Cybersecurity for Fintechs: Seven Things You Should Know

Any company operating in the fintech sector is currently at a critical point when it comes to cybersecurity, as banking trojans continue to rise and new malware variants are constantly emerging, such as Ginp.

Its main challenge is ensuring the security of customers’ banking data. In this scenario, a data breach not only puts the fintech company at risk, but also its customers’ money and bank accounts. If a cybercriminal manages to breach a fintech’s security defenses, they can gain access to users’ bank account numbers and carry out unauthorized payments on their behalf.

This situation directly threatens the company’s reputation and customer trust. Below, we will share some key recommendations and questions you should consider to ensure the IT security of your fintech.

Seven Aspects You Should Know to Ensure Your Fintech’s Cybersecurity

The software you work with

Fintech companies usually rely on business management software to automate processes and streamline daily operations. However, these systems can also become entry points for malware. For this reason, in addition to ensuring that your provider complies with all required security measures, it is essential to have an IT specialist responsible for regularly monitoring the system.

Identifying security gaps and system vulnerabilities is critical to preventing malware infections and selecting the most appropriate cybersecurity solutions for each environment.

For example, at ESED, we identify these weaknesses by carrying out controlled attacks on the system.

Cloud security

More and more companies are adopting cloud solutions due to their many advantages, one of which is security. However, to truly benefit from this security, just as with your software, it is crucial to ensure that the provider is trustworthy and takes responsibility in the event of a cyberattack.

It is also important not to confuse cloud storage with data backups. The cloud is simply a way of storing information, which is why regular backup copies of all your data are essential.

Data encryption

When working with sensitive data and confidential information, encryption is essential. This ensures that even if unauthorized third parties gain access to the data, it cannot be read or disclosed.

It is an effective way to protect against data theft and to comply with data protection regulations.

The importance of a cybersecurity strategy

Every company, regardless of its sector, must have a cybersecurity strategy. This strategy serves as the roadmap for the organization’s entire IT security framework and should define, among other things:

• Which cybersecurity solutions to implement

• How data is handled

• Who can access the data

• The protocol to follow in the event of a threat

• Who is responsible for backups

• Ongoing system monitoring

And everything necessary to protect the company from cybercriminals.

Credential management

Do you always know who has access to your files? Who is authorized to modify them? Are passwords shared across the company? Are they stored in an Excel file?

These are some of the key questions you should ask when managing credentials. Passwords must be changed regularly and stored in a secure credential management system. Keeping them in an Excel file is one of the worst possible practices, as these files are highly accessible to cybercriminals.

Train and raise awareness among your employees

Employee training is essential to prevent malware from entering your systems, especially through phishing attacks.

Raising awareness about the risks of poor practices—such as installing unauthorized applications, accessing unsafe websites, or opening suspicious emails—is critical to protecting your infrastructure.

It is also important to consider the type of data being collected. In a fintech environment, in addition to bank account details, companies often request ID documents and, in some cases, a selfie for identity verification. In other situations, a payslip or bank document may be required to assess loan eligibility.

This is highly sensitive information that, if not handled properly, can lead to data loss or theft, putting customer privacy at serious risk.

Disaster Recovery Plan 

Having a Disaster Recovery Plan is essential to knowing how to respond in the event of a cyberattack. It acts as a clear guide on how to proceed in cases of data breaches or malware infections.

These plans are critical because knowing how to act helps prevent the issue from spreading across the entire IT infrastructure.

By implementing these measures and deploying cybersecurity solutions tailored to your company, you can significantly reduce the risk of malware entering your systems.

Would you like to know your company’s current security level? You can now find out in less than 5 minutes with our online audit.

For more information or any questions, feel free to contact us through the following link.