August 8 2019
As FinTech solutions become more and more integrated with our modern lives, different cybersecurity issues and vulnerabilities continue to appear - from data breaches to money theft, and more complex phishing attacks, warn CyBourn’s cybersecurity experts.
The appeal of FinTech products lies in offering alternatives to conventional financial solutions, but the unfettered growth of such online platforms makes this industry uniquely vulnerable to security breaches.
“As more financial services go online, data ubiquity, and consequently data security, are proving to be a major challenge for the industry. Managing and protecting the digital identities of individuals and enterprises can become a major challenge for FinTech companies. As the penetration of online banking services increases, these companies are able to gather tremendous amounts of data about customers, which is analysed for marketing or business development purposes. This data can be very valuable to hackers”, explains Tiberiu Anghel, Director of Cybersecurity Operations at CyBourn.
In order to ensure the development of secure technologies, CyBourn’s cybersecurity experts are calling for a revisiting of the conventional security models, by embedding security as part of initial product development phases.
FinTech companies grow fast, which leads to the fast development of their IT networks. However, this makes cybersecurity one of the low-priority tasks for FinTech founders, as growing pains are taking up most of their time. Only 32% of companies planned to buy cybersecurity technologies in 2018. Moreover, the fast growth puts pressure on software developers and DevOps teams, leaving products and infrastructure vulnerable even to well-known attacks or malware. In today’s high-paced business environment, employees lack the training needed to ensure a sufficient level of information security awareness.
Fast volumes of user acquisition make FinTech companies the perfect target for phishing attacks that has the potential to halt growth and destroy brands with significant financial impact.
In the current cybersecurity environment, security check-ups and security monitoring are becoming strong differentiators. Monitoring, alerting and incident response ensure fast detection and incident response, mitigating attack attempts that could disrupt operations.
CyBourn helps FinTech companies with comprehensive platform security, user access management, and governance. The cutting-edge cybersecurity firm’s experience in cybersecurity and incident response puts CyBourn well ahead in terms of anomaly detection and behavioral analytics, making it a leader in cybersecurity for the FinTech industry.