How often do we hear questions like “What is the guarantee that my account will not be accessed maliciously, if I transact through your platform?” or “Does your application provide enough security for my personal data?”
Fintech has brought in a huge disruption in the way the entire financial industry runs across the segments – be it banking, insurance, funds management or transfers and payments. We have seen emergence of newer technologies and platforms that facilitate the processes across the above segments. It is also true that with the introduction of newer technologies, uncertainties and vulnerabilities are getting exposed. These vulnerabilities get compounded, considering the kind of sensitive data that is core to the financial industry. The valuable data in turn makes security as one of the most critical aspects to be looked into from a Fintech company perspective and should never be ignored. In fact, with the increase in the number of connected buyers and sellers across the globe, this will gather more importance for the success of Fintech initiatives.
This whitepaper delves into the security and privacy challenges that are core to Fintech companies and explains how one should go about formulating the security strategy for the Fintech initiative. It also brings into perspective, the various technical aspects of the secured environment from a Fintech point-of-view.