Automating Cybersecurity For The Fintech Sector

Fintech is at the forefront of digitizing the entire banking services suite and has been responsible for making digital banking the new norm. The sector has disrupted traditional banking services and has integrated digital channels to offers omnichannel experiences. The rise in digital adoption has not escaped cybercriminals, especially fintech firms digitizing and storing customer data or information. The issue of cybersecurity is now looming large, more than ever before. Some of the critical fintech challenges include complex vulnerabilities, insecure cloud environments, lack of automation, human errors, digital identity cloning, compliance issues, data security, and money laundering. Key attack vectors in the fintech sector causing such risk include Distributed Denial of Service, spear phishing, ransomware, mobile malware, insider threats, and IoT exploitations.

Today's complex attack vectors can compromise an organization in minutes. In legacy security frameworks, the gap between the speed of compromise and the speed at which it is detected is vast, making it one of the main failures while investigating a breach. Banks need a comprehensive, scalable, and automated security framework that is always one step ahead of a sophisticated attack's velocity.

The ideal cybersecurity framework for securing banks:

· Meet compliance guidelines: PCI DSS, RBI, IDRBT, UIDAI, NPCI, Credit Agencies, Payment Processors.

· Infrastructure security: Configuration & Patch Management, VAPT, Anti Malware, Firewalls, SIEM/SOAR.

· Secure banking apps: Web app security, source code review, DAST, anti-phishing, WAF, access management.

· Digital banking: App security, customer awareness, device security, identity management, secure wallets.

· Neo Banking Security: Secure payment platforms, aggregators & gateways, including fintech API & platforms

· Open Banking Security: Enable third party API platform security

· Payment Device Security: Safeguard payment devices

· Next gen fintech security: Cloud, RPA & Big Data security; Analytics, predictive cyber fraud management.

· Security lifecycle automation: Cyber Defense Center for 24x7 monitoring along with automated AI-ML threat detection & response to take on insider and external threats.

Strategic security automation services to implement this framework. These services include threat and vulnerability management, risk management, managed security, digital identity, compliance management, security automation, security testing, and security product development.

AI-ML powered security automation solutions can detect an attack in seconds and match its speed to prevent a breach. The threat source is investigated quickly, and a suitable response is initiated to neutralize the attack. These solutions can evolve fintech defenses against web-based attacks, reduce ransomware occurrences, increase deployment of security automation tools, mitigate insider threats, ensure 24x7 monitoring, leverage analytics, enhance security governance, ensure data security & strengthen perimeter security. Security automation solutions and threat hunting capabilities can secure enterprise infrastructure by gaining context and insights to enable faster detection and response.

Managed security services offered by Cyber Defense Centers (CDC) can be leveraged to secure assets on-premise, cloud, or virtual from any form of complex attacks. CDC enables cybersecurity transformation through services such as Managed Detection & Response, breach automation, cloud security, access governance, and red teaming. CDC service providers have resource strength that includes engineering teams, elite group of threat hunters, product specialists, architects, and forensic experts who are always on the front-line to monitor and mitigate all known and unknown threats 24/7.

Security automation must be an integral part of fintech operations to improve threat visibility, speed up incident monitoring, detection & response time, increase cost savings, and sustain business continuity. By following best security practices and leveraging the next-gen tools and technologies, fintech firms can defend customers and employees from cybercriminals and ensure everyone involved in the fintech ecosystem is secure and safe.