Fortifying Finance: The Role of Cybersecurity in the Fintech Vertical

Today, online and mobile transactions are the new normal, ultimately making banking quite convenient. Speaking of which, the said convenience also trickles down to the criminal factions on the 24/7 lookout for aperture to nullify the security structures of financial institutions (FIs).?

The trust we place in banks to protect our Personally Identifiable Information (PII) hinges on the effectiveness of cybersecurity. Whether it's an accidental data leak or a meticulously planned cyberattack, it's imperative to ante up the efforts around building a Fort Knox of your FI.?

Before we dive deeper, let's paint a real-time picture with a global perspective to understand the magnitude at which globally leading FIs have been compromised in the past decade.?

These real-world examples demonstrate that cyber threats span across the globe regardless of the financial territory. As technology evolves, so do the blackhat practices in the world of finance.

The Repercussions

Suppose when your bank's data is compromised, customer trust resultantly takes a nosedive. The first rational step any customer would take would be to back off from shoddy cybersecurity solutions; they move their resources elsewhere. Data breaches cost time and money and once ruptured, your and the customers’ private information can be weaponized. Even if your cards are canceled and fraud is swiftly dealt with, sensitive data such as that of your digital wallet can wreak havoc in other ways.

Countermeasures Catalyzed by AWS

The realm of modern FIs is in constant pursuit to champion cybersecurity, and their tech leaders are striving to catalyze that. Among them, is Amazon Web Services (AWS) bringing in a formidable cloud technology that can turn your security detail into a fortress to combat evolving threats.

Let's link the aforementioned threats with AWS solutions dedicated to each one of them.

Phishing Attacks

Phishing attacks are cunning adversaries that can compromise financial institutions. By deploying AWS Shield Advanced, you can thwart Distributed Denial of Service (DDoS) attacks, including sophisticated ones accompanied by phishing attempts. That way, you can ensure your systems stay resilient even in the face of relentless attacks.

Trojans and Malware

Amazon GuardDuty is a mission-critical solution to keep trojans and malware from infiltrating your networks. Based on machine learning capabilities, it detects unusual behavior in your AWS environment, and uncovers threats like unauthorized access and compromised instances.?

Ransomware Threats

Ransomware can hold your data hostage, while demanding a hefty price for a release. The infusion of AWS Key Management Service (KMS) can help you retaliate against such threats with the encryption keys to secure your data stored on AWS. It ensures that even if attackers breach your defenses, they won't have the keys to unlock your confidential information.

Spoofing Attacks

Spoofing can manipulate identities and access, which can be countered through AWS Identity and Access Management (IAM). You can manage your users and grant permissions based on roles and policies, making it much more difficult for infiltrators to gain unauthorized access.

Similarly, the AWS App Runner purpose-built to address mobile banking vulnerabilities, and the AI-powered Amazon Macie for automated data protection are vital additions to AWS’ cybersecurity arsenal that every FI can leverage.

The Aftermath

The cybersecurity landscape will keep evolving, and so will the nature of threats. The global financial services landscape must deem customer data and its identity of high importance to sustain its position in the market. The protection of customer data and financial identity will lead to the protection of financial resources. That can only be done with trailblazing technologies like AWS.??

Since most companies (including startups and enterprises) involved in digital financial services are still in their infancy, when it comes to implementing robust cybersecurity measures, it is imperative that they partner with a technology solutions provider with ample experience in cybersecurity. In fact, partnering with such an organization can help the startup or enterprise stay abreast of changing trends in the fintech ecosystem, bolster their cybersecurity defenses, and work on fintech app development accordingly.?