Fintech cyberattacks impact more than just money, such as breaching required compliance standards or eroding trust with customers. Further, financial service providers have an obligation to protect their customers’ data, in addition to their money. At the same time, attackers frequently target fintech companies due to their motivation for financial gain.
So, what can fintech companies do to prevent the next cyberattack from impacting their business? Let’s take a closer look to understand the importance of a proactive cybersecurity approach.
While internal security teams play an important part for many fintech providers, leveraging the expertise of an external testing team brings many benefits. For example, with cybersecurity constantly evolving, new insights can enhance your internal team with tips shared by external experts.
Furthermore, many growing companies benefit from the increased scale external teams offer. Augmenting your internal staff with a scalable solution for testing becomes invaluable to many enterprises and rapidly growing companies.
Finally, centralized operations for pentesting empower teams to become familiar with the platform and increase efficiency. Legacy pentest data can be reviewed to find opportunities for optimization to existing workflows and processes. While the centralized data comes with its own vulnerabilities, working with a trusted partner to provide this platform alleviates this concern - especially when the pentest platform provider has gone through the proper compliance frameworks and implemented necessary security protocols.