Fintech Cybersecurity: This is how you can safely integrate products

The fintech industry is booming and seeing an incredible period of growth. You might assume that everything is rosy for the industry – but beyond the incredible rise of some of the best-known fintech brands, there is an entire industry that could face challenges. One of the most important is actually related to the fact that many people are concerned that the industry is not taking cyber security seriously enough.

The fintech industry is unfortunately an attractive target for cybercriminals. The reasons for this are multifaceted, but one central point is linked type and amount of information it collects from its customers and partners. If a fintech business becomes a victim of cybercrime, it can lead to stolen data that can be used for identity fraud or even sold to other criminals.

It is necessary for companies to think carefully about the type of cyber security they need to put in place. But it is also important for those interested in using fintech products and software to find out how to integrate these products in the safest possible way.

In this article, we’ll take a look at how cyber security affects fintech businesses and products, and also try to understand how businesses and individuals can use fintech software in a way that keeps them safe from cybercrime.

Why Fintech should be concerned about cybercrime

Cybercrime is on the rise. As the world has become increasingly digitized, it is perhaps not surprising that such a large amount of crime has moved online. This growth in cybersecurity is certainly troubling for businesses of all sizes, and it seems to have only been exacerbated by the pandemic.

However, it is not the worst from a fintech perspective. It has actually been shown in research by IBM that financial businesses are most likely to be exposed to a cyber attack. This means that if a fintech company does not devote adequate resources to defending itself against cybercrime, they can very easily become a victim.

How cybercrime affects Fintech

Cybercrime can have a huge impact on fintech – not only in terms of the businesses themselves, but also in terms of the clients who use the software, as well as suppliers and partners.

Perhaps the first thing to consider is the actual costs to the business associated with the breach. This may involve a loss of capital, but it may also require the business to close its operations for a period while it resolves the problem. That is, of course, before you take into account the damage it causes to the customer or users, who may have their personal information stolen and then sold on.

This can lead to the further problem of reputational damage. Customers who suffer financially or simply lose data will lose confidence in the fintech product, and this has a knock-on effect on customer confidence in general. If a business has been breached in the past, it is evidence that it has not taken cybersecurity seriously in the past.

Safe integration of products

With so many startups delivering products that integrate in complex ways with existing systems, there is the potential for major challenges. Issues such as poor configuration and undetected software vulnerabilities can turn what has been a successful integration into a nightmare. Here are some tips for integrating fintech products with your system.

Work with specialists

One of the most important ways to ensure that fintech products can be integrated with your existing system is to enlist the help of experts. Relying on the IT team alone to handle the integration of a complex system with which they are unfamiliar can lead to no end of problems. Contact experienced professionals who have expertise in performing the type of integration you wish to implement.

Overcoming the first-to-market problem

There is undoubtedly a problem in fintech that revolves around the pace of the industry. With advanced technology in this sector, there is always a rush for companies to be the first to market with their product. This can lead to products that are under-resourced from a cybersecurity perspective, as there simply isn’t enough time to fix all the problems.

Overcoming this really means making sure you want to invest in the challenges that a brand new product presents. It may be smarter to wait until the technology has time to settle in and the problems are dealt with.

Test and test again

Using penetration testing is one of the crucial steps in assessing the security of your system. When integrating a new fintech product, you should have pen testing performed. By using the same tools and techniques used by cyber adversariespen testing reproduces the conditions of a real attack.

This type of testing is one of the only ways you can ensure that product integration is safe. It is a good idea to work with an external cyber security specialist who can enter the company without any prerequisites. They will be able to provide objective tests and narrow down potential vulnerabilities.