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
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.
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 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.