The world of Fintech (financial technology) has changed dramatically in recent years due to the benefits of online and mobile solutions. But with most of our transactions, both business and personal, being virtual, how can financiers best adhere to compliance, including GDPR and FCO and protect their financial services in the Cloud?
Here are the top 8 Cloud fintech security and compliance features and solutions that your Finance company should look for.
Effective, Proven Compliance
Your Cloud solution provider needs to demonstrate their own compliance documentation. If not volunteered, ensure you request copies of their ISO 22301: Business Continuity Management System certification, their ISO 27001 & 22301 for Information Security Management and Business Continuity, and their PCI: DSS Payment Card Industry Attestation certification. Don’t forget to ensure that any other compliance or security requirements that your clients may have specifically requested, will also need to be considered.
Multi-Layered Cyber Security
The most effective Cloud Fintech security will consist of various solutions, layers of cyber security solutions, one on top of the other, like a wedding cake. Each of the different ‘tiers’, will provide an additional layer of security. It’s this strategy that will make your Cloud services much harder to breach. With cyber-criminals becoming more sophisticated and persistent, alongside the devastating consequences and the potentially huge penalties for businesses who suffer an attack, ensuring you have in place effective cyber security solutions, is paramount. You will also need to consider security measures for your various SaaS solutions.
Secure Cloud Servers
Whether you choose a hybrid Cloud, public Cloud or private Cloud solution, as discussed above, your Cloud environment itself has to be secure. You should run regular backups and, more importantly, have enhanced cyber security solutions in place to ensure you’re protecting your servers and data, and the data of your clients.
Targeted Threat Protection
With effective targeted threat protection across all perimeters, your Fintech security will be greatly improved and you’ll be able to better defend your data, credentials, money, and intellectual property.
Your user permissions and privileges policy should be maintained and well managed. With employee changes often unpredictable, it’s imperative that user access management is high priority. All too often user access hasn’t been modified or revoked when an employee leaves, resulting in a potentially harmful vulnerability.
Disaster Recovery Solutions
Your Cloud solution needs a comprehensive and effective disaster recovery plan, ensuring that all data in the cloud can be restored quickly and efficiently. Ensure these are tested and reviewed regularly.
Email and Web Security
Ensure that the provision of multi-layered data, email, and web protection & encryption that quarantines malware, protects from ransomware, spear-phishing, impersonation attacks and other email vulnerabilities is provided. URL protection should also be in place to protect your organisation from malicious URLs, attachment protection, impersonation protection and browser isolation.
Regular, Incremental Backups
Your Cloud environment should be regularly backed up. There are proven and trusted Fintech security solutions that can back up data every few seconds. For Financiers, these solutions would be most beneficial. Your backups should be regularly tested to ensure data is not lost, and you can quickly become re-operational in the event of a disaster.
Cloud computing solutions can transform your company’s Fintech security, delivering powerful and affordable flexibility and scalability. At CMI we have provisioned many of our FinTech clients with our highly configurable and effective solution TheBigCloud. This is a secure, reliable online-accessible workplace, optimised by our ongoing assistance.