FinTech Security Solution
The interaction of digital technology and financial services is thriving at an enormous pace, rolling out a wide range of solutions which promises to impact nearly everyone broadening the flexibility in financial services. Technology is also massively involved in provisioning financial services to as many people who were earlier excluded from the financial ecosystem.
But there is a key challenge which particularly threats this momentum: cyber security. Given the growth of digital financial ecosystem, it is inevitable to have a security strategy for securing against cyber attacks and cyber crimes. In addition to causing immediate financial losses, breaches can undermine longer term confidence in new solutions, leading to lower adoption rates - particularly among users with less experience engaging with digital services.
One of the major trends impacting the cyber security landscape in the context of digital financial services is Blockchain. Blockchain based services will grow,but realizing their potential will require proper attention to cybersecurity in the context of decentralized systems.
The blockchain has tremendous potential for a wide range of applications in the financial sector, ranging from basic transactions to complex financial derivatives implemented using smart contracts
Threats to the financial institution are existential, complex and difficult to manage, over the long run. This combined with the complexities (and scale) of specialized applications, diverse technology mapping creates an ecosystem of business full of complex threat vectors which attract multiple cyber adversaries
Cyber risks are not new, so what’s different?
- Small, highly skilled groups exact damage
- Attackers often have very specific motives (information theft, disruption, notoriety)
- They’re spread across the globe, often beyond the reach of law enforcement
- Threat velocity is increasing, response window is shrinking
- Complexity and volume of threats is increasing
- Potential for physical and economic damage
While blockchain based solutions can in principle be extremely secure, securing them requires careful attention to issues including where and how private keys are stored and used, the methodology for confirming transactions, and mechanisms for establishing and modifying how distributed systems obtain consensus.
An additional issue in relation to cybersecurity in blockchain based systems relates to mechanisms to identify, document, and recover potential losses arising from cyberattacks. A related challenge concerns accountability and liability given the distributed nature of the processing.
Key cyber security observations for FinTech
- Attack vectors are shifting from technology to people
- Attack patterns are increasingly starting to look like normal behavior. Threats are increasingly hiding in plain sight. Some of the threats are adaptive and have the ability to go into dormant mode, making them difficult to detect
- Criminals, state actors and activists are building better intelligence, capability and have a wider network of resources than organizations (i.e. widening capability gap)
- Supply chain and business partner poisoning or lateral entry are on the rise
- Advanced Malware Threats– Defy Traditional Signature-Based Approaches
Figure 2 WSA Managed Services for FinTech
With our set of security service we primarily emphasize on three important factors for financial clients:
- Enhance risk-prioritized controls to protect against known and emerging threats, and comply with industry cyber security standards and regulations.
- Detect violations and anomalies through better situational awareness across the environment
- Establish the ability to quickly return to normal operations and repair damage to the business
Our managed security services deliver a core set of capabilities:
Primarily identifying security risks within applications and infrastructure providing specific recommendations to remediate the risks:
- Security requirements analysis
- Static application testing
- Dynamic application testing
- Infrastructure review
- Network penetration (Pen) testing
- Software design review
- Custom software application development
Designing end-to-end software security program leveraging customized WSA's Secure Software Enablement (SSE) framework and manage
Handling Cyber Security for FinTech
Financial institutions primarily banks are the prime targets amongst all corporates who handle sensitive data since financial data is most sought after by hackers. As cyber risks grow across this sector, the supply of qualified cyber security professionals is stretched thin among corporates, governments and hacking organizations.
- Improved IT security operations: It improves in defining and optimizing the security strategy for applications and infrastructure, so users and customers experience fewer security challenges and incidents – increasing the user experience
Figure 2 Threat Landscape
- Security Effectiveness: Security response is a competitive differentiator for any business and is strategic to the business. Agile response to security requirements allows organizations to react quickly to incidents in the financial ecosystem.
As new malware and vulnerabilities are discovered every day it is important to keep pace determining if your systems are at risk. Our dedicated team of security penetration testing experts can run scheduled light touch
vulnerability assessments and controlled attacks on your entire organisations systems and processes to help identify new weaknesses. We use our threat intelligence capabilities to refine and prioritise technical weaknesses, enabling sensible prioritisation and balancing of technical risks
- On-going outsource vulnerabilities discovery
- ontextualized threats with the business
- Recommendations for remedial actions
- Implementation of architectural improvement to reduce exposure to threats
- System Resilience: It helps in planning for security management to avoid prolonged security outages minimizing service level recovery time.
- Optimized Security Operations: It helps to understand and build a Security Operations Center (SOC) team, which can help to constantly monitor the security risk indicators for the physical infrastructure and maximizing the productivity of all the security solutions and its usage to the environment. It also helps to increase the efficacy of security staff across segregated areas to improve the potential for identifying risks and security improvements across key business zones.
Without the combination of a cyber security risk strategy and practical experience of securing infrastructure, applications and associated implementations – businesses are highly susceptible to cyber-attacks and generally tend to fail on the security side.
Our Security Operations Centre (SOC) enables businesses to extend and enhance their own security operations capability by leveraging our and our strategic partners’ people and processes
Working as an extension of your in-house security team we relieve them of the burden of handling day-to-day log analysis and monitoring of your IT infrastructure from edge to an endpoint, enabling them to focus on strategic, core business issues.