Overview
Fintech Sector
Overview Fintech Sector
Because millions of dollars pass through their systems every day, financial institutions make excellent targets for cybercriminals. Rather than seeking to scam money, organized hackers are becoming increasingly interested in the personal data, proprietary formulas, and intellectual property that can be exfiltrated from your network.
The corporate data centre has undergone a transformation, resulting in new advancements in financial services. The network fragments when more systems are added, giving new attack surfaces for hackers to exploit.
The market for Fintech is forecast to reach $161.2 billion by 2026, growing at a CAGR of 8.7% from 2021 to 2026. Read More...
How Critical is the FinTech Industry?
Empowering people to manage the finances.
Involves giving away outdated technology and helping individuals.
Deliver innovative solutions to enduring problems.
Provides easy access to vital financial services.
Data Breaches through Various Medium
Data Security and Privacy concerns
Customers' money and personal information are both at risk from cybersecurity flaws. The average cost of a data breach in the financial industry, according to IBM, is $5.85 million
Lack of tech Expertise
Financial institutions with out-of-date business applications and systems will be unable to keep up with the digital world's growing needs.
Phishing Attacks
Phishing is the practice of using communications to try to get usernames, passwords, or sensitive data for malicious purposes
Spoofed/ Forged Domain
Several types of equipment contain spoofed or fabricated emails, making it difficult to meet the integrity, confidentiality, and availability security standards.
Process For Establishing a Secure Environment
Focus your cleanup efforts on the vulnerabilities that pose the most risk to ensure that data is always safe and accessible. Calculate essential reporting metrics to help you optimize your security plan and communicate the effectiveness of your security team.
External network vulnerability assessment and internal network vulnerability assessment are two types of network vulnerability assessments.
Internal Network Vulnerability Assessment - It assists in determining how readily and freely attackers can move laterally through your network following an external compromise.
External Network Vulnerability Assessment - It not only aids in the prevention and detection of cyber-attacks, but also uncovers flaws in your network's internet-facing assets, such as mail, web, and FTP servers. The Network Assessment may include a variety of techniques and approaches including but not limited to security risk assessment.
How Can One Fix This?
Periodic Security Assessment / Security Testing
Organizations should consider implementing the following proactive actions to address the risk of data leakage.
1. A complete Source Code Review is necessary to address the data leak.
2. For all key information assets, data classification and respective Security Assessment is required.
3. DLP (data leakage and loss prevention) solutions.
4. Disabling USB ports and CD drives in laptops and desktop computers.
Tech Expertise
Companies and organizations are trying to stay up with their defenses as cyber-risks grow by the day. It's past time for businesses to provide phishing training to their staff so that they can become more vigilant and effective in the face of phishing attempts.
Phishing Awareness
Phishing Awareness Solutions, such as being aware of any emails seeking sensitive information or a URL that requires authentication, must be prepared for Phishing Attacks. ThreatCop is a security awareness solution that examines an organization's real-time cybersecurity threat posture.
Anti - Spoofing Solution
DMARC, which stands for Domain-based Message Authentication and Reporting Protocol, is the answer for Spoof Domain or forged Domain. Its goal is to give email domain owners the ability to protect their domain against unauthorized use.
Comply with Regulations
Information technology is governed by two pieces of legislation: the Information Technology Act of 2000 and the IT Rule of 2011
Rule 1 - Electronic data transfer and other types of electronic communication, as well as electronic business transactions, are all legal under the Information Technology Act of 2000.
IT Rule 2011 - The bill also aims to offer remedies for unauthorized and harmful processing, as well as to establish an Indian Data Protection Authority for these and other objectives.
Our Approach
The growing number of interfaces used in fintech implementation will continue to raise the risk of cyberattack. If hackers succeed in their attempts to undermine the fintech platform, banking clients' trust in the technology-driven fintech platform banking model may be eroded, slowing the fintech industry's growth.
Conducting a periodic VAPT for Fintech Companies is the most effective method of removing vulnerabilities in these devices. This can assist you in identifying critical vulnerabilities that must be addressed right away to prevent threat actors from exploiting them.
- Detailed Report of Testing
- Certificate of VAPT of validity
- Manual Testing (Grey Box)
- Recommendations
- On-call Consultation throughout
- Alerts on vulnerabilities
- To meet the regulatory requirement
- A DMARC Solution
- Phishing simulation awareness
FAQ's
Why is it difficult to provide cloud security for Fintechs?
With the advent of Cloud systems, many Fintechs are migrating their operations onto cloud services so as to get enabled to provide seamless and quality services at a diminished cost. In the process, Fintechs are not able to secure the cloud operations completely, making it vulnerable like a traditional data center is. Due to the complexity and load of data transactions in the cloud environment, it is difficult to provide security.
Why is it important to adhere to compliance and regulatory requirements for Fintechs?
There is a need for Fintechs to adhere to compliance and regulatory requirements, which include appropriate licenses as well, the type includes Specialized Bank, Electronic Money Institution, Payment Institution, in addition to the need of GDPR & PSD2 compliance. Not meeting these and other important requirements is a serious breach resulting in greater risk.
What is the biggest challenge to the fintech industry?
Customers financial information and personal data are both at risk from cybersecurity flaws. The precious information must therefore be protected, and even huge, respectable firms must ensure that their virtual security is strong.
Our Clients
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