FinTech’s have become so successful over the recent months based on their innovative ideas and the trust their customers and counter-parties on them. Most of the fintech have started small and they are now grown son big that they are challenging some of the world’s oldest major banks and insurances in revenue and market cap. And this tremendous growth also has drawn some major security issues overnight that has become difficult to contain. Cyber security events, hacks or compliance failures might sometimes be a major threat to the business and must be addressed on high priority. Outsourcing the entire IT and IT security practice is a way ahead and we can help you with all the requirements. We have required expertise and provide end to end IT and IT security consulting to provide you a guidance for the way forward.
Financial services industry faces numerous security problems. Data sharing requirements and information security concerns get more complex as we progress toward a cashless society and outsourcing offshore, and the risk of cyber-enabled fraud rises. Fintech companies often secure their solutions only partially, leaving some security measures altogether, especially when they can’t see the added business value. Fintech start-ups may also lower their non-functional data security requirements because of limited cybersecurity awareness and the false conviction. Due to all of these, it made the finance and insurance business as the most targeted industry by cyber criminals.
Attackers can take advantage of rapidly changing technology as they carry out organized attacks on financial institutions (FIs) by leveraging security flaws in outdated technology and human error, costing institutions millions of dollars and reputational risk in the market. Some of the most common cybersecurity risks that the fintech industries facing today are: malware attacks, application breaches- includes both web and mobile, money laundering and crypto currency related risks, cloud computing security issues, scalability issues, identity theft, meeting compliance requirements, financial challenges, mobile platforms and IoT devices, convenience or security.
We provide cybersecurity requirements for fintech applications which vary based on your company’s location and targeted markets. Some of the common regulations that we work on for data protection in financial industries include: GDPR, PSD2, eIDAS, FCA, GPG13, PIPA, PCI-DSS, ISO/IEC 27001. Meeting financial security compliance requirements provides an organization with a number of essential benefits, including: a clear view of the most critical data and systems, a better understanding of what cybersecurity tools and practices to use, reduced time for cybersecurity incident response, greater security for valuable information.
We provide fintech security solutions that provides data protection and covering all the fintech cybersecurity compliances. In general, we enable you to: manage access to critical data and assets, continuously monitor and analyze user activities in real time, monitor and managing third party vendors, deploy advanced identity verification solutions, generate and export detailed exports, set custom rules for alerts and notifications. We provide financial industry companies with all the tools and technologies necessary for ensuring proper protection of the most sensitive data and meeting the requirements of international and local regulations and standards.
For details on Fin-Tech IT Consulting, please contact us.