Cybersecurity should be a top priority for all businesses. Research reveals that cybercrime costs the global economy $2.9 million every minute, and these figures don’t account for the massive increase in cybercrime seen in the last year and a half of the pandemic.
However, those industries which handle sensitive financial data are the biggest targets for cybercriminals.
For FinTechs, cybersecurity should be the number one priority when considering what hardware and software to source for your business.
While there are many avenues to explore in creating suitable cybersecurity protection, the combination of Apple devices with M1 chips and a DaaS package with enhanced security options, such as Hardsoft’s Devices For Teams, is one of the best and easiest to implement solutions.
Why Is Security The Most Important Factor In Hardware And Software For FinTechs?
Cybercrime costs businesses money and damages their reputation. This cost is on a sliding scale depending on the sensitivity of the data handled by the business. The risk and cost of a data breach are usually proportional to how vital the data is for your clients.
Some industries only see data breaches reaping costs in the hundreds, yet for FinTech the average cost of a breach could exceed $5million. To put into perspective how much more vulnerable FinTech can be to cybercrime, their average data breach costs approximately $2 million more than the average cost across ALL other sectors.
Financial data and technology are a big target since they have the biggest monetary gains for criminals. This is also why attacks against FinTechs can be more sophisticated and determined since the potential gains are so lucrative for cybercriminals.
The nature of FinTech is that there is a lot of sensitive, private financial data on the line. This could be the financial data of millions of end-users in the case of banks or the details of millions of business clients in the case of investment apps etc. Depending on the company and the technology involved, there could also be sensitive or secret technical data, if the FinTech company has invented a new technology to revolutionise the way we conduct online finance.
This is why the security of computer hardware and the software on them is so intrinsically important in the FinTech industry.
Fortunately, the extra security features available in Devices For Teams can bolster the already excellent in-built security of Macs with M1 chips to deliver a secure experience for FinTechs.
Why Is Apple A Great Option For FinTech Computer Hardware?
Macs have always had a strong association with being more secure than competitors. It is a well-earned reputation. Apple goes to great lengths to build-in advanced security.
With the advent of Apple Silicon and the production of their very own chips in the form of the M1, M1 Pro and M1 Max, this has given Apple even more control over the various components within their firmware and hardware. Rather than relying on Intel, having their own technology, naturally gives them more scope to make the latest Macs more secure.
Apple certainly took advantage of this opportunity. The M1 chips are quite a different and revolutionary technology, in that they use an integrated architecture, so the CPU and GPU can more easily share data without copying. Now, this is what makes the latest Macs faster but also it can aid its security.
The in-built Secure Enclave in the new integrated architecture of the M1 chip works to protect passwords and encrypt files and data. IOS updates for Macs are regular and can be automated to continually keep Macs safe and plug any holes in security that might emerge over time. It is this regular support through IOS updates that keeps older Macs running so well for so long.
macOS also boasts state-of-the-art in-built security software to combat malware and make downloading apps safer than ever before. Techniques like XD, ASLR and SIP are used to prevent malware from being able to carry out harm.
However, despite the great in-built security in Macs, this comes with some caveats of which FinTech’s security professionals will be well aware.
FinTechs are held to much stricter government regulations thanks to dealing with peoples’ finances and these firms will require much more to leverage adequate protection.
So, while choosing Apple hardware is an excellent starting point for FinTech, they must go further.
That is where Hardsoft’s Devices For Teams comes in.
Why Choose DaaS For FinTechs?
A DaaS (Device as a Service) package is an excellent choice for FinTechs and many types of business. It is an effective way to lease and deploy computer hardware efficiently while gaining access to a high level of support.
This can be invaluable to ambitious businesses as it takes the pressure off their IT department and allows them to use their hardware in a more strategic fashion.
DaaS can come with many perks that make day-to-day operations simpler for companies. Automatic upgrades prevent device obsoletion and a subscription-style lease spreads the cost of expensive hardware.
The real reason that FinTech will want DaaS is thanks to that extra support. DaaS focuses on the service provided and this can help FinTechs get support with cybersecurity.
Of course, not every DaaS solution necessarily offers much in the way of tailored cybersecurity, but FinTechs can access suitable cybersecurity measures from Hardsoft’s Devices For Teams.
Devices For Teams (D4T) is a DaaS solution by Hardsoft with many additional benefits compared to other DaaS, including a big emphasis on cybersecurity support.
How Does Hardsoft’s DaaS Solution Boost Cybersecurity For FinTechs?
Hardsoft is registered with the Financial Conduct Authority, and as such is fully knowledgeable and compliant with this UK body. Firms can be assured that Hardsoft is accountable and reputable for finance.
Within Hardsoft’s DaaS solution, there is not only the standard technical support and additional strategic support for hardware but many extra security options as well.
Hardsoft’s Devices For Teams comes with two optional support package levels: Gold and Platinum with extra optional Add-ons. One important element for FinTech is the extra security software and troubleshooting that D4T can provide to enhance security.
As well as recommending the most secure M1 devices, Hardsoft can offer:
- Quarterly security reviews
- Setups of MDMs and custom permissions to offer granular control of how staff use and access their devices and the data on those devices, including BYODs
- Solutions engineers
- Access to Apple security advisors as members of the Apple Consultancy Network
- Additional security software from Sophos
- Additional security software from Symantec DLP
- Additional security software from Jamf Protect
Why Should FinTechs Utilise Additional Security With Hardsoft’s DaaS Packages?
Both Sophos and Symantec DLP offer sophisticated Data Leak Protection software. They help to detect, monitor and protect sensitive data on your networks, cloud, and endpoint devices.
This makes it far harder for malware and hackers to gain a foothold, but also helps prevent leaks from employee error.
Employee error is one of the biggest weak points for data leaks. 2/5 of surveyed employees admit to downloading work files to their personal devices.
Symantec DLP is highly effective at protecting data while still making it easy for staff to work productively by accessing that data in a simple, straightforward manner.
More security doesn’t have to mean a drop in productivity. Hardsoft’s DaaS protects and bolsters the in-built defences of M1 devices, making this combo a perfect choice for FinTechs looking for the most secure hardware on the market.