Fintech companies are technology companies that have become contributors to new ideas, thanks to the incursion of technology in the information area and the new way of conceiving traditional banking’s financial services.
The common denominator of these Fintech companies is that they have managed to democratize finance, providing easy access to online banking, financing, and expanding the range of options concerning payment systems (both for consumers and companies in general). However, it should also be noted that Fintech companies face major challenges in their field; one of the most outstanding is related to the issue of security.
Increase in computer crime
The increase in computer crime and its constant attacks show that no company is free from these problems. The large volume of information handled by a bank or Fintech makes them “targets” for cyberattacks, which are not only limited to the theft of personal and financial data, but the main problem they cause is that they damage the reputation of the company, undermining the trust of its customers. Every Fintech company must have security tools or systems to deal with these potential threats in such a situation. Below we will share some security systems or processes that a Fintech company must have to face possible cyberattacks and protect its users/clients from the possibility of losing their digital assets:
When it comes to vulnerabilities, there is always something to improve, so it is important to detect the weak points of the system to reinforce them and avoid cyber attacks. This objective is achieved by conducting security audits, which detect possible flaws that can be exploited by unscrupulous people. It is important to note that different software detects, evaluates, and manages any weak point that a system presents. With these two resources (people and software), the type of vulnerability can be identified, and the opportunity of a possible attack can be eliminated (or reduced).
Any device with an Internet connection must have antivirus software that provides protection measures and the elimination of potential enemies. These antiviruses are essential to detect infections from viruses, malware, or any other malicious element. However, when we speak of a Fintech company, we refer to “more complete” licenses and solutions than a particular antivirus user. There is antivirus software with functionalities and licenses that adapt to each company’s demands, so it is important to choose the correct solution for each Fintech.
Fintech must have a team (both people and software) that can diagnose, monitor, and collect information from all applications and areas of the system to provide administrators with the necessary data to take the corrective actions, regardless of where and when an incident occurs. For this, the monitoring work must be carried out 24 hours a day, 7 days a week.
The Fintech company must be constantly prepared to face possible attacks; however, for there to be some effectiveness and speed when acting, the staff must be properly trained; a good way to guarantee good preparation is by performing drills, which allow the Fintech company to make an internal evaluation of its personnel, security processes and reaction time.
If an incident occurs, the Fintech company must be able to manage a complaint about an attack that occurred remotely; it is important to note that for a complaint to be effective, it must be accompanied by evidence in addition to having qualified personnel who present and support it, which is why it is important to have an investigation team that provides all the relevant information to be able to present and sustain an international complaint (related to a cyberattack).
What do you think about this topic? Know any other security tool or system that a Fintech should have that you would like to mention?
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