3 Incredible Ways Fintech Startups Can Maintain Cyber Security

computer-securityThe following article is a continuation of “3 Ways Fintech Startups Can Maintain Cyber Security” Please look to that article for additional pertinent information. 

Cyber attacks are so common in this day and age that preventing them is a key part of being a Fintech professional. Follow these tips and you’ll be able to make sure your company’s data is as secure as possible.

1) Encrypt your data

There’s no way of knowing for sure that your product is secure. That’s why it’s important to encrypt your data. While many say that encryption will make your app slower, but there are ways to get around it. Just look at some of the giants in the tech industry. Facebook runs encryption on separate services so as not to compare the speed and the ease-of-access. It is not enough to have an SSL or a HTTPS.

2) Know which bugs to look out for

Even when you use the best code review tools, you are not guaranteed to find all of the bugs in your code. One way to make things easier is to identify which bugs could cause the most damage. While you should definitely invest in code review, it also helps to identify and address the particular bugs that could be harmful to your company.

3) Run a penetration test after each major change

One of the most important safety assurance activities is penetration testing, a process that is unfortunately often misused. It should not be a replacement for any of the other steps. A “clean” penetration test report doesn’t necessarily indicate that your system or application is perfectly secure, but it does help you check that your code will not fall apart if it is subject to attack.

 

3 Ways Fintech Startups Can Maintain Cyber Security

cyber-1654709_1920Fintech 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.”