Hacking 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.
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. 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.
Protect users when logging in
Your customers are your assets, but you are responsible for protecting them. Going slack with their accounts and identities can land you in a problem. You may end up with liability and lawsuits as users sue you for compromising their data. It is easy to prevent this problem by protecting your users as they log in. Educate them regarding strong passwords and enforce multi-factor authentication to ensure every customer is secure at a personal level. It takes some fine-tuning for your apps, but you can go a long way in keeping your business and customers secure with the effort.
Implement robust encryption
No organization can be fully confident about its security protocols, but you can make a difference by implementing encryption. Having SSL and HTTPS is not enough to secure your business website. You must encrypt every line of data in your database. Encrypting your emails is also crucial. It adds an extra layer of security to your data, products, and systems. Even if a hacker compromises them, breaking through the encryption and getting the data is practically impossible. While there is a myth that encryption slows down the systems, do not worry much because safety matters more than speed.
Have a business continuity plan
Fintech companies should think beyond securing their systems from cyberattacks. It is crucial to have a business continuity plan in place if a disaster strikes. You may have the best cybersecurity plan and practices for your business, but hackers can be smarter. It makes sense to be ready with a disaster recovery plan. Ensure that you can deal with disruptions like hacking attacks, lost devices, and platform failure. The smallest issue can expose your systems, but a business continuity plan keeps your organization going. Your customers will not have to face problems or security threats, no matter what goes wrong.
Going the extra mile with cybersecurity is also about creating awareness at all levels. Hackers are smarter than ever, so you need to ensure that your employees and customers are able to keep pace with them. Run a cybersecurity education program for both so that they can follow best practices to keep themselves and your business safe in the long run. You will have a smarter team you can rely on, while customers will be happy with the effort you invest in their education. Both ways, it is a win-win strategy for your business.
Cyber risks for fintech companies are daunting, but you can deal with them with the right approach. Knowing your vulnerabilities is the first step to staying ahead of hackers. Make sure that you keep track of applications and evaluate them regularly rather than taking a one-time approach. Customer data privacy should be your top priority at all times. Cover these areas, and you will never have to stress about cyber threats again.