siliconindia | | April 20188UNNECESSARY SECURITY CORDONS MAKE FINTECH MORE VULNERABLEBy Rahul Kumar, Country Manager, WinMagicWinMagic, one of the most respected names in the data security business, encrypts over 8 million endpoints in 95 countries. The firms award-winning comprehensive encryption and intelligent key management solution is the best protection against sophisticated threats and data loss. t is no gainsaying the fact that fintech is the most pre-ferred hunting ground for hackers and attackers. And within the fintech sector, the most vulnerable are those companies dealing with share trading, banking, credit reporting, and insurance--in fact, this is the usu-al pecking order, but then there is no established rule here. In many of the spectacular security breaches, suspi-cious network activity isn't noticed until many months had already passed; for instance, in the case of Equifax data breach, the attack was identified after three months, but the damage had already been done. The general state of security in fintech has never been a comforting feature all these years; sus-ceptibility to attacks is always so high that companies, as a policy, place more emphasis on having damage-control mechanisms over implementing top-notch security practices and tools. The upshot of such misplaced prioritization has often exposed companies to a slew of threats. Fintech companies can prevent much heartburn by having in place an integrated security solution with built-in safety features such as: · Advanced endpoint and data protection· Seamless cybersecurity framework· Compliant workflow process· Smart blocking of unauthorized applications· Proactive scanning of installed applications Although the above steps are ade-quate to blunt any attacks, basic flaws in the security mechanism act as fod-der for assailants waiting to exploit any weak points in the armor. These flaws arise due to negligence or poor attention given to safeguarding against potential threats. Here are some of the flaws that continue to dominate fintech firms, irrespective of their size.Outdated System Software: It is estimated that one out of five fi-nancial services companies face issues IN MY OPINIONIRahul Kumar
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