Firms across the UK are innovating their businesses to adapt to the technological opportunities that are opening up. These include fintech and insuretech organisations that are leveraging new technology to improve efficiency and challenge traditional business models. The development of technologies such as the internet of things (IoT), artificial intelligence (AI), blockchain technology and cryptocurrency has played a significant role in the adoption and evolution of fintech and insuretech applications.
However, with the adoption of new technology comes the risk of those applications becoming a primary source of weakness and point of entry for cyber-attacks.
According to Thinkadvisor, Fintech firms are prime targets for cybercrime attacks with the growth of attacks outpacing transactional growth by 50%.
There has been an 80% increase in digital wallet transactions followed by 180% increase in associated bot attacks. –ThreatMetrix.
These stats demonstrate the challenge that Fintech and Insuretech services have in preventing sensitive data theft and keeping online transactions secure, with associated risks including a damaged reputation, downtime, litigation and the financial costs involved in rectifying any damage. For fintech organisations to grow and win business higher up in the financial services sector including the top banks and investment houses, they must insure that they implement and maintain cyber security best practice.
As a CREST-accredited Certification Body, 7Safe can provide your organisation with a cyber risk assessment and strategy review. Our cyber experts are able to provide you with assurance throughout the entire cyber security life cycle – covering you from the basic requirements of Cyber Essentials, right through to preventing data breaches by detecting threats early, testing for advanced security vulnerabilities and also fixing the problems. This means you receive:
- Cyber Threat Hunting – Identifying threats and responding to them in a timely manner is continuing to prove challengiOg. Malware in your organisation is proactively 'hunted' for evidence of ‘threats’ which have gone undetected by other means – indicating that you have already been compromised.
- Penetration Testing - All of you systems should be tested regularly to determine how they respond to new sophisticated attacks and what needs fixing to prevent them. Penetration testing provides the crucial information to help you identify and eliminate vulnerabilities.
- Cyber Security Incident Response – Hackers are typically in an environment for 250+ days before an incident is identified. We can help your organisation respond to, recover and investigate cyber incidents – particularly serious cyber-attacks.
- Cyber training - We deliver exclusive training programmes that are tailored to your organisation's requirements, including training passports, publically scheduled training courses, or bespoke awareness and technical training at our training facility or your offices.
To find out more about how 7Safe's cyber experts can help build cyber resilience tailored to your fintech business, please email us or call +44 (0)1763 285 510.