The Fintech revolution not only offers tremendous opportunities for the development of financial industry, but also poses unprecedented risks and challenges to financial institutions. Cyberattacks, from viruses to Trojan Horses and other advance cyberthreats, have kept evolving over the past few years. TrickBot, a classic malware, has infected more than 250 million email accounts since 2016, according to the report from Forbes.
Customer data is always the prime target of hackers. While developing the innovative applications of Fintech such as virtual banking and electronic payment, massive amounts of data (transaction records, personal data, account data, and more) are generated. If these critical data are not managed and stored properly, it will bring potential information security risks to financial institutions. Therefore, before developing a Fintech project, make sure an effective information security measures are in place and potential vulnerabilities are addressed to minimize cybersecurity threats.
The widespread use of fintech applications has broadened the digital attack surfaces of financial institutions as well. Hackers may take advantage of the vulnerabilities in these new surfaces to carry out system exploits. Some financial institutions may lack the understanding of advanced cyberattacks and effective measures to monitor network systems and identify vulnerabilities, which will be severely exposed to cyberattacks. They have no choice but to take immediate actions to equip themselves with security measures to safeguard their businesses.
Analytic-driven Information Security Discovers Potential Threats
To avoid becoming a victim of cybercrime, financial institutions can adopt analytic-driven information security solutions to defend cyberattacks in three simple but effective approaches: Detection, Analysis and Correction. As a normal and best practice, scheduling regular assessments and analyses helps identify potential security threats and prevent cyberattacks.
How do analytic-driven information security solutions protect the network security of businesses? Related article: https://bit.ly/3z7PnRJ
The security challenges emanating from Fintech require the assistance and cooperation of professional security teams to ensure the cybersecurity. As your trusted information security partner, CITIC Telecom CPC’s TrustCSI™ Information Security Solutions are your ideal solution. Using SIEM technology platform for correlation analysis, the solutions can help financial institutions identify and prioritize security threats in real time, remediate vulnerabilities in systems, devices, and applications, and ultimately respond to security incidents effectively and in a timely manner.
CITIC Telecom CPC is committed to offering financial institutions comprehensive managed information security services to accelerate digital transformation and fintech developments. Please feel free to contact our security consultants for a free security consultation at any time. Alternatively, check out more about TrustCSI™ 2.0 Information Security Solutions on our website.
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