Technological advances are shaping the future of fintech and cybersecurity.
The volume of digital money transfers is projected to grow to over 300,000 million by 2026. This is 50% more than the current figure for 2022. As digital operations continue to expand, developing adequate and cost-effective cybersecurity protection, risk mitigation, and regulatory compliance becomes increasingly important. It’s important for companies of all sizes in all industries.
As cyber threats become more sophisticated and corporate structures and needs become more complex, collaboration is required to streamline processes at all levels of a given organization.
be proactive and reactive
In an ideal world, having the right cybersecurity protection would prevent any cyberattack from happening. In practice, however, we cannot expect complete immunity from all cyber risks, so a robust cybersecurity strategy must include breach management and prevention.
In the last 12 months alone, 39% of UK businesses have identified a cyberattack. This equates to an average cost of £4,200 for small businesses and up to £19,400 for medium and large businesses. Therefore, businesses must not only invest in preventing cyberattacks, but also adopt effective countermeasures to respond to these threats when they arrive.
To protect their business at all levels, enterprises must implement effective security controls such as endpoint and border protections, cloud data capabilities, and data privacy regulations.
Fintech companies are particularly sensitive to cyber risks. It takes as many businesses as it needs to handle massive banking networks while maintaining accounts for thousands, if not millions, of users across continents in real time. Therefore, establishing specialized controls over your technical infrastructure and digital services will help you identify and manage risks as quickly as possible.
In cybersecurity, every minute counts. As important as it is to prevent attacks from occurring, the key is to detect and remediate them quickly when they occur.
Importance of collaboration
The CISO has a key role within the enterprise, and that role is evolving today. Beyond technical knowledge, one of the most important aspects of his CISO role in the enterprise is collaboration.
Information, security and data protection management is not limited to technology, but permeates all levels and departments of the enterprise. Therefore, it is important to ensure that all teams are properly equipped to manage cyber risk and communicate technical information concisely to all relevant directors and stakeholders.
There is a wide range of cybersecurity services you can employ. This includes perimeter and cloud security, device security, network security, threat hunting, DevSecOps, web and mobile application security. To make them all work and operate as closely as possible, you need to work with a team of experts to keep your company at the forefront of new advances in cybersecurity.
Eliminating silos is therefore essential to ensuring that companies are prepared and equipped to protect themselves from cyberattacks.
what’s next?
From a regulatory perspective, we look forward to the adoption of the European Union’s Digital Operational Resilience Act (DORA) due in 2023. It is aimed at financial institutions and critical service providers and provides a promising new framework for digital operations. Change your game globally, just like the General Data Protection Regulation (GDPR) did. It is therefore time for companies to identify business areas where more efficient protocols can be implemented and undergo an internal readiness assessment prior to the publication of this document.
Additionally, the next year will see cybersecurity developments in process automation. This is a cost-effective way to increase security. With the ever-increasing number of risks and threats that need to be handled and managed, automation is increasingly being implemented to ensure that human expertise is strategically applied in areas where it cannot be ruled out. .
However, with all these developments and changes on the horizon, one thing remains: your cybersecurity team must work with all aspects of your business to ensure your organization and its customers are protected. That’s it.
About the author
Eric Schifflers is the CISO of Ria Money Transfer. Ria Money Transfer, a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT), offers millions of customers innovative financial services including fast, secure and affordable international money transfers, currency exchange, mobile recharge. , bill payments, and check cashing services that deliver a trusted omnichannel experience. The company is firmly committed to serving its customers and the communities in which they live, paving the way for a better everyday life.
Featured Image: ©Pixels Hunter
