The FinTech landscape is thriving and evolving – exciting projects are being brought to life at the crossroads of digital technology and financial services. FinTech organisations are creating and offering solutions that are efficient. The traditional banks are striving to retain clients, and FinTech companies are dramatically broadening the reach, flexibility, and innovation in the financial services sector.
But the diversity of modern financial services faces a key challenge that could destroy this ecosystem: cyber attacks. The rapid growth, inventiveness, and complexity of the FinTech ecosystem means that some IT security solutions won’t sufficiently protect against cyber-attacks. The fact is – existing vulnerabilities will be found and will be exploited. Apart from financial losses, data breaches can undermine public’s confidence in new solutions & the companies’ reputation, resulting in low adoption rates—especially among users with less experience engaging with digital services.
Here is a pitfall – the variety of IT security tools and technologies is endless. Protect the network, vulnerability scanning and assessment, security monitoring, block malicious traffic, ensure security compliance—but navigating the options and choosing the right tools or services is very hard. In addition to the complexity of available solutions, companies with small IT teams often lack staff with the specific cybersecurity skills necessary to implement, maintain and monitor security tools, or respond to cyber threats. The cyber threat landscape is also changing, and so companies must keep pace with that change.
It’s clear that organisations need cybersecurity but also face a challenge when implementing and maintaining it. Cybersecurity is a process and we understand how important is it to have the right coverage for the right resources, across any environment.
If you would like to learn more about our simplified, integrated cybersecurity solutions please get in touch, request a meeting or come and say hello at the Enterprise Cloud Computing event on 8th May.
Published by Alert Logic