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Cybersecurity In-Depth



Edge Articles

4 MIN READ

The Edge



THIRD-PARTY PROVIDERS CREATE IDENTITY AND ACCESS CONTROL CHALLENGES FOR FINTECH
APPS

Fintech has drastically shifted the financial services industry toward digital
technologies and, in so doing, has introduced a variety of new risks.
Shira Shamban
CEO and Co-founder, Solvo
February 21, 2023
Source: Andriy Popov via Alamy Stock Photo
PDF


As with every other sector that has embraced digital transformation, cybercrime
has become a more prominent threat in finance. According to VMware's Modern Bank
Heists study, since the COVID-19 pandemic, there have been 238% more
cyberattacks on companies in the financial sector, a shocking rise.



The recent string of attacks on DeFi platforms shows clearly how fintech
companies tend to be a big prize for bad actors. Fintech apps, especially, tend
to offer the potential for massive payoffs. Attackers can also cause more damage
by targeting users of the tech, who may implement less rigorous cybersecurity
measures. One malicious app can strip fintech users of their assets and leave
the fintech company with a reputation in shambles.

Fintech companies are having to rethink how they approach their identity and
access control strategy to ensure that their platforms are equally trusted by
both consumers and businesses. As this industry continues to adapt to the cloud,
it's imperative that the proper controls be put in place to retain an
organization's security posture — and this comes with its own array of
challenges.




WHY FINTECH APPLICATIONS ARE HARD TO SECURE

Cloud development has made new types of apps possible and existing apps work
better than ever. However, it has also generated new opportunities for
misconfigurations, human error, and identity management issues, and it has
rapidly expanded potential attack surfaces. Because fintech apps are leveraging
a massive range of technologies, this continues to be one of the most
challenging areas when it comes to security.



Whether moving a legacy app to a new and better cloud-based architecture or
expanding existing capabilities, any type of change leaves an organization
vulnerable at cloud scale. This can make the blast radius of a single attack
much larger, since an infrastructure's attack surface now expands and is dynamic
in the cloud.

Fintech applications also must meet tight regulatory standards that vary around
the world, and often face steep fines for noncompliance. For example, in 2019,
the Spanish DPA fined a financial service provider 1 million euros due to an
insufficient legal basis for data processing, which violated General Data
Protection Regulation (GDPR). Operating in the financial realm means providing a
higher level of accountability to customers and across the industry, which can
be a tall order. Fintech demands that organizations ensure visibility,
reliability, and correct configuration.

To stay competitive in this very crowded arena, fintech companies need to keep a
tight grip on security and privacy from day one of development, especially as
third-party services continue to grow.




HOW THIRD-PARTY SERVICES CAN INCREASE SECURITY CHALLENGES

As fintech organizations become more dependent on vendors and other partners
such as manufacturers, suppliers, and subcontractors, as well as increasingly
complex supply chains, they also become more exposed to attackers. Respondents
from CRA Business Intelligence's recent Third-Party Risk Survey believe that
third parties are increasingly the cause of IT security incidents, with more
than half of all respondents (57%) reporting they were victims of an IT security
incident — either an attack or a breach — related to a third-party partner in
the past 24 months.

Organizations often lack visibility into third- and fourth-party partners, and
with that, the vast scope of data accessible to them. In today's
software-centric world, interoperability is essential, but it often leaves
organizations even more vulnerable to attackers. Fintech developers must remain
constantly alert for potential software supply chain issues and the security
challenges third-party services can bring to their organizations.


REMAINING COMPLIANT AMID TIGHT REGULATORY STANDARDS

In direct response to recent high-profile cases of fraud within cryptocurrency,
regulators are beginning to pay even closer attention on the already highly
regulated space, creating a challenge for fintech applications and companies to
stay on the pulse of these changes and remain compliant and protective of their
sensitive information. According to Gartner's Fintech in 2022 Report, fintech
leaders ranked regulatory challenges as the top threat to their business right
now.

In the midst of these shifting regulations and requirements that vary around the
world, including Payment Card Industry Data Security Standards (PCI-DSS),
Anti-Money Laundering (AML)/ Know Your Customer (KYC), and newly established
California Privacy Rights Act (CPRA) regulations, companies are being pushed to
button up their data protection and privacy standards. So, how can businesses
remain compliant?

Every enterprise must know who has access to the data and applications, their
location, and what they do with it. As threats continue to grow exponentially
within fintech, implementing identity and access management (IAM) tools will be
essential.

It's important for an enterprise to have the proper technology and processes in
place to not only ensure they remain compliant with industry regulations, but
also provide consistent protection for their sensitive data, especially in the
cloud. IAM tools, for example, provide organizations security that won't slow
down development or add more work for their teams.

The security threats posed by financially motivated cybercriminals will
unfortunately only become increasingly sophisticated. The fintech industry is
faced with much pressure to protect sensitive customer data and needs to be
prepared for cyber threats by establishing a proactive security posture and
robust identity and access management strategy that can handle the complexity
and scale of today's cloud security challenges.

Edge
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