Cyber Security Challenges That Fintech Companies Face
In this day and age, fintech companies are developing at an exponential rate. In Indonesia, fintech companies must have permission from OJK to be used by the general public. The services offered are quite diverse, ranging from market / financial aggregators, risk management and investment, payment or payment instruments, as well as peer to peer and crowdfunding loans.
Although this service has become increasingly in demand, fintech companies must maintain a level of cyber security within the development of their applications.
If an application’s cyber security strategy is not strengthened, then consumer, personal or financial data managed by the application will be vulnerable to cyber-attacks. Fintech companies must also have an adequate understanding of cyber security challenges so that negative impacts or losses can be minimized or avoided, altogether.
What are some cyber security challenges faced by fintech companies?
Data breaches are an ongoing challenge faced in today’s digital age. Hackers are always looking for new ways to access sensitive data stored by fintech companies. This data will later be used by hackers in order to commit various criminal acts such as credit card duplication, fraud, or extortion. If a data breach occurs, the company’s reputation may be at stake, as well as possible lawsuits and fines. To avoid this, the application’s system must implement a strong cybersecurity strategy. Conducting penetration tests regularly ensures that an application roots out hackable loopholes which could be potentially exploited.
Read Also: Steps You Can take to Prevent Data Breaches
Another challenge faced by companies today is ensuring that their applications implement good security protocols. Without adequate protocols, data can potentially be exposed, making the company vulnerable to cyber-attacks. Using the right security protocol is one step to ensuring the safety of a business, especially in regards to data encryption. Therefore, make sure you comply with the security protocols relevant to your application.
You also need to understand that some security problems can occur due to errors from the users themselves. Users who lack a basic understanding of cyber security can potentially be fooled by phishing emails, or even accidentally delete important files, causing many application security problems. To avoid this from happening, companies should increase security awareness in employees and application users, informing them about always protecting their personal data and passwords, and to update the software they use regularly.
Read Also: Methods used in a Social Engineering Attack
Indonesian Digital Logique Service
To improve your company’s website security and application systems, Logique Digital Indonesia is offering penetration testing services. We have an IT security team that can help ensure that your website and applications do not have security holes that can be potentially exploited by hackers. Please contact us in order to improve your application systems website’s cybersecurity.