We are in 2022, where technology is at its peak, introducing advancements in data management, data security, artificial intelligence, and cybersecurity. The need for cybersecurity in fintech is also rapidly emerging due to the evolving rate of cybercriminals on the internet. Bright promises to make your life easier. It’s a new, patented system of 34 algorithms called MoneyScience™. This means that Bright uses revolutionary AI strategies to learn about you and help you save money faster than smarter. You get personalized insights into your spending habits, as well as a personalized plan that calculates the best ways to save you money. Bright makes sure your payments are correct-every time, without fail.
Reports suggest that businesses (and customers) each year lose close to 500 billion in cybercrime, creating an alarm globally. Fintech companies are thus prioritizing integrating cybersecurity every step to minimize the risks.
Following are some of the popular sectors that leverage cybersecurity every step of the way.
Fintech companies are now shifting their focus on using blockchain systems that are decentralized by design to prevent and avert the risks of targeted hacking, which is quite common with the older bank vaults. The available blockchain systems in the present world use a network of computers with public and private keys to process every transaction. Nothing can be processed without verification and authentication of the identity.
Private Cloud Storage
The accessibility of cloud storage has become very prevalent in the current world. From transferring important files to saving larger documents, the importance of cloud storage is profound. Since Fintech companies and organizations deal with mounds of data, hosting all that in private cloud storage ensures optimal security. It prevents any security threats from third-party hackers and cybercriminals.
AI and Machine Learning
The use of artificial intelligence and machine learning in data management of Fintech companies doesn’t require any other introduction. However, the main use of AI and Machine learning lies in identity verification to ensure that the processed data is only accessible by authorized users. The use of AI by Fintech companies also flags down the fraud transactions and user interventions and mitigates any vulnerabilities in the system.
Both tokenization and encryption are part of the financial solutions in every Fintech company. Some critical data protection uses encryption, including RSA, Twofish, and 3DES, all of which keep the original information secure.
Role-based Access Control
Abbreviated as RBAC, it strengthens the user’s relationship with the Fintech organization. These access controls prevent ordinary employees and end-users from accessing highly sensitive corporate information. This reduces the co-existing internal and external security threats, which is very profound in the Fintech industry. The same is gradually expanding and evolving with the modernization of technology.
Secure Application Logic
As most of our common knowledge, it isn’t surprising that a strict password can secure many processes in the Fintech industry. Setting up multiple security barriers like one-time passwords, mandatory password changes now and then, short login sessions and adaptive authentication are part of the optimal cybersecurity tips that work religiously with Fintech.