No doubt, financial technology is continuously evolving and it has created a revolution in this sector.
However, the Fintech sector has its challenges and it is often prone to cyber-attacks. Many cybercriminals keep looking for new ways to infiltrate Fintech systems and access personal data.
Fintech cyber security issues are causing some companies in this sector serious losses. However, before you start solving the Fintech challenges, you need to identify the commonest and most severe. Read and learn the cyber security issues in the Fintech industry.
Social engineering attacks
One of the most common cyber security attacks on Fintech companies is social engineering attacks. Social engineering attacks are carried out by manipulating people to disclose their confidential information.
One of the ways cybercriminals use to attack Fintech customers in this regard is phishing, pretexting, and baiting. The aim of cybercriminals is to dupe their target by using their confidential information like login details or credit card numbers.
Ransomware and Malware attacks
Cybercriminals create malware software to attack, harm, disrupt, and gain access to a fintech customer’s PC. Meanwhile, ransomware is also malware but it encrypts the files of the victim and demands payment in exchange for the criminal to decrypt the files.
Ransomware is more like kidnapping the individuals’ confidential files for a ransom.
Unfortunately, Fintech companies are always prone to ransomware attacks and it becomes worse if their systems are vulnerable. Therefore, to avoid malware and ransomware attacks you need strong antivirus and carry out regular backups.
Insider Dangers
The worst cyber-attacks on Fintech companies are an insider job. If an employee steals the data of a fintech company, it is often difficult to detect. Having an apt cybersecurity policy against any insider attacks is paramount for the success of any Fintech company.
Employees often have access to sensitive information but you need to regulate the system to avoid leaks. For example, many Fintech companies use tokens to ensure that no employee has a fixed password to access their systems.
Third-party dangers
Most often fintechs use third-party vendors the carry out several activities. If a breach occurs by a third-party vendor, it will affect your data even more than an insider job. No wonder Fintech companies must use only certified third-party vendors for their services.
More so, if a cybercriminal gains access to a third-party partner, your data can also be compromised. Therefore, certified third-party partners without the required license or permits to operate should be avoided.
The solution to cyber security issues
If you partner with licensed and trusted third-party Fintech companies, half of your cyber security issues are solved. Also, ensuring that no insider attacks occur will be helpful. More so, encourage your customers to use strong passwords.
Fintech companies like LuxTrust offer TopNotch cyber security services and more.
You can find LuxTrust contact on their website and even their social media platforms.
Conclusion
Furthermore, the best Fintech companies take their security systems seriously because it is the only way to protect their data. Finally, don’t wait till you notice any of these cyber security issues on your system before you contact experts.