Privacy in any software project within a financial institution is fundamental and the most important aspect to take into account during development and creation. This premise applies equally to Fintech.
Known as financial technologies, Fintech was born from the modern user's need to have greater control of their finances and money, making applications and pages available to them, such as Cashapp, where they can make different transactions and avoid bureaucratic processes of traditional banks.
Fintech companies and applications must have a robust cybersecurity system that can cover all threats and possible attacks that constantly loom over this type of software product.
Malware is one of the biggest threats to a Fintech, since any hacker or cybercriminal can access the data of its millions of users, enter their accounts and steal the amount of money they want. One of the solutions that could help protect against this type of attacks is a firewall that comes integrated with an intrusion detection system and an antivirus that is constantly updated.
In addition to malware, an evil of Fintech is phishing, a term used to refer to the tactic of deceiving users through fraudulent links and thus obtaining confidential data such as their email and password to access the application. The team in charge of cybersecurity must first of all devises a user education plan so that the above does not happen, in addition to implementing filters that can detect and block any phishing website.
The risks not only come from outside, internally, care must be taken with the handling of information by the developers and collaborators of the Fintech company, strict security policies must be established and protected by law, in addition to providing training. continues where emerging cyber threats are faced.
Other strategies and methods to take into account are:
At Rootstack we have a cybersecurity team ready to offer the best data backup options for your project.