Fintech companies have been warned for a while now about cyber attacks. In 2016, it’s not a matter of “if” a Fintech company will be hacked, but “when.” Within this year alone, more than 3 million credit card records have been made public.
Supposedly impenetrable shields that are used around online banking systems are currently being questioned by experts and critics. If you’re building a Fintech product, keeping it secure may be more difficult than expected. Here are a few tips to prevent cyber attacks:
1)Have a Chief for Information Security
Creating a culture of security within your company requires a leader. Get a Chief for Information Security who has a clear vision and is able to tackle the job. This person will need to bring up the topic of security in meetings, and must also be okay interacting with hackers.
2)Use architecture and code review
The first step to securing an application is an architecture review. Make sure you define your security requirement along with the product features before you begin writing lines of code. Right after every code release, review your code security loopholes. Make sure the members of your team understand their bad practices and mistakes. While reviewing every line of code is tedious, it is also the best way to find security loopholes.
3) Provide role-specific security training
If you want to ensure security, you must give your staff more than the typical generic security awareness courses. You need to provide the knowledge and skillsets required for their specific roles. Security can not be taught through a one-size-fits-all approach.
For more information on fintech startups and maintaining cyber security, please read the follow up piece to this article, “3 Additional Ways Fintech Startups Can Maintain Cyber Security.”