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Fintech Cybersecurity Best Practices

Tech Bullion | Angela Scott-Briggs | Dec 27, 2021

cybersecurity best practices - Fintech Cybersecurity Best PracticesHacking attacks and data theft are more rampant than ever. So cybersecurity is a crucial concern for modern businesses. While threats prevail in all domains, fintech companies need to be extra conscious. You cannot undermine security risks at any point because you hold the financial information of customers.  A single vulnerability in your systems is all a hacker needs to get through. They can steal data and money, causing your business to lose customer trust and reputation in the long run.

See:  Remote Working Cybersecurity Checklist

The pandemic has brought financial technology to the forefront as electronic payment systems, mobile transfers, and automated and algorithmic trading are the need of the hour. Not surprisingly, businesses offering these services need to go the extra mile with cybersecurity. But most organizations fail to do it because they simply have no idea securing their data, applications, and systems. Here are some best practices to keep your business on the safe side.

Prioritize identity and access management

Large fintech companies often struggle to maintain transparency about access to their systems and networks. You cannot rely on manual access management processes as they are time-consuming and risky with ever-changing teams. Integrating an innovative identity and access management system keeps your business secure in the long run. You can depend on it to protect your company from internal threats and cyber attackers. For example, you can use AI technology for online document verification. It lets you eliminate illegitimate documents and prevent unauthorized access and fraudulent activities.

Secure the cloud

Most fintech applications run on the cloud. It is both an opportunity and a risk for businesses. While you can deliver seamless services to your customers on the cloud, it exposes your data and security to attacks. An expanded attack surface can be daunting for any business. Thankfully, implementing a robust cloud security strategy provides the coverage you need to secure your company and customers. Securing the cloud fortifies your business today and even as new threats emerge over time.

Perform architecture and code review

Fintech applications are perhaps the most vulnerable aspect of your business. But you can secure them with proper architecture and code review. Ensure that you define the security requirements and features of the product to your development team before they write even a single line of code.

See:  Quantum computers could crack the cryptography that underpins financial stability

Remember that you should never compromise security at the cost of convenience. Collaborate with a code review team to get flawless applications that deliver only the best to your customers. It takes a massive effort to go through the entire code, but it is worthwhile.

Invest in proactive security assessments

Fintech companies can go the extra mile with cybersecurity by investing in proactive security assessment. Hackers are always at large, so you must do your bit to stay one step ahead. Surprisingly, experts recommend you hire a hacker to do so, though this professional must be an ethical one. They can perform penetration tests on your systems and applications to detect the vulnerabilities therein. Even better, they can suggest relevant measures to patch these flaws and ensure safety in the long run. Knowing that hackers have no way to proliferate your systems gives you peace of mind.

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NCFA Jan 2018 resize - Fintech Cybersecurity Best Practices 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, 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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