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.”

 

RepreZen Helps to Quickly Design and Deliver World-Class APIs and Microservices in a Fraction of the Time

studiologo_with_trademark-150dpi-Padded-800x257RepreZen, the first fully integrated API design workbench, helps to quickly design and deliver world-class APIs and microservices in a fraction of the time. Selected for the premier accelerator Startup Bootcamp FinTech in early 2016, the application program interface designer worked on their strategy over three months while exploring potential engagements with  SBC FinTech partners, including MasterCard, Deutsche Bank, Thomson Reuters, Santander, and others.

The accelerator facilitated the diverse and talented team, connecting to program mentors and the Startup Bootcamp’s extended network. The were also able to partially work in SBC’s Silicon Alley workspace with a handful of other promising fintech startups. During the Selection Days weekend event, the RepreZen team attended an engaging series of meeting with sponsors and mentors. The team, which includes Ted Epstein, CEO of RepreZen, Integration Lead Andy Lowry, and CTO Tanya Fesenko. participated in an orientation, and pitch and presentation training.

Even if RepreZen hadn’t been selected by the accelerator, the preceding weekend had already plied attendees with useful introductions and insights. Some important that was reaffirmed through chats with enterprise IT professionals was API Management helps, but only after API design and implementation; integration is on the critical path for every strategic IT investment; and an API design platform that addresses interface mismatch at the source. Following gruelling interviews and meetings, the ReprenZen team spent at Tavern 29 while the Startup Bootcamp Fintech partners deliberated. Partners then returned with hugs, champagne, and handshakes, announcing that RepreZen had been selected, sharing the honor with nine other startups.

ReprenZen provides an integrated environment that harmonizes API designs, brings API design into focus for an entire team, and it generates APIs that are comprehensive and clink into client apps. RepreZen API Studio is said to “empowers software teams to define their API contracts, specifying the standard models, methods and patterns that make their APIs work together.” Users have also said that it’s an ideal tool to design and document REST APIs because the modeling environment is intuitive, allowing for users to focus on the architecture and functionality of an API resource model.

RepreZen API Studio has everything you needed to design, document and delivers end-to-end API solutions.

Fintech Startups Aren’t Going Anywhere & They’re Changing the Way We Do Business

23273130005_f8c800bcfe_oThe sizzling hot buzzword, fintech, an amalgamation of finance and technology, has appeared within the pages of countless publications. This term packs power because of  its disruptive abilities. In fact, Netflix, Apple, and Facebook are prime examples of companies that have disrupted industries and sparked new initiatives and startups. Fintech is impacting every modern industry.

Apple and the other companies understand that fintech plays an active role within their industry, altering the way money is invested and managed. Also, it alters the way people get loans and do financial research. For this reason, fintech will only get bigger. Last year, global investment into fintech companies reached nearly $20 billion, with most of that backing coming from venture capitalists. Within just two years, the number of venture capitalists acting as investors increased by 106 percent in 2014.

OurCrowd is a company that allows the public to invest alongside angel investors and venture capitalists, with funds directed toward pre-vetted startups. Platforms, such as Slingshot Insight, is revolutionary. It brings crowdfunding to research, enabling the public to pool money in order to access analysis and interviews from industry experts. This can be helpful for those who seek advice from doctors about digital medicine and biotech stock. The platform TipRanks is now a go-to source for those researching analyst ratings. This particular platform makes it easier to select the right select the correct stock while the application Quantcha makes it easier to search through trade options.

When it comes to finding information about an active return on an investment or the performance of an investment against a market index, Prattle, Running Alpha, Metricle, and HedgeSPA are valuable companies, offering investors unique data points for investors. Also, for those interested in ways to organize and analyze new data, companies like uxMarketFlow, Ormsby Street,  and Alpha Hat are incomparable resources. SeedFeed is valuable for those interested in a comprehensive platform that has aggregated crowdfunded real estate investments.

All of this is to say that fintech is more than investing, it’s responsible for alternatives in lending and financing. Credibly and similar companies are responsible for helping to rescue smaller businesses, and Financial lends a hand by helping businesses connect with the best possible lenders to provide owners with personal loans. Once a business owner has secured a loan and found that they’re struggling with repayment, they can turn to CommonBond, which helps them to refinance.

While fintech is about far more than investing, it has made investing easier for those without the time or energy to do their own research, or they require recommendations or direct stock picks. Tradespoon, Trade Ideas, Stockal, and Vetr are some of the companies responsible for educating men and women about investing and trading.

While fintech is relatively new, it’s already changing. Traditional institutions are bending to adapt to new competition, proving to be better for investors. The fintech realm will only expand. The aforementioned companies are just a small chunk of the industry, and what’s happened barely hints at what’s to come. Traditional brokerages and banks will introduce their own fintech product, which will be better for investors looking to keep their funds attached to brick and mortar institutions.

 


David E. Mickey is a financial executive based in Buffalo, New York, and he’s an Enterprise Sales Executive at Docupace Technologies. Please visit his websites to learn more: http://davidemickey.com; http://davidemickey.net/; and http://davidemickey.org/.