than Just Rules
In addition to the digital asset regulatory framework which is paramount, the UK is launching a couple of key blockchain initiatives to support innovation and modernize its financial infrastructure. Both initiatives were mentioned in the Keynote at the Tokenisation Summit by Tulip Siddiq MP on Nov 21, 2024 and aim to build trust, attract investment, and enable the crypto sector to grow responsibly.
1. Digital Securities Sandbox (DSS)
The sandbox is a controlled environment for companies to test blockchain-based securities solutions (i.e., security tokens). This will allow businesses to experiment with new platforms for creating, trading, and settling securities under the supervision of regulators. By allowing experimental yet real transactions in a monitored space the digital securities sandbox aims to bridge innovation with regulatory oversight. Learn more
2. Digital Gilt Instrument (DIGIT)
DIGIT is an innovative UK government project to issue government bonds (known as 'gilts') using blockchain technology. It will be a pilot program that will actually run in the Digital Securities Sandbox mentioned above with the goal of making the process of issuing and managing government debt more efficient, transparent, and secure. DIGIT is part of the UK's modernization efforts and is expected to launch alongside of the upcoming crypto regulatory framework in 2026 while also encouraging innovation in digital assets.
See: Overcoming Barriers to Growth in Financial Regulation
Tulip Siddiq MP, Economic Secretary to the Treasury:
“If we are to maintain the UK’s position as a leading financial services hub, we need to lean into the emerging and disruptive technologies that could change our industry dramatically in the coming years.”
Implications and Outlook
The UK’s roadmap will impact the entire crypto ecosystem from businesses looking for regulatory clarity to consumers who the rules were meant to protect while making digital asset transactions more transparent, safer, and with more confidence. Innovators will benefit from both the digital securities sandbox initiative and tokenisation projects like DIGIT.
Stay up to date: Subscribe to NCFA's Weekly News & Insights newsletter
The bottom line is finally moving out of the fringe shadows and moving towards becoming a key part of the global financial system. The UKs commitment to developing its crypto framework in a balanced and responsible way may just well be the tipping point of no return.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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RPAA Registration Deadline Passed See Who Applied
RPAA | Dec 2, 2024
Image: Freepik/rawpixel.com
Retail Payments Supervision Update from the Bank of Canada (Registration Deadline Has Passed)
- The first registration period for payment service providers (PSPs) under the Retail Payments Activities Act (RPAA) ended on November 15 (see BoC's Retail Payments Supervision mandate).
- Companies that missed the deadline may be in violation of Section 104 of the RPAA and could face enforcement measures. See Supervisory framework for registration.
See: Canada’s Retail Payments Boom: $11.9 Trillion Growing Fast
- The Bank of Canada urges unregistered PSPs to apply immediately through the PSP Connect portal to avoid non-compliance.
Who Applied?
The Bank of Canada has published a list of applicants (currently 1187) including many key players in Canada’s retail payment space. This list will be updated regularly and will show all registered PSPs once the transition period ends on September 8, 2025.
PSPs must comply with regulations to manage risks and protect user funds. The Bank of Canada emphasizes the importance of compliance and is committed to supporting PSPs in understanding their responsibilities under the RPAA.
New Guidelines Coming
A new guideline on protecting users' funds will be published shortly which contains key information for payment service providers to meet their responsibilities.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
Stay tuned for more updates...
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Governance Health Check Framework: How to Perform a Corporate Governance Review
November 29, 2024
Image: Freepik/master1305
Every organization should be carrying out a regular governance health check — but what should businesses focus on? Governance expert reveals their trusted health check framework.
Effective governance can never be a ‘set and forget’ endeavor — it needs to be continually monitored, reviewed, and modernized for the business to see its full benefits.
As Marc Hodak, Partner at Farient Advisors, said at Diligent’s user conference, “Good governance is ultimately what is right for the long-term health of the company.”
Diligent, a leader in modern governance, highlights the need for organizations to conduct regular health checks in order to maintain good governance, effectively manage risk, foster diversity and inclusion, and react to the needs of shareholders and the wider society.
In the same way you’d send your vehicle for a regular check-up to help to identify hidden issues so you can proactively address them and drive smoothly, regular governance health checks are also crucial. A deep governance check can uncover potential gaps or weaknesses in the governance structure, allowing businesses to quickly adapt to changing regulatory landscapes, emerging risks, and evolving business needs.
What steps do organizations need to take to complete a corporate governance health check? In the framework below, Diligent’s experts outline how to perform a governance health check to proactively respond to the evolving corporate landscape, empower sustainable growth, and uncover any hidden issues,
The fundamental principles of corporate governance
Good corporate governance considers the rules, practices and processes that guide an organization towards its goals through effective operations and clear decision-making.
Six key principles of corporate governance were issued by the G20 and the Organisation for Economic Co-operation and Development (OECD) in 2023. This guidance assists policymakers in evaluating and improving legal, regulatory, and institutional frameworks while also serving as a guide to help corporations innovate and adapt in a competitive world.
- A clear corporate governance framework. Just like a car requires a solid frame to remain effective over time, good corporate governance requires a strong foundation that supports efficient allocation of resources.
- The rights and equitable treatment of shareholders and key ownership functions. As the owners of a publicly traded corporation, shareholders must be allowed to participate and vote in general meetings, elect and remove members of the board, and approve or participate in fundamental corporate decisions.
- Institutional investors, stock markets, and other intermediaries. Considering those with an interest in the company is a foundational element of corporate governance; brokers, institutional investors, credit rating agencies, analysts, and proxy advisors all require oversight for fair and effective functioning.
- Transparency and disclosure. If a decision affects the material health of a publicly traded company, boards must make investors aware promptly. Corporate governance requires clear, transparent communication with all shareholders and stakeholders.
- The responsibilities of the board. It’s essential the board structure supports effective oversight and accountability so directors can exercise objective and independent judgment, oversee risk, and monitor managerial performance.
- Sustainability and resilience. To ensure a company can withstand change and thrive well into the future, sustainability frameworks, practices, policies, and incentives are integral elements of corporate governance that yield long-term success.
Diligent’s governance health check framework
- Keep up with the news and public opinion. News and public opinion are powerful yet often underutilized sources of information, with many organizations failing to recognize customer and stakeholder perceptions until it’s too late. Keeping abreast of industry news and public opinion helps you better understand public sentiment to ensure your actions don’t have a negative reaction.
- Pinpoint where your business stands. It’s important as part of your governance health to understand your risk and where you stand within your industry. Are you a leader in the field, or is there room for improvement? This data you gather will help you identify gaps and create SWOT analysis reports, which are the basis from which to generate risk and other corporate strategies.
See: UN’s Blueprint for AI Governance and Global Representation?
- Assess sustainability frameworks. Take climate change and the transition to net zero: do you understand the potential risks of moving from fossil-fueled operations to renewable energy sources? What are the risks of not doing so, like non-compliance with evolving regulations or a poor reputation among environmentally-minded future workers? Good corporate governance enables sound management of these risks.
- Review the diversity and inclusivity of your board. Effective governance’s “participatory” nature means boards and organizations must be equitable and diverse. Moreover, these diverse board members and employees need an active voice in corporate decision-making: does your board include and value the views of people with various skills, talents, abilities, experiences, and perspectives?
- Return to your organization’s strategic plan. A strategic plan ensures boards understand where the corporation is going and how it will get there. As part of a governance health check, it’s important to revisit your strategic plan to ensure the decisions you make about the future of the business align with the organization’s overall mission, vision, and values statements.
Once you’ve completed your governance health check, keep up with organizational changes and evolving stakeholder needs through real-time data dashboards for board and leadership collaboration.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Be Part of a Landmark Study Shaping the Future of Fintech
Survey | Nov 26, 2024
Image: 2nd Global Fintech Research Initiative (CCAF, WEF)
Help Shape the Future of FinTech: Join the Global Research Initiative Today!
The Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum invite you to participate in the 2nd Future of Global FinTech Research Initiative. This flagship study will provide key insights into global Fintech trends and challenges. Insights from Canadian fintech innovators are key to this research which will explore the bleeding edge trends such as:
- Artificial Intelligence in Finance: How is AI revolutionizing the industry?
- Partnerships Between Fintechs and Financial Institutions: What are the opportunities and challenges?
- Financial Inclusion: The impact of Fintech in underserved markets
- Key Performance and Growth Indicators: Industry benchmarks for success
See: CCAF and WEF Unveil 2024 Global Fintech Report at Davos
Why Participate?
- Help Shape Policy & Industry Trends: Your data will contribute to evidence-based decisions for regulators, policymakers, and stakeholders.
- Global Recognition: Your organization will be acknowledged in the report and associated materials.
- Access Exclusive Insights: Early access to findings and invitations to key events with industry leaders.
- Checkout the CCAF and WEF 2024 Global Fintech Report (unveiled at Davos)
Click the Survey Link to Start
- Survey Link: Complete the Survey Here
- Time Commitment: 20 - 30 minutes
- Deadline: *Extended until December 28, 2024 (from Nov 29)
- Confidentiality: Individual entries are strictly confidential and only aggregated data will be reported.
Take part in this unique opportunity to drive the future of Fintech and ensure Canada’s voice is strongly represented on the global stage.
For more information, reach out to the team at cambridgeFMO@jbs.cam.ac.uk.
Take the survey --> Now
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Day the Platform Went Dark. A Cyber Resilience Story
Cyber Insurance | Nov 25, 2024
AI Image
How Cyber Insurance Helped SparkFin Survive and Bounce From a Devastating Cyberattack
Sofia and Liam were co-founders of SparkFin a scaling fintech startup that promised a P2P lending experience with just a few taps on a smartphone. Their platform was getting backed and changing personal finance. The buzz was electric. Performance numbers were soaring and investors were reaching out like never before.
See: Major Data Breach @Finastra and Canadian Banks?
Then one Friday afternoon, everything changed. It begin with an urgent alert from the head of security,
“We’ve detected unusual activity on the platform. User accounts are being accessed without permission.”
Then moments later, social media lit up. Customers were angry and anxious. Funds were drained from their accounts.
Liam froze. Sofia grabbed her phone. This is it. A cyberattack.
The Cyber Insurance Lifeline
Fortunately, SparkFin had taken steps to prepare for this kind of scenario just a few months earlier. Their board had insisted on a robust cyber insurance policy. Liam at the time was hesitant thinking "Is this just another expense for something that might never happen?” but Sofia was more realistic and saw their business as a huge risk that needed protection. "If we’re handling people’s money, we have to be covered," she argued.
See: New Cyber Threats Financial Service Firms Need to Know
That moment was a lifesaver. Sofia contacted their insurance provider’s 24/7 breach response team. Before they knew it, an incident coordinator was on the line and a response plan was set in motion.
Taking Action
The first priority was to contain the breach. SparkFin’s IT team worked alongside cybersecurity specialists provided by the insurance policy. They immediately shut down vulnerable access points and began investigating the attack’s origins. The insurance policy covered the cost of hiring forensic experts to trace the hackers and assess the damage.
Next came damage control. The cyber insurance policy included funds to notify affected users quickly and offering them fraud protection services and covering any direct financial losses from the breach. A public relations specialist was also covered by the cyber insurance who expertly crafted messaging to assure customers their money would be safe.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
When regulators stepped in with demands for answers, SparkFin was ready. The insurance policy included coverage for legal fees and compliance experts to handle the high volume of inbound inquiries that demanded a response. This support was critical to staying on top of the complex regulatory landscape SparkFin operated in.
What Wasn’t Covered
Even though the policy was a lifeline, it wasn’t a silver bullet. The breach knocked user confidence down significantly which led to fewer new signups and investors also started to back off. SparkFin’s policy didn’t cover the lost revenue due to the breach nor did it cover the cost of upgrading their technical infrastructure after the attack to ensure it wouldn’t happen again.
Sofia and Liam also realized they needed to explore extra coverage like reputational harm coverage and funding for proactive security upgrades. "If we’re going to be trusted with people’s finances, we need to make sure we’re protected from all sides," Sofia said.
Learning and Building Resilience
Once the crisis was under control, the insurance provider offered a post-incident review which revealed weaknesses in their system. Liam worked with cybersecurity experts to implement stricter authentication measures and establish regular testing protocols.
See: How To Protect Your Data As An Entrepreneur: Essential Practices and Solutions
Sofia held employee training sessions to help reduce human error and ensure the entire team understood how to spot phishing scams and other top cyber threats. They also updated their cyber insurance policy by adding coverage for social engineering attacks which was one of the vulnerabilities the hackers had exploited.
A Stronger, Smarter Fintech
Sofia and Liam eventually recovered from the cyberattack and built a stronger and more experienced and resilient SparkFin. Their users returned given SparkFin's transparency and swift response. They were impressed by their handling of the crisis, boosting their confidence in the company.
“Cyber insurance isn’t just a safety net but rather a test of resilience. It didn’t just help us recover but it helped us build back a stronger and more prepared company, proving to our customers and investors that we’re here for the long haul.”
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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