Description

Financial services organizations have developed a strong expertise in cyber security. The ecosystem has long protected physical networks and legacy systems with traditional managed security services (MSS). Furthermore, IT infrastructure has been divided in different sub areas (front, middle, and back offices) with the aim of minimizing the risk of cyber attacks. But as with other industries, the financial services sector has had to deal with the BYOD trend. This trend increases the security threat by providing a new means to access cloud-based platforms and internal networks.The fintech revolution has accelerated this phenomenon by providing a new layer of applications, services, and cloud-based solutions to consumers. Most of these innovative start-ups initially focus on ensuring the rapid rollout of new apps. Consequently, these applications could be targeted by hackers that are looking for ways into the financial services ecosystem to perform criminal activities. Fintech companies have to build their strategies around security to avoid becoming the weak point within the cyber security ecosystem and to create trust in the consumer space. This can be achieved with security-by-design, cryptography, and other existing security features. However, the fintech industry has always disrupted the market with innovative financial services solutions. These companies are well placed to disrupt cyber security by leveraging emerging technologies such as blockchain and biometrics technologies.