Financial technology, commonly known as fintech, is a rapidly growing industry that uses technology to enhance and improve economic services. It includes a diverse set of technologies, digital currencies, mobile payments, online credit apps, and personal finance management tools.

Security and privacy are major challenges in fintech. As we discussed in our last post, "Security Gaps in Fintech Applications," this time we will address some data privacy concerns.

In today's fast-changing digital landscape, the security of your applications, networks, infrastructure, and source code is critical. As businesses use technology to drive innovation and optimize operations, they face more complex cyber threats and regulatory compliance obligations. At Unified Security for Modern Engineering Teams, we understand the difficulties of navigating this complicated security environment. That's why we provide a comprehensive DevSecOps platform that consolidates your security findings while streamlining your threat response and compliance reporting procedures.

Data Privacy Challenges in Fintech

Data Ownership

Fintechs obtain data primarily from banks, NBFCs, and similar entities. Ownership of data is typically retained by fintechs' customers, but clarity is needed on ownership for different types of data collected. Clear distinctions on data ownership are crucial for defining fintechs' responsibilities and accountability for data security.

Consumer Consent

Fintechs must balance obtaining consumer agreement in a user-friendly manner with ensuring auditability according to regulatory standards. Direct interaction with customers necessitates clear and verifiable consent processes.

Securing Large Volumes of Data

Fintechs manage diverse data sets in terms of format, volume, and source, increasing the complexity of safeguarding them. Efficiently managing large volumes of data while ensuring confidentiality and integrity is essential for maintaining trust with customers.

Data Standardization

Fintechs gather data from various sources like social media and mobile networks, leading to non-standardized data. Each fintech may interpret and handle data differently, highlighting the importance of standardizing data across customers. Standardization of data is crucial for consistency and effectiveness in data analysis and decision-making processes.

How We Can Help You

Our platform empowers modern engineering teams to embed security seamlessly into their product development lifecycle. By consolidating application, network, infrastructure, and source code security findings under a centralized DevSecOps platform, we enable organizations to streamline threat response and compliance reporting. With our unified approach, companies can easily mitigate security, compliance, and software licensing violations across source code, containers, clouds, applications, and everything in between.

What We Offer

Embed DevSecOps in Your Product DNA

Implement continuous security as part of your development lifecycle to release fast with confidence. Our platform seamlessly integrates with common CI/CD systems, allowing organizations to meet continuous delivery demands while ensuring integrated security every step of the way. Real-time security analysis of your source code, cloud deployments, infrastructure as code, and applications ensures proactive threat mitigation.

Streamline Compliance Reporting

Our platform provides built-in templates to streamline compliance reporting, satisfying customers, auditors, and security teams with instant reports. With a single source of truth for compliance standards, organizations can easily identify and escalate compliance violations.

Put Yourself in Your Attacker's Shoes

Don't wait for scheduled penetration tests to uncover vulnerabilities. Our platform offers continuous penetration testing as part of your development lifecycle, allowing you to proactively mitigate risks. With a dedicated expert Red Team, continuous threat modeling, and penetration testing, organizations gain insights into potential threats and vulnerabilities.

Secure Continuous Delivery

SafeOps natively integrates with common CI/CD systems to scan and report security and compliance violations across the application stack. SafeOps intelligent security analysis ensures every release undergoes rigorous security scrutiny, from source code to infrastructure changes.

Fintech Application Security Considerations with SafeOps

Code Security

Ensuring the security of code is paramount for protecting applications against cyber threats. SafeOps centralized DevSecOps platform consolidates application, cloud, network, infrastructure, and source code security findings. Our platform streamlines security code reviews, enabling organizations to easily identify and address vulnerabilities before they escalate. Additionally, our platform facilitates real-time security analysis of source code, ensuring that encryption techniques are properly implemented to protect sensitive data.

API Security & Roles and Permissions

API security is essential for protecting backend services from unauthorized access. The SafeOps platform helps organizations implement continuous security measures by integrating automated and manual security processes on a weekly basis. Specialists and bots will pentest your app based on OWASP Top 10 methodology. Our platform provides you with dedicated Red Team experts who will continuously conduct malicious operations and assess your projects to report issues, allowing enterprises to proactively detect and remediate API security risks.

Regulations and Policies

Compliance with regulatory requirements is crucial for organizations operating in the financial industry. The SafeOps platform streamlines compliance reporting by providing built-in templates and a single source of truth for compliance standards. Our platform ensures that organizations can easily generate instant reports to satisfy auditors and security teams.

Conclusion

To summarize, the rapid rise of the fintech business has resulted in extraordinary breakthroughs in economic services, employing technology to improve efficiency and accessibility. Despite this innovation, security and privacy remain top priorities. Our recent investigation on the issues encountered by fintech in maintaining data privacy highlights the complexities inherent in protecting sensitive information.

From the complexities of data ownership to the significance of safeguarding massive amounts of data, fintech companies must navigate a risky landscape. Furthermore, balancing the requirement for customer consent with regulatory norms is a continuing challenge that necessitates transparent and verifiable processes.

At Unified Security for Modern Engineering Teams, we recognize the critical importance of addressing these security gaps. Our comprehensive DevSecOps platform offers a solution that consolidates security measures while streamlining threat response and compliance reporting procedures. By prioritizing data privacy and security, we empower fintech companies to navigate the evolving digital landscape with confidence and integrity.