Top Cybersecurity Trends in Financial Tech Review
Addressing Risks with a new Hedge Fund Cybersecurity Solution
Cybersecurity has been made an absolute necessity by technologies such as cloud, Internet of Things (IoT), and mobility to protect companies from threats such as ransomware, DDoS, and phishing attacks. In order to protect the sensitive data of their customers, companies must continue to update their approach to cybersecurity as the attacks grow more advanced by rapid technological development. Set at the helm of safety teams that avoid such harmful incidents, experts have come up with ways of identifying potential threats and eliminating them.
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In order to proactively monitor and thwart threats, cloud-based cyber security tools that cover the end-to-end value chain of one company already round off, reducing stakeholder costs of ownership. Stringent firewalls are kept in check for perpetrators, guided by algorithms of data analysis that regularly test suspicious and iterative designs. There are also comprehensive security endpoint solutions, which allow security administrators to provide and revoke roll-by-roll as well as ad-hoc access to applications, files, and a whole network.
The new, hedge-based cyber solution, which addresses many issues in cyber risks management including security management, insurance, and crisis management, has been launched by Crystal Financial Institutions (Alliant Insurance Services).
The Cyber Risk 360° covers new risks powerfully. This includes a cyber insurance policy with a coverage extension available on fee income for unplanned reimbursements. As one of the first solutions offered by this industry, fund managers are now able to recover lost management fee revenue attributed to a cyber violation event. Other Cyber Risk 360° features include cyber extortion, data loss restoration, 24-hour reaction to claims and dedicated loss recovery services.
Crystal Financial Institutions has been working with industry leaders from the areas of insurance, legal, compliance, cyber defense, IT, cybersecurity, BlueVoyant, the Bohrer PLLC, and Everest Insurance® to develop a new cyber risk 360° solution.
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No single technology can prevent 100 percent of violations regardless of how comprehensive the endpoint protection solution is. Eventually, it will be a motivated and sophisticated opponent. This makes it possible to prevent silent failure, with strong detection capabilities and enhanced by a team of professionals–both on-the-job and third-party.
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Cybersecurity Risks Fintech Industry Veterans Cannot Afford to Neglect:
The fintech services have transformed, automated, and disrupted the industry for the better. But here are still some issues that need to be addressed, like the concern for data security in the implementation of fintech services in the existing banking solutions.
Here are five hidden risks that are prevailing in the fintech industry.
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New Encryption Technology
With the rise of disruptive technologies, the performance of the finance industry has enhanced. But these technologies also create major issues in the industry. For instance, blockchain has opened some security concerns as it can be easily hacked. Transactions in blockchain are based on trust between two or more parties, but the trust is not often kept.
Data Integrity Risks
Today, customers can use mobile phones to access their accounts and transfer funds. But if financial firms use mobile devices without a secure encryption algorithm, integrity issues may arise.
Cloud-based Security Risks
Cloud-based solutions do not have proper security measures that can corrupt financial information. Companies with inefficient cloud-based solution partners deal with substantial data losses. Hence, it is wise to update and be wary when selecting a cloud-based service provider.
Online Hacking
Most banks use the Society for Worldwide Interbank Financial Telecommunication system (SWIFT) to exchange crucial financial information more securely. But the advancement of hackers can be seen by a recent attack on one of the SWIFT infrastructure. As banks and financial firms have loopholes in their processes, hackers take this opportunity and launch malware attacks.
Application Security Risk
Banks used fintech apps to access real-time financial details of their customers. Still, if software applications have no comprehensive security modules and efficient codes, they instantly become vulnerable to cybercrimes. Therefore, when creating a fintech software solution, ensure that it includes all the essential features to prevent hackers from stealing customers’ data.
