TECHNOLOGY
As financial services are under threat from cyber security breaches , fintechs are key to adopting AI , machine learning and using big data for resilience
Since its inception , the fintech sector has faced the inevitable risk of cyber threats .
According to Verizon ’ s 2021 data breach report , social engineering , web application attacks , and misconfiguration represent 81 % of breaches against the financial services sector .
Banks have had to deal with a variety of threats , including employee errors , state-sponsored attacks , errors involving third-party vendors , and the use of complicated technologies for well over a decade . Each threat actor has a different motive and organisations require adaptive systems to manage these attacks .
But the fintech sector has become more resilient and created a safer space for financial transactions to take place .
How ? By building , secure digital spaces that allow institutions to offer qualityrich financial services with minimal risk concerns . As a result , many of these cuttingedge technologies play an essential role in defining the future of the fintech sector .
According to Safi Raza , Director of Cyber Security at Fusion Risk Management , recognising these technologies and integrating them into the existing finserve infrastructure is crucial .
“ Using Artificial Intelligence to examine metadata , content , context , and typical user behaviour to detect anomalous emails has been effective ,” says Raza . “ Secure Access Service Edge ( SASE ) has also been proven effective in securing the remote workforce during the pandemic . It is a cloudbased architecture that delivers network and security services to protect users , applications , and data .”
Technologies securing the fintech industry Several threats are currently looming over the fintech industry . Unencrypted data , which poses the risk of data loss , and thirdparty service errors — to name a few . At the same time , the lack of core awareness and inefficient management methods pose further challenges within systems . However , many of the following technologies are used to keep the system and customers as secure as possible .
As Jonathan Knudsen , senior security strategist at the Synopsys Software Integrity Group summarises , “ Security has slightly higher visibility in fintech software discussions because the software so directly affects assets that need protection . Fundamentally , however , the challenges of software security in FinTech are the same challenges as software security in every other field .”
He says , “ More than a half century of experience has taught us that software and security are inseparable . Nowadays nobody would consider talking about automobile manufacturing without acknowledging that safety is an integral part of every phase of
“ Privacy-by-design and zero trust are good , but they aren ' t panaceas ”