Steps To Ensure Cybersecurity In FinTech 2022

Introduction 

Digital transformation across the financial landscape is moving at a quick pace for the past few years. Such an evolving environment makes it essential for banking and finance companies to maintain high standards and keep their technological infrastructure up to date to be compliant to the next level of standards for cybersecurity in FinTech.



Accenture’s 2019 Ninth Annual Cost of Cybercrime report stated that financial services had the highest share in cybercrime among all the industries across the world In 2018.

In the report, Accenture explained that as the industries go more digital and disrupt the existing environment, the threats will dramatically expand and become more complex. This increasing complexity will require innovative security procedures to protect companies’ digital ecosystem.

Subsequently, the cost to build such security solutions will also be substantial – and growing.

Cybersecurity Challenges In FinTech

Third-Party Security Risks Malware Attacks Data Breaches

Digital Identity Risks

Legacy Banking Systems

Cloud-based Security Risks

The Cyberattacks Are Evolving

The Evolving Targets

The Evolving Impact

The Evolving Techniques

One of the most prominent cybersecurity cases in FinTech 

The largest finance industry data breach happened in September 2017 when one of the three largest consumer credit reporting agencies, Equifax, exposed 147 million customers’ personal data.



An unpatched Apache Struts vulnerability caused the data breach. Apache Struts was the framework for Equifax’s US-based web apps. The breached exposed customer names, date of birth, social security numbers, and other personal information. Due to the breach, several members of Equifax’s C-suite stepped down.



There were other incidents of cyberattacks in FinTech. In fact, after Equifax, several other data breaches in FinTech saw as many as 130 million, 90 million, and 76 million people affected.

Overcoming Cyber Security Challenges in FinTech in 2021

End-toEnd Encryption Multi-factor authentication

The Impact of the Cloud on Cybersecurity in FinTech

Over-reliance on cloud service providers

Reporting issues

Technical limitations

How to overcome Cloud Security Challenges? 

Banking and Financial institutions’ migration to the cloud necessitates changes in the way they govern and manage their IT environments from two perspectives:

Contractual Perspective

Strategic Perspective

Conclusion 

Although not many FinTechs have invested heavily in security within the past few years, expanding the digital landscape, especially to the cloud environment, asks for an increase in cybersecurity investments. Cybersecurity must never be an afterthought for FinTech businesses in 2021.

Thank You  If You

Have Any Query



www.nimbleappgenie.com



Contact : +1 920-354-6944