FinTech has plenty to keep an eye on when it comes to cybersecurity.
Companies within the FinTech sector cover a wide range of services but almost all involve handling extremely private financial data. This can belong to businesses, investors, and everyday users.
Businesses in FinTech involve everything from online banking to Bitcoin investment. More recently the industry has been providing a plethora of new online financial services that are seeing people use their money in different ways online.
With new methods to invest in the digital world, more investment avenues and more payment portals, there are now a lot of complex technological services accessed online which utilise data for our personal and professional finances.
This makes FinTech one of the most essential yet vulnerable sectors.
During the pandemic, investment in FinTech soared. This was partly to do with how FinTech enabled companies to remain trading and profitable during the pandemic lockdowns.
However, the opportunity for cybercrime rose along with Fintech investment, making FinTech businesses ever more vulnerable to hacking.
With more people working from home during the pandemic on insecure devices and networks, a rise in cybercrime was to be expected.
Malware, viruses, ransomware, spyware and much more give FinTechs plenty to worry about. These are just a handful of the cybersecurity concerns that can cause issues for FinTechs.
This is why extra cybersecurity in the form of DLP is required by FinTechs. The loss of sensitive data can even happen accidentally when employees work from home due to human error and a lack of understanding around vulnerabilities on home networks.
The cost is very high for FinTechs if they do fall prey to a breach. Their clients can lose money, and this can be life-ruining or business ruining. The firm might then be liable to compensate them, decimating their own funds, which are already in urgent demand to address the security hole. There is also the major issue of losing client faith, public image, and investor trust. Robust cybersecurity is something FinTechs cannot do without.
What Is DLP?
DLP stands for Data Loss Protection and covers a range of technologies that focus on monitoring tools to watch how particular types of sensitive data are digitally accessed and moved within a company. In this way, it can prevent data from being moved outside of a company’s network or alert when this takes place.
What Are The Different Types Of DLP?
Network DLP is reasonably straightforward in that there is a secure system protecting the data i.e., the network. The software monitors the data as it moves around the network and takes specific actions if the data was to leave the network, such as blocking, encrypting, or auditing, while also alerting.
Endpoint DLP works on each individual device rather than simply on a business network. This is very useful in pandemic times where people are using laptops at home away from networks, although but does require more management.
Cloud DLP functions in a very similar way to Endpoint DLP except it is based on cloud accounts rather than on a device.
Why Is DLP Crucial For FinTech Firms?
While many devices come with inbuilt security features, advanced DLP software is necessary for FinTech due to the sensitive nature of financial data.
By implementing a suitable DLP system, FinTech can avoid the financial and reputation fallout of a data breach and build a strong reputation of trust around their brand.
Hardsoft’s Device For Teams packages not only offer a fantastic deployment system for the best hardware but also provide outstanding cybersecurity support.
We can furnish FinTech with highly secure M1 devices from Apple, then further enhance protections using third party software from our partner Symantec DLP, Sophos and Jamf Protect.
On top of this, our solutions engineers can devise the best security package for the specific needs of your FinTech. We can also facilitate working with Apple engineers as we are members of the Apple Consultancy Network.
Devices For Teams comes with two levels of support packages, and our Platinum package covers extra features and optional Add-ons, including enhanced security solutions for your hardware leasing package.
This makes D4T (Devices For Teams) the ideal system for setting up comprehensive cybersecurity on your FinTech’s new computer hardware.
How Does DLP Function To Provide Cybersecurity?
With DLP software, data is monitored and protected when it is:
- Used by authorised staff
- Being transferred on the company network
- At rest in a file server/database
It uses several tactics to detect policy violations:
- Rule-based expressions are used in DLP software to detect data loss.
In a very simplistic example if you were to email credit card information it could detect this via the 16 digital number or 3-digit security code and either block the email or encrypt it.
- Other methods include exact file matching or data fingerprinting.
Lexicon analysis also helps protect data by using lists and rules to identify unwanted behaviour. This could be certain internet searches or trading secrets outside the known network.
- There is also complex machine learning and statistical analysis to protect specific portions of information based on patterns.
Increasingly intelligent AI will continue to grow and develop as a crucial part of DLP in the future.