As the bond between the technology and finance sector multiplies, so do the intimidation posed by increasingly experienced hackers. There is no another market which is so greatly affected by it more than the finance sector. Finance data is a prime target for hackers and as they become more and more well-bred, fintech firms get subjected to a greater risk. The business opportunities generated by Fintech come with cyber security risks. Fintech makes use of highly sensitive data like NPI (non-public personal information) and PII (personally identifiable information) to offer world-class services to its consumers.
Hackers, these days have become advanced in their plan of attack and there are many finance institutes that are saddled with the legacy technology. They are not up to the challenge of effectively diminishing security risks. Fintechs need to match the end user experience with a strong security, however, it is becoming onerous for them. In order to eliminate technical matter of contention and cybercrime, fintechs need to design safe and sound services. Transforming these systems over the night is next to impossible, however, not implementing the same will result in exposing the public to needless risks.
How Fintech firms should deal with the risks associated with cyber security
Enterprises should focus on the following strategies:
- Network security protection– Such protection prevents unauthorized access to the network of an organization.
- Regular updates– Constant update regarding the effectiveness of your cyber security program and a regular flow of communication must be followed in the entire organization.
- Strong data encryption– Any type of attack or threat should be monitored regularly and steps should be taken to fix all the gaps periodically. A strong antivirus protection software must be installed to secure data.
- Choosing a reliable cloud storage– The usage of public cloud makes consumer database susceptible to crimes. Therefore, it is advised to choose hybrid cloud storage to automate financial process within the organization.
