FinTech is on the edge of new financial breakthroughs every day. Managing money–and soon many other resources–is a dire situation that needs multiple global overhauls, and there are many great ideas to implement.
Those ideas sometimes come with security flaws. But that doesn’t mean you or any FinTech team should give up! Here are a few cybersecurity challenges that you may face, and ways to approach those challenges to come out stronger.
Trusting New Tech Hype
FinTech’s success is largely in thanks to embracing the fast, new features that come from groundbreaking technology. The cashless, contactless, and sometimes cardless world of convenience has opened up a world of new ways to share resources.
That same enthusiasm often comes with a price. It’s hard to see dangers when success is so quick and rampant, and being too cautious can come off as not being bold.
The enthusiasm of tech enthusiasts and tech professionals alike must be paired with automated caution. Ever new generation, new class, or new introduction to the tech world has a few people who strongly believe in the concept of unhackable tech.
Do not let them control your security.
At the same time, don’t stifle their creativity, either; the reach for the impossible will still bring about innovation. Even if it defeats or confuses hackers temporarily, a leg up in the security game from bold thinkers is a great gift.
IoT Increases Attack Vectors
The Internet of Things (IoT) is a similar, yet separate industry to FinTech. Like anything else in the tech world, there are connections that could help and harm your business.
One major problem with IoT is that it delivered a lot of devices that can connect to the internet to deliver a lot of information and provide a lot of features, but without much security. In fact, the biggest embarrassment of IoT was when anything from cameras to baby monitors had default passwords, such as Username: Admin and Password: Password.
This means anyone with an internet-enabled camera, microphone, or anything else with an input device could be spied upon if their product vendor didn’t change basic login information. Even beyond spying, connecting to these devices could give hackers access to private networks.
FinTech faces many of the same risks. New payment systems need to meet the standard set by authorities such as the Payment Card Industry (PCI) compliance instructions to confirm safety in the digital world.
Unfortunately, many of these compliance points come from lessons learned after compromises. If you’ve developed a new way to share money between friends, a cryptocurrency mining technique, or a better way to pay if someone leaves their wallet, have you vigorously tested ways that someone could abuse the system?
Do you have a hacker on your side or a paranoid security expert who can think of ways to exploit the system? What if it’s not your idea that is compromised, but someone else’s system that changes because of how your idea works?
Do you have a legal team to separate you from the incorrect use of your idea? What about a team that can turn your vulnerabilities into strengths by creating and copyrighting offshoot ideas and lucky accidents?
The cybersecurity world is full of risks, but also lessons and opportunities to grow. Contact a cybersecurity professional to discuss the unique risks that your team faces today.