Security & Compliance for FinTech

Fintech is changing finance as we know it. It is already impacting how increasing numbers of individuals and businesses alike conduct their financial matters. Technology is making it easier for people to invest, make payments and even get a loan. On top of that, it is providing first time access to those around the world that are unbanked. This intersection of technology, money and people where regulation is struggling to keep up means security is critical to your organizations success.

Following 2008 there was a great distrust in the traditional banking and finance industry which prompted the growth of fintech. But with the growing list of security breaches, it only takes a handful of fintech companies mishandling their security operations to wind up in the same place

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Understanding your FinTech Applications’ Responsibilities

Security of the cloud is hard to debate – AWS, Azure and Google invest heavily in securing their public clouds. The documentation is extensive but that responsibility doesn’t extend all the way to your application. You have a shared responsibility in managing any data that comes into your application. Fintech companies must prioritize effective ways to address cybersecurity, data security, and privacy protection from the very beginning.

Companies must be extremely proactive in anticipating things that could go wrong and then put in place robust, effective measures. It takes a DevSecOps approach to prevent, or a least greatly mitigate, serious problems in the areas of cybersecurity, data security and privacy protections.

Customer expectations of FinTech companies

Security expectations for FinTech customers are high, similar to those in the healthcare space, because of the nature of the information they are providing to these services. Names, driver’s license numbers, social security numbers, dates of birth, etc. – a breach of any kind exposing this data could be detrimental to customers and thus, the organization.

Rest in confidence that your investment in security is well-placed. Good governance of information has long be seen as a value add. Security that protects customers from breaches is a selling point — one that appeals to security-minded individuals worried how their personal banking information will be handled by relatively new and unknown companies.

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Regulations in FinTech

FinTech is growing so rapidly that regulation is failing to keep up. This is advantageous for innovation but also poses a risk of leaving customers particularly exposed. Build security into your product to avoid the potential overcorrection in legislation should a major breach occur. Minimizing the impact will allow the industry to continue to remain agile and on the forefront of technological innovation.

JupiterOne: Precision Security for FinTech Providers

JupiterOne’s was built for cloud-native applications. The framework was created for our own cloud platform with the goal of achieving a HITRUST CSF certification in a quick and sustainable way without having to onboard a large security team or compliance consultants. After seeing the success both in end result and time savings throughout the process, we knew JupiterOne needed to be shared.

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