Cyber security for fintech enterprises

Cyber security is usually stereotyped to be a need for big corporations and businesses that carry sensitive information. However, we have also seen a recent surge in attacks on fintech companies. With this, the lesser known fact that financial institutions have always been the number one target for hackers, came to light. But why is this? With more and more digitization of financial services, financial institutions are trying aggressively to reach masses for financial inclusion. Fintech companies are also trying to make their product simple so that it would have wider adoption. With high penetration of smartphones and the internet, fintech services are at the doorstep of all individuals one. At the same time, hackers see this opportunity as a goldmine to exploit financial applications.

As per a report by Boston Consulting Group, financial institutions are 300 times more likely than other companies to be targeted by a cyberattack. Here are the listed common types of cyberattacks on financial institutions:

Phishing attacks

Phishing attacks are one type of social engineering attack which tries to trick individuals to provide their login credentials and further hackers gain access to the system

Ransomware

Ransomware is one type of malware where hackers gain access to the system and encrypt the data. Hackers then ask for money to decrypt the data.

DDoS attack

The victim server is flooded with a lot of fake traffic which will result in server bandwidth getting choked and affecting performance.

Supply chain attacks

Hackers enter the customer system through third-party software by exploiting the third-party software.

Since these methods have become very consistent, financial institutions need to look beyond regulatory and compliance security requirements to mitigate cyberattacks. They also need to put in a comprehensive cyber security plan to safeguard their networks, data, applications and devices.

Here are some cyber security that needs to be implemented:

Data Loss Prevention

Data Loss Prevention (DLP) solutions monitors detect and protect sensitive data on your corporate network and blocks copy, paste, download of data.

Multi-factor Authentication

Multi factor authentication (MFA) adds extra layer of security during authentication. It can be in the form of OTP, T-OTP, and biometrics or push notifications.

Advanced Threat Protection

Advanced Threat Protection (ATP) is a combination of several cybersecurity tools that provides detection with real time visibility, protection and response. ATP solution involves email gateway, anti-malware, endpoint protection, and centralized platform for monitoring.

Zero trust

Zero Trust solution provides secure access of applications and corporate networks for internal and external users on a need to know basis. It encompasses security of user, devices, data, and network.

Even though after living in a technology-driven decade, we, as individuals, have learnt to be aware about all sorts of cybersecurity threats. However, the problem that arises is that we are in a constant race of being outsmarted or outsmarting. This gives rise to the need for meticulous planning that will give capability for better visibility, early detection, rapid response and timely mitigation scope.

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