With the rapid growth of fintech companies in the last few years, the risk of cyber threats has also been continuing to rise. This sector is the most favourite target of hackers because of the digital financial transactions they hold; making sensitive data more susceptible to security breaches. As compared to other sectors, cyber-attacks pose a higher level of disruption in the fintech landscape. That is why it is crucial for the owners to keep the security of their fintech companies up. And when it comes to safeguarding the networks and data, prevention is the best key to defeat the malicious threats.

Cyber Threats Against Fintech Industry

Data Loss/Breaches

Data plays a crucial role in almost every industry and no one wants to get it into the wrong hands. Similarly, in the financial sector, a loss of information related to specific employees or bank puts a worse impact on one’s finances. Criminals seamlessly stealing useful information to make large transactions from accounts, further making victims suffer huge financial loss.

Malware Attacks

Another common attack that the fintech industry has been facing in this era is malware. Financial institutions out there are widely using SWIFT systems to exchange financial information. The recent attack on the SWIFT infrastructure clearly states that most of the fintech companies have vulnerabilities in the processes. And the hackers are taking advantage of those to launch malware.

Digital Identity Security Risk

A financial industry relies on some potential digital identities. The mobile-based services inside the industry that works on one-time passwords and security codes are not safe and easily accessed by the hackers. Due to faulty digital systems, it becomes easy for an unauthorized person to access the customers’ banking data and misuse it.

What Security Measures Help Avoid Attacks?

Adoption Of AI/Machine Learning

Cybersecurity has become crucial than ever in fintech. It is one of the developing markets and one needs specific solutions to defeat the threats. The adoption of AI/machine learning makes a difference here. These are the technologies that enhance business accuracy and build a better financial environment for customers.

  • AI/machine learning is a way to put a full stop to human errors and bring improvement in customer support.
  • The use of artificial intelligence tools can help businesses make better decisions. Whereas machine learning helps analyse the data and resolve specific problems most effectively.
  • Helpful in battling against fraudulent financial transactions, AI/machine learning solutions react in real-time and builds secure financial software.

Conducting Network Security Audit Helps Identify Risks

Vulnerabilities can arise in any form to harm business. A network security audit designed to find out those vulnerabilities either in your system, applications, servers or at risk of entering your network. By discovering potential cyber-attacks in real-time, the audit allows businesses to protect the employees and their essential information.

  • A comprehensive scan of network ports, wi-fi, and other assets
  • Continuously monitoring the networks to respond against new attacks
  • Delivers the assessment of the weaknesses inside the internal system
  • Gives a review of access to your networks posed by the third party

In conclusion, we can say that the threats in the fintech sector are growing and the adoption of useful security measures is the key solution. These measures are not only helpful in simplifying the financial systems but also a great way to enhance online services.

Be it a data loss or identity security risk, businesses out there need to address them all with the best IT support as soon as possible. For more information, feel free to contact us today.