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What does a cyber-first approach really mean?

Financial technology, or FinTech, is a sector that is becoming increasingly important to businesses around the world as technologies become more widespread and accessible. There are a whole range of different types of technologies in FinTech, from digital banks and payment platforms to InsurTech and RegTech to blockchain and cryptocurrencies. The main point, however, is that FinTech is designed to help companies better manage their financial businesses using technology.

According to a study by ESET that looked at the recruitment of 1,200 executives around the world, over two-thirds (68%) of executives expect their company’s investments in FinTech to increase to some extent between 2021 and 2022. As with any new technology, however, this increasing adoption of FinTech poses new risks for companies that they may not have faced before.

Cyber ​​attacks and data breaches are becoming more frequent and complex every year. This poses a threat to any industry, but financial services companies and those who use FinTech are particularly attractive targets for cyber criminals as they deal with monetary transactions and handle sensitive personal and financial information.

Moving financial services online increases the amount of money at stake in a potential cyberattack, making a breach even more costly than before. With this in mind, it is obvious that companies must first adopt a cybersecurity approach when introducing new FinTech solutions. But what does this mean in practice?

The first step is to make sure your business is protected with a comprehensive cybersecurity solution. It’s all well and good to invest in FinTech. However, if that investment comes at the expense of security neglect, companies can see significant costs down the line in the event of a cyberattack.

Cloud data should be protected by robust security, encryption and email systems to reduce the risk of malware and phishing attacks. Endpoint security is also important to prevent targeted and fileless attacks. To learn more about how ESET can protect your business from cyber criminals, check out the solutions for business here.

While investing in comprehensive security is critical, this is only the first step in implementing an approach that puts cybersecurity first. It is important to ensure that people at all levels of the company are involved in this mindset. Cybersecurity cannot be a top-down initiative as every single employee who does not behave responsibly poses a risk to the company.

All stakeholders need to be invested in the approach, which means that a cybersecurity-first attitude needs to be built into the corporate culture. Constant training plays a huge role in this as the approach is unlikely to continue without understanding the importance of cyber hygiene, the consequences of ignoring these protocols, and the ways in which the risk can be reduced. Understanding phishing attacks, password security, access management, and the importance of system updates are critical. Here you can find the instructions for your remote employee.

Please visit the ESET website for more information on protecting your company.

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