Fintech Cybersecurity Best Practice
Due to the sensitivity and preciousness of personal financial data, Fintech is an attractive target for cyber attacks. Even internal cyber mistakes can cause Fintech companies and their consumers heavily compared with other industries. Hence, cybersecurity is even more important for Fintech companies.
Look back, some of the most costly cyber attacks has happened with Fintech. For example, Travelex has suffered from a ransomware attack at the beginning of 2020, which cost them both huge amount of money & time to get business back to normal.
Data protection is KEY
Data is crucial to Fintech business as Fintech companies are leveraging new technologies such as cloud & machine learning to improve the services offered by the traditional financial institutions. Without effective & secure data management, Fintech companies may lose their advantages over existing players.
When it comes to the data protection, extra security measurements such as access controlled identity management, communication encryption and zero trust network security design should all be put into the place.
Pay attention to regulations
Compared with other industries, Fintech & financial services industry has posed additional regulations to protect the consumers.
One of the most important regulation in this area is PCI-DSS, short for The Payment Card Industry Data Security Standard .
PCI-DSS is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment.
Vulnerability scanning for partners & customers
Some of the Fintech risks are caused by the 3rd party partners or sometimes even customers. To protect Fintech business from this type of risk, a vulnerability scanning before connecting with any 3rd party partner API or on-boarding any merchants is the best practise for most Fintech Chief Security Officers.
This is the same approach following the "zero trust network" principle. By having the cyber security vulnerability report at place, not only the cyber security is defended, but also it showed the professionalness of the Fintech companies themselves as trusted partner & reliable service provider.
How Cogen can help
Cogen.ai is specialized in the Fintech cyber risk assessment.
By serving a large amount of Fintech companies in their cyber security assessment, Cogen.ai does not only provide the risk report, but also provides the in-depth solution suggestion on how to fix the issues to make sure you are up to speed with rest of the peer companies.