Cyber Security Challenges That Fintech Companies Face

Fintech companies are currently 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. Strengthening Cyber Security strategies ensure consumer, personal or financial data managed by an application wont be vulnerable to cyber-attacks.

Read Also: Ransomware Attacks Are Becoming An Ever-Present Threat

fintech companies

The Challenges faced by Fintech Companies

Data Breaches

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. Hackers use this data 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. Penetration tests focus on rooting out hackable loopholes in an application or digital system.

Read Also: Steps You Can take to Prevent Data Breaches

Security protocol

Another challenge faced by companies today is ensuring that their applications implement good security protocols. Data being exposed by a cyber attack due to a lack of security protocols is a potential that Fintech Companies face. Using the right protocols 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.

Human Error

You also need to understand that some security problems can occur due to errors from the users themselves. Phishing E-mails can potentially fool users who lack a basic understanding of cyber security. The element of ‘Human Error’ can even  lead to important files being accidentally deleted, which can cause 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

Logique Digital Indonesia

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.

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