Technology has been on the rise in the banking industry due to the ease it brings to customers. Customers are able to view their transactions online, transfer money between accounts, and easily make payments online. Not only are customers are able to access their information, but if proper protocol isn’t in place, so could hackers.
The following are recommendations to protect an enterprise from the potential risk of implementing fintech:
- Avoid using public clouds, which are vulnerable to data leakage risk.
- Refresh the legacy IT infrastructure and core banking systems.
- Use machine learning effectively to improve the cybersecurity posture of the fintech venture.
- Implement digital identity protection solutions.
- Institutionalize well-defined third-party security measures.
- Scrutinize the procurement of new technology solutions from a security point of view.
- Strengthen access control mechanisms.
- Implement well-defined data privacy rules.
- Consider implementation of Security Orchestration and Automated Response (SOAR), Security Operations and Analytics Platform Architecture (SOAPA), and User and Entity Behavior Analytics (UEBA) security orchestration solutions, which help in proactive incident response.
- Refer updated threat intelligence through threat feeds and automated endpoint detection response (EDR)/managed detection and response (MDR) solutions.
By implementing robust and effective cybersecurity risk management controls, enterprises can protect their fintech-driven banking system from emerging cyberattacks.
Our team of IT Risk Assurance & Advisory experts can help uncover cybersecurity risk and create a plan to address any concerns. Contact us below to get started.