Fintech Cybersecurity: What to Look For

Developing a solid fintech solution that will strive for years is no easy task, especially considering the vast array of security challenges that come alongside. With this notion in mind, it’s crucial to review the modern fintech cybersecurity threats to understand how to cope with them in the long run. Here are some of the most crucial ones:

• Social engineering. While some of the most notorious cyberattacks are related to software or hardware vulnerabilities, no one should disregard social engineering as a whole. In particular, social engineering attacks continue to be a significant threat to fintech organizations and are mostly related to security on the customer side. The major challenge for enterprises is to ensure that customers can identify the corporate messaging and not fall into social engineering tricks.
• Securing mobile devices and applications. Mobile devices and applications are increasingly being used for financial transactions, making them a prime target for cyberattacks. Financial institutions must implement strong security measures to secure mobile devices and applications, such as two-factor authentication and data encryption.
• Preventing denial-of-service attacks. It’s a type of cyberattack in which hackers flood a target system with traffic to overwhelm it and prevent legitimate users from accessing it. To prevent denial-of-service attacks, financial institutions must implement security measures to detect and block suspicious traffic.
• Guarding against phishing attacks. It’s a common type of cyberattack in which cybercriminals send fraudulent emails or texts to trick victims into revealing sensitive information, such as login credentials or financial account information. To protect against phishing attacks, fintech enterprises must educate their employees and customers about the dangers of phishing and implement security measures to detect and block phishing emails and texts.
• Protecting against data breaches. Financial institutions constantly collect and store sensitive customer data, making them a prime target for cyberattacks. To protect against data breaches, financial institutions must implement strong security measures, such as data encryption and intrusion detection systems.

Each of the mentioned risks is considerable and thus should be treated seriously. If your company looks for custom solutions to these challenges, browsing the below solutions would be helpful. Their continuous adoption will help reassess the existing policies and boost your risk prevention policies.