Expanding Cyber Threats & Mitigation Strategies for Financial Service Organizations

Strategic Relevance

The threats to FinTech organizations are becoming more sophisticated, persistent, and diverse, posing significant risks to the security, availability, and privacy of information systems and data.The challenges and security issues will inevitably result in business losses, both financial and in terms of reputation, if remediation measures are not implemented. The legal and regulatory implications will become even more significant than they currently are. The trust of users in the system and its processes will be undermined if there are breaches resulting from vulnerabilities in the applications or infrastructure. To ensure continued growth in the financial sector for years to come, prioritizing the mitigation of security risks is essential.

Challenges & Opportunities

Challenges
Overcoming technical debt resulting from supply chain weaknesses and legacy financial controls is a significant challenge. The lack of standards and frameworks for Financial Systems further compounds the issue. Complex and sometimes ambiguous integrations and workflows can make it difficult to navigate.

Opportunities
Strengthening regulatory and compliance-based security controls and implementing a standardized framework for financial systems provide opportunities for improvement. Developing more resilient security systems from the ground up can address the gaps in legacy systems and complex integrations.

Future Trends

Future trends include tighter collaboration with regulatory bodies and the government. Additionally, there will be an increased emphasis on collaboration and intelligence sharing among financial service providers. The alignment with common compliance and regulatory requirements will serve as the main drivers for businesses in the future.

Best Practices & Key takeaways

Best practices include ensuring security and visibility at endpoints, networks, and data. It is crucial to have complete asset visibility and implement lifecycle management effectively. Strong access management principles should be followed, including proper privilege identity and access management. Clearly defined policies and processes should be in place, which need to be periodically tested for relevance. A mature vulnerability management program should be established. Additionally, a secure CI/CD pipeline should be defined, operated in a shared responsibility model between developers and InfoSec teams.

Hilal Ahmad Lone
Chief Information Security Officer
Razorpay

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

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