With COVID, the lockdowns have impacted most of us to search for alternatives while working from home. However, it boosted the usage of products and services from fintech companies. Such a blessing can come with an added cost – biggest one being the security challenges. People rely on fintech companies to manage their finances digitally making them a favourite target for the cybercrime. Fintech companies have more valuable data to safeguard and secure than ever before. Because of this even big reputable institutions have data leaks from time to time.
Companies protect the customers and their data from the threat of cybercrimes by using tools like cryptograms, which track the data they received to see if it’s actually coming from the customer. In additions, companies use AI fuzzing which is essentially an AI implemented to find and abuse vulnerabilities in the fintech company’s software. This helps the company’s IT department to patch up the leaks before cybercriminals discover them. Bigger companies have more issues mainly with managing the sheer amount of data they handle and they emphasis on the best cyber security tools to protect from unwanted threats.
Companies and techies of the world anticipated this hacking onslaught and setup multiple defenses for cybersecurity concerns. So much so that the number of data breaches in the first half of 2020 was actually 33% lower than the year before. Moreover, far-sighted businesses that invested in cybersecurity on time have seen benefits – 40% of them have profited and earned back the money they spent on upgrading their systems 2-3 times over. All in all, tech enterprises are fighting back. They are using new technologies to defend against the adaptive and creative hackers of the world. Perhaps this struggle will lead to an even safer cyberspace than ever before – but whatever happens, it seems the companies that invest in protection will come out on top.
