Updated: Jul 22, 2022
FinTech—new technology that is designed to improve and automate the use of financial systems. The term was coined in the 21st Century initially to define behind-the-scenes solutions, but has since been adopted to more consumer-oriented services. Modern FinTech categories include education, retail banking, fundraising/nonprofit, and investment management, among others.
"Over 60% of online fraud is performed through mobile platforms."
The danger associated with the development, or changes, in the application of technology is that risk exposure changes too. If the risk is not properly assessed and addressed, organizations which adopt the technologies end up with gaps in their defenses. Perhaps even blind spots, preventing leadership from seeing those gaps. That’s a risky situation, not only for the organization, but for the leaders’ careers.
Please examine the data below:
Retail (24%) and insurance (18%) have been the most targeted in payment card-related breaches.
Information technology—of all varieties—is under attack at a rate of one attack every 39 seconds.
It is estimated that 81% of all organizations were aﬀected by a successful cyberattack in 2019.
Small organizations get malicious emails at a higher rate comparing to big enterprises.
Every day, 350,000 new malicious programs (malware) are registered.
Over 60% of online fraud is performed through mobile platforms.
“...81% of all organizations were affected by a successful cyberattack in 2019."
How does an organization—whether a FinTech company or a FinTech customer—ensure risks are reduced to acceptable levels? Security standards have been developed with that goal as their primary purpose. Payment Card Industry Data Security Standard (PCI DSS) is a leading benchmark for financial services companies. This would be appropriate to apply to FinTech organizations of any variety, in many situations. Other standards may apply just as well, depending on the circumstances.
Knowing of the need is good, but effectively addressing it can be a challenge for even the best leaders. Many business leaders examine the language of these standards in an effort to become compliant. They quickly realize that the level of expertise required to become compliant without wasting time and money goes beyond what exists in their organization at the time.
Enter Webcheck Security! Our security consultants possess a wealth of expertise in assisting financial services organizations of all sizes become security compliant without wasting precious resources. Additionally, your organization can avoid the cost of hiring a Chief Information Security Officer (CISO) and instead opt to retain a Fractional Information Security Officer (FISO). A FISO is like a CISO for hire on an hourly basis. They can help you create and maintain a superior information security program on an ongoing basis, without the need to hire someone full-time. Reach out to Webcheck today to set up a free discussion of how our team can help you accomplish your security goals!