5 Cybersecurity Tools a Fintech Startup Should Recommend Its Customers

5 Cybersecurity Tools a Fintech Startup Should Recommend Its Customers

by October 22, 2020

Being aware of the threat of cybercrime is crucial, but not enough to prevent all the risks connected to it. In a world where everything is accessible within a click, it’s fundamental to make sure that sensitive data is completely inaccessible to unreliable eyes.

The nature of cyberattacks keeps changing with time. In a recent study, Accenture listed some of the main evolving drivers of the global cybersecurity threat, including targets, impacts, and techniques, pointing out how these keep adapting to different situations.

Fintech startups have already taken several internal measures in order to be prepared against cyberattacks. Through the use of automation, machine learning, and AI, the reduction of ransomware occurrences, and major defenses against web-based attacks, many tech-based companies have demonstrated to be able to protect their data.

What some of these companies haven’t considered yet is that their users, the single individuals who interact with them on a daily basis, are still exposed to the threat posed by cyber-attacks.

Fintech startups should pass on their high-level security measures to their customers, not only to help them in the interaction with the company’s services but also in their private life.

Furthermore, considering that banking mostly happens via mobile devices through the use of public networks, the issue is rather real.

5 key tools that help companies and individuals in the fight against cyberattacks

Here are listed 5 of the most effective tools that can be adopted not only by companies but also by individuals in their day to day operations.

1. A secure cloud storage system

There are countless cloud storage services available in the market but choosing a cloud storage system that respects the rules of cloud security is pivotal. A cloud storage system allows users to store data in a secure locality and to have access to them from any location without having to fret about storage size, file formats, and the likes.

2. A Virtual Private Network (VPN)

A VPN creates a “virtual” network that allows users to securely connect to another network in a different location.

Users can securely use public networks by logging onto a VPN, having their data encrypted at the source, and connecting to servers across the world. These servers assign users with a completely fresh IP address, helping anonymizing their online identity. Users’ data is then related to its destination, neatly packaged and securely encrypted without the risk of being intercepted and analyzed by cybercriminals.

3. A password manager

Scared by the idea of losing track of their many passwords (social media, online banking, online shopping, email accounts, business software logins), users tend to stick with a single password for multiple accounts, giving hackers effortless access to their multiple accounts.

A password manager is a highly secure program to store all the passwords in an encrypted and safe way. Only one master password is needed to access all the others, and the software takes care of the rest.

4. A multifactor authenticator

On websites and apps, multi-factor authenticators work by granting access to users only after them successfully presenting two or more pieces of evidence that are extremely personal to themselves: knowledge, possession, and inherence. If software-based authenticators worry users, they always have the choice of opting for a hardware authenticator like Yubikey, that helps provide strong phishing defense using multi-protocol capabilities that can secure legacy and modern systems.

5. A firewall

More than 350,000 new malicious programs are created and sent out into the digital world every day. This means that the risk of a cybercriminal gaining direct access to someone’s hard drive is very high.

Individuals can protect the desktop and the mobile devices with a strong firewall, a shield against malicious incoming or outgoing connections, and a good virus and malware scanner, to make sure no nefarious programs are hiding out on the hard drive.

Better safety means happier customers

As we saw, it’s crucial for fintech startups to not only embed these strategies into their internal system but also help their customers make good use of them.

This will bring improved security within the customer-startup relationship, therefore more potential business partners, and increased trust and satisfaction.


Featured image credit: Pixabay

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