- August 13, 2020
- Posted by: Pat Riot
- Categories: CyberSecurity, Finance, Managed Detection and Response
With today’s shift into an all cloud environment, most financial firms are doing everything they can do to stay up to date on the latest FinTech. Financial Technologies are computer-based software’s that are utilized by financial service employees. These technologies are used for improving work efficiency and meeting customer demands. And with FinTech companies constantly competing, prices are never too unattainable for financial services. All in all, FinTech cuts unnecessary expenditures and eases financial employee work loads.
However, there are a few major draw backs to staying on top of the FinTech game. One, being they require massive amounts monitoring and maintenance which isn’t typically a problem for a standard IT team. Unfortunately, in today’s onsite and remote workspaces, IT teams are being asked to do more than they ever have before. Organizations now are being forced to allow employees to implement a “work from anywhere” method so their employees can continue to get work done. With innovative FinTech capabilities, working from anywhere isn’t really a problem either and something companies have been preparing for a while now but, results in increased complexity with network protocols and extensive cloud mitigation. Another problem being financial technologies do not come with their own set of standard security protocols or regulations. Making all the client data being transferred through that software vulnerable to attacks or breaches and forces employees to use said technologies according to standard federal regulations.
Some examples of the latest FinTech’s being used today are Crowdfunding platforms for monetary transactions between app users, cryptocurrency’s, mobile payments such as PayPal & Venmo, stocks applications such as Acorns & Robinhood, etc. These technologies are used by employees and customers alike. Which mean both parties are vulnerable. It is imperative to ensure that all software’s being utilized by a financial organization are completely secure. There are applications such as Blockchain, which help with identity and access controls, but none that focus directly on security. Without securing all an organizations day to day software’s, the network is basically a fish in a barrel and it’s open season for hackers and cybercriminals. Whether you have a portfolio management algorithm, an “all in one” personal finance tool, or any other budgeting tool, both employee and customer personal data information needs to be secure.
FinTech won’t stop evolving and customer demand for real-time transactions will continue to grow. Securing you data no matter what technology it’s being pushed through should be a top priority. With proper Manage Detection & Response (MDR) platforms, an organization can have full control and access to any application being utilized on the network.
Here, at Steel Patriot Partners our Manage Detection & Response platform is compatible with networks of any infrastructure no matter where they are located. Our platform allows us to continuously monitor your companies network and all of the technologies that lay within it, including endpoints such has employee computers and devices. Allowing employees to continue being efficient and meet customer demands, while also being as secure as possible and ensuring data privacy. If any one of your tools or applications were to be hacked the whole device itself would be compromised. With SPP MDR you are alerted in real-time of any suspicious behaviors with any entity and have the power to completely isolate and remove said device from the network halting it from causing damage. Let your IT teams solve your technology problems, let us keep them secure.
For more information on how we can help your company manage your companies’ network and Financial Technologies please give us a call at +1 703.297.4405 or email us [email protected]