As consumers increasingly use fin-tech powered services worldwide, cyberattacks on fintech firms are dramatically expanding and becoming more complex day by day.
If you look at the stats, 64% of consumers across the world reportedly have used one or more fintech platforms. And since lots of personal information and money are managed by fintech platforms, they become the main target of cybercriminals.
Cyber-attacks on fintech enterprises usually end up in huge losses. As per Accenture’s 2019 Ninth Annual Cost of Cybercrime report, among all industries surveyed in 2018, financial firms incurred the highest cybercrime costs.
There are many threats faced by fintech enterprises today, including data threats, stolen digital identities, cross-platform malware infection, Cloud-based security threats, and more.
If you work in a fintech firm, you need to secure yourself and your consumers with the best security measures possible.
In this article, we will delve into the seven essential cybersecurity measures for fintech enterprises to help protect your data.
Don’t let the attackers crack your password
This tip is mentioned in almost every article about cybersecurity tips given by experts, but still, 80% of hacking-related breaches happen because of cracked passwords.
You can follow the password creation guidelines provided by Microsoft when you create your password.
Avoid using any personal data, series of characters and numbers, and common words spelled backward. Instead, create a password that is hard to crack by combining numbers, upper and lower case letters, and symbols. Keep your password length around 10-12 characters.
If you find it hard to manage your passwords, you can always use secured password managers.
Install a strong firewall
Firewalls are responsible for monitoring network traffic, and it identifies and blocks unwanted traffic. When you install a strong firewall, it will prevent unauthorized access to and from a private network on your devices connected to a network.
Firewalls can also prevent worms, viruses, and malware while securing your private information.
For your firewalls to be more effective, use application gateways, and proxy firewalls. They are more thorough in their scanning abilities.
Use an SSL certificate
By using an SSL digital certificate, you can encrypt the information transferred between a web server and a web browser. It is considered one of the most effective ways to protect your data online.
When you use superior SSL certificates, it will prompt customers about your website security, and they will be less hesitant to grant their valuable data.
For instance, by installing the Comodo PositiveSSL, you can secure your fintech business online easily because this certificate provides SHA-256 bit encryption and trust by authenticating your website ownership.
It is observed that ‘State of Application Security at Top 100 Global Fintech Startups,’ it was stated that 93 subdomains showed failing “F” grade when tested for SSL/TLS encryption security while 537 were using untrusted or expired SSL certificates.
Ensure that you are using a trusted SSL and that it is valid.
Don’t use outdated software
Using outdated software doesn’t only mean missing out on new features or a faster program. Your business is exposed to vulnerabilities and security risks.
Not only is the technology and software advancing, but the tactics and tools used by cybercriminals are becoming more innovative. Viruses, malware, and attacks are getting more sophisticated.
Thus, it is easy for the bad guys to exploit your outdated software as it won’t possibly be able to withstand an advanced cyber-attack. It is estimated that 95% of cyber security occurs due to human error, having outdated software being one of the negligence that can be avoided.
If you are using your outdated software for storing, using, or application of data, remember that your data is at high risk. Attackers use outdated software as a back door to get into the rest of your systems.
Updating your software can protect your data.
Install a paid antivirus
Though you may get free antivirus, they are not as effective as paid antivirus. Free antivirus can only provide a basic level of protection, while premium and reliable antivirus software can offer foolproof security to your data and business.
Antivirus software acts as the first line of defense against cyber-attacks. It will prevent threats like malware, viruses, spyware, and adware from causing damage to your sensitive data.
Some antivirus can even offer email protection and stop harmful downloads.
Note that not installing an antivirus on your device is like leaving the door open in your home while you go out. It will invite criminals.
Don’t open unsolicited emails
As enticing as they may look, avoid opening unsolicited emails or clicking on suspicious links. Phishing emails will look like a reliable source has sent them.
When unsuspecting targets click such email, cyber-criminals sneakily extract personal information like usernames, passwords, financial information, credit card details, or money.
It has been estimated that 30% of phishing messages are opened by targeted victims, and 94% of malware gets delivered through email.
Educate your team
Statistics suggest that 70% of American employees don’t grasp privacy and security best practices, while 82% of employers reported a lack of cybersecurity skills.
It is not only essential to educate yourself about cybersecurity but also train your employees, lest you end up losing your data. Your sensitive files are open to your employees, and they are the ones who are going to be the unsuspecting targets. They might give out information to scammers or click on malicious links.
Moreover, cybercriminals are infamous for using social engineering to carry out ransomware attacks. Prevent such attacks from harming your systems by equipping your employees with cybersecurity skills.
Following these seven steps can help reduce the risk of data breaches fintech enterprises.
With the increasing number of cybersecurity attacks, keeping personal data safe is becoming a challenge for businesses. You have to equip yourself with the latest information, software, and tools in order to outsmart the criminals.
Ensure that you install the Comodo PositiveSSL. It will not only secure your site but gain the trust of your followers or users.
Keep an eye on any suspicious online activity and take immediate measures. Put in your best efforts to secure your user’s data.