Artificial Intelligence in FinTechOctober 14, 2022
Digital BankingNovember 7, 2022
Fintech companies face unique challenges, including the need to be more agile and responsive than traditional financial institutions. However, this also makes them vulnerable to cyber security threats. Despite their increased use of technology, Fintech companies still lag behind other industries when implementing basic cybersecurity measures.
The reason for this is twofold: firstly, many Fintech firms lack resources for hiring IT professionals with in-depth knowledge of cybersecurity; secondly, most employees aren’t familiar with how those protections work or why they need them.
This article will help you understand what Fintech companies need to keep secure and why it matters so much that they do so!
Looking for FinTech Solutions?
Secure coding practices are essential to building secure software. Coding mistakes, such as buffer overflows and SQL injection attacks, can occur even with proper security measures. This section will cover the following topics:
- Secure coding training: The first step in securing your codebase; includes security basics and more advanced topics like cryptography and threat modeling techniques. Experts recommend starting with a baseline knowledge before attempting to write secure code on your own or contributing to an open-source project (see Resources below).
- Secure coding practices: A common mistake among developers is to think about security only when they write their code—or worse yet, after discovering a bug or exploit. Instead, consider integrating security into every stage of development, from planning through testing, so that you don’t have any blind spots in your process.
- Secure development lifecycle (SDLC): The SDLC includes four phases—planning, design/development (coding), build/test/delivery/support—during which different aspects of security must be addressed for each phase’s goals (e.g., functionality vs. efficiency vs. reliability) not only be met but also work together harmoniously within each phase’s constraints (e.g., time constraints).
Single Sign-on (SSO) is a feature that lets users access multiple applications with a single set of credentials. For example, if you log into your bank website, it will enable you to access all the other services offered by your bank without having to log in again. SSO improves customers’ experience by eliminating the need to provide credentials whenever they want to use a service or application. It also reduces the burden on developers by eliminating repetitive user authentication processes and reducing duplicative code across applications.
In fintech companies with many services that users need access to, SSO can be especially useful because it helps avoid having too many passwords for different accounts and allows customers greater convenience by logging into various online accounts through just one platform (such as their mobile phone).
Multi-factor authentication (MFA) is a security measure that requires users to verify their identity by providing two forms of identification. The most common form of MFA is using passwords, including physical tokens or biometrics such as fingerprint scans.
The idea behind MFA is to add another layer of protection beyond traditional username and password combinations. That way, if hackers manage to get into your system through other means, they’ll need more than your login information to gain access.
For example, suppose someone hacks into your email account and finds an attachment containing a password for an essential app like Venmo or Google Pay (or whatever). In that case, he won’t be able to log in without also knowing what device was used when you created that particular app—and if he doesn’t know the device well enough or has access to its camera/microphone/etc., then he can’t get past the second level of security set up by multi-factor authentication either!
Intrusion Detection and Prevention
Intrusion detection and prevention (ID/IPS) is essential to cybersecurity. It would help if you detected intrusions, but you also need to prevent them from happening. An intrusion detection system (IDS) monitors your network for signs of attack so that you can take action before a threat escalates into a full-fledged breach. An intrusion prevention system (IPS) can stop malicious traffic in its tracks by blocking it or diverting it away from the network.
To ensure that your fintech environment is secure against cyber threats, you’ll need an IDS and an IPS installed on your systems.
Vulnerability scanning is a method used to identify vulnerabilities in IT systems, networks, and applications. This method can be implemented through two different tools: automated scanners or manual testers.
Automated scanners are computer programs that execute an automated process against an organization’s systems, networks, and applications to find any security loopholes or weak points. As soon as these vulnerabilities are detected, the system will automatically report back on what has been found so that you can take action accordingly.
Vulnerability scanning tools automate this process by automating all steps needed to perform a thorough analysis without having to run tasks yourself manually. An advantage of using automated vulnerability scanning tools is that they provide companies with more efficient ways of identifying potential threats without needing expensive personnel resources like human analysts who would otherwise have been responsible for performing each task manually themselves; however, there are some disadvantages associated with using only these types of solutions too such as false positives.
Fintech companies must be proactive about cyber security to meet the changing business environment’s demands.
Fintech companies must be proactive about cyber security to meet the changing business environment’s demands. Cyber security is a top priority for Fintech companies and one of today’s most critical challenges.
Fintech companies must be proactive about cyber security to meet the demands of the changing business environment.
Fintech companies are in an exciting position to create new products and services for the future. However, they must take a proactive approach to cyber security to continue innovating without fear of being hacked or compromised.
With the rise in online shopping and e-commerce, many companies are looking for ways to streamline their payments. Kapital has developed a platform that will help businesses process all types of transactions more efficiently while also providing greater insight into customer behavior with tailored reporting features – which can be critical information when making decisions.
Kapital’s revolutionary platforms, Kapcharge and Kaptrak, are changing the way people do business. With our innovative payment processing system, you can be assured that your transactions will go smoothly and securely no matter what industry they involve.
Kapital Solutions is here for you. We are always happy to help our customers find the perfect solution that will work with their budget and needs – contact us today!
Looking for FinTech Solutions?