Cybersecurity for Fintechs: Seven things you should know

Any company in the Fintech sector is at a critical moment in terms of cybersecurity, as banking Trojans are on the rise, with new variants of malware such as Ginp appearing.

Your biggest challenge is to ensure the security of your customers’ banking data. In this case, a data leak puts not only the Fintech at risk, but also the money and bank accounts of its customers. If a cybercriminal manages to break through the barriers of a Fintech, he can get hold of users’ current account numbers and make unauthorized payments in their name.

A situation that jeopardizes the company’s reputation and trust. Here are some tips on what you should do or questions you should ask yourself to ensure the IT security of your Fintech.

Seven things you should know to ensure the cybersecurity of your Fintech.

The software you work with

Fintechs are often managed using business management software to automate tasks and streamline work. However, these can be the entry point for malware into your systems. That is why, apart from making sure that the provider complies with all the required security measures, it will be necessary that you have an IT specialist who is responsible for monitoring the system on a regular basis.

The search for security breaches and system vulnerabilities is essential to prevent the entry of malware, as well as to find the most appropriate cybersecurity solutions for a system.

For example in Cybermatters, to find such gaps what we do is to launch controlled attacks against the system.

Cloud security

More and more companies are opting for cloud solutions, thanks to their numerous advantages, and one of them is the security they offer. However, to have this security, as with the software you work with, it is important to make sure that the provider is trustworthy and will take care of everything in case of cyberattack.

In addition, another thing to keep in mind is that you should not confuse the cloud with the backup of your information, but the cloud is just a way of storing documentation. For this, it is important that you make backup copies of all your information.

Data encryption

When working with sensitive data and confidential information, data encryption will be paramount. This means that even if unauthorized third parties get hold of your data, it cannot be read or disclosed.

A way to have peace of mind against data theft and to comply with the new Data Protection Regulation.

Importance of a cybersecurity strategy.

Any company, whatever the sector, must have a cybersecurity strategy. This will be the roadmap that will mark the entire IT security of the company:

• What cybersecurity solutions to implement?
• Data processing
• Data access
• Protocol to be followed in case of threat
• Responsible for backups
• Equipment monitoring

And everything necessary to protect the company from cybercriminals.

Credential management

Do you know at all times who has access to your files? Who has permission to manipulate and modify them? Do you have shared passwords for the whole company? Do you have them in an excel?

These are some of the questions you should ask yourself when managing your credentials. It is important that these are changed periodically and that they are stored in a credential management system. Having them stored in an excel is the worst idea in the world, as these are fully accessible to cybercriminals.

Train and raise awareness among your employees

Employee training is critical to prevent malware from entering a system, especially phishing attacks.

Making your employees aware of the dangers of malpractices such as installing applications not authorized by the company, entering unsecured websites or opening for example a suspicious email, is essential to protect your systems.

In addition, within the awareness it is important to take into account the type of data that is being obtained, since in a Fintech, apart from the bank account is also usually asked for the ID card and sometimes even a selfie with this to verify the identity of the person. On other occasions they may ask for a paycheck or bank document to determine whether they will give you a loan or not.

Sensitive documents and information that, if not handled properly, can lead to theft or loss, putting the customer’s privacy at risk.

Disaster Recovery Plan

Having a Disaster Recovery Plan is essential to know what to do in case of cyber-attack. It is a manual on how to proceed in case of data leakage or malware entering a system.

Disaster Recovery Plans are important, because if we know how to proceed, we will prevent the problem from spreading throughout the IT infrastructure.

By performing these actions and implementing cybersecurity solutions specific to your company, you will prevent malware from entering your systems.

Do you want to know the security level of your company? Now you can find out in less than 5 minutes with the following online audit.

For more information or any questions, you can contact us at the following link.