fbpx

Every day the world brings us new challenges. The digital world is also exposed to these changes, now more than ever. To straighten out this very complicated subject, we asked WealthTech experts with proven track records to comment on the biggest trends in cybersecurity in 2020. Most of them won’t require you to change the course of your WealthTech 180 degrees; it’s about forming a mindset similar to that of those who are successful to ensure security in the company.

Every workstation is a third-party vendor

Last year Capital Forensics encountered a user data breach when one of Capital Forensics’ third-party platforms was attacked. This is not the first time that a third-party provider is to blame for cybersecurity issues. Third-party vendors are often associated with the risk of being exposed to security threats. However, what is also true is not that the vendors themselves are vulnerable but that the users and employees with poor security skills are the sources of danger.

All users are now working from home. In the past, it was just independent contractors, but now all employees will need to be treated as independent contractors from an IT security perspective. The classic definition of the enterprise IT boundary has blown up. The new IT perimeter is the users themselves.Sid Yenamandra, CEO Entreda

Business continuity is a must

The current situation clearly shows that it is not just inferior data security that can seriously harm businesses. The CIA triad—confidentiality, integrity, and availability—of Fintech platforms shouldn’t lack any of its constituents. The focus of platforms’ attention today should be shifted from confidentiality to integrity (the failure-free and unstoppable operation) and availability (management and access are possible in real-time). In working from home realities, the success of integrity and availability rests in the wise management of remote workstations.

The security of tools you use matters

At the beginning of the lockdown, the news about security vulnerabilities in Zoom went viral on the web. The tool that businesses relied on to to efficiently collaborate with colleagues turned into the weakest link in their security strategies. Since that time, the technology world has become pickier about what software it uses to get the job done. To put that in context, companies will update their security policies to list reliable and trusted software to lessen the exposure risk. These would include cloud storage providers, operating systems, communication and remote conferencing tools, code editors, task trackers, databases, and QA software.

A Guide to FinTech Cybersecurity: The New IT Perimeter

Takeaways

More cybersecurity issues need to be handled properly in order to ensure clients’ data is safe and secure. Together with the trends listed above, read the complete guide to providing cybersecurity while developing software for Fintech and WealthTech. Still, the trends show us what to expect from the future at this highly volatile time, which is why they deserve your attention.

Witness the Transformation: Why Startups and Tech Giants Team Up Now

Witness the Transformation: Why Startups and Tech Giants Team Up Now

In 2020, the question was “Can startups partner with major companies?”  Now it has changed to “What are new ways for startups to partner with major companies?” Learn how tech…

Wealthtech Beyond 2022: What Industry Trends Should You Follow?

Wealthtech Beyond 2022: What Industry Trends Should You Follow?

Some things never change, but some things are Fintech and nothing can hold them. While the wealth management segment has a long and heavy plume of tradition and a reputation…

The Big Layoff Wave: How the Looming Crisis Stirs Fintech

The Big Layoff Wave: How the Looming Crisis Stirs Fintech

While earlier this year crumbling valuations and stock prices had the spotlight, now a sweeping wave of job cuts has stolen the attention across the industry. As TechCrunch keeps adding fresh…

Must Visit: 9 Tech Events to Attend in May and June

Must Visit: 9 Tech Events to Attend in May and June

Lots of event opportunities are waiting this June and May for Fintech leaders hungry for networking and knowledge sharing. Choose your huddle and pin the date!

Ultimate Wealth Toolkit: Utilities for Financial Advising and Management

Ultimate Wealth Toolkit: Utilities for Financial Advising and Management

Explore our picks from the array of platforms and instruments for financial advising and wealth management. See what Fintech has on offer, find an app for yourself, or decide how…

Activist Investing Evolution: From Financial to Human Values

Activist Investing Evolution: From Financial to Human Values

Sustainability investing has been manifesting its growth in the recent years. One of the forms this trend takes is activist investing - redefined. We explore its journey from the beginning…

Robo-Advisors: Will Human Financial Advice Survive Investment Automation?

Robo-Advisors: Will Human Financial Advice Survive Investment Automation?

Self-guided online services have been managing human wealth for almost 15 years. Launched the same year that crypto was created, robo-advisors managed to cement their presence in the Fintech market,…

Tools to Help You Build Integrations in Fintech

Tools to Help You Build Integrations in Fintech

In the last half a year, we saw the dawn of digitization in Fintech. Companies have been forced to adapt to the new reality and make partnerships to get access…