The technology sector’s continual growth has continued to open up new opportunities to make human lives better. This trend has touched virtually every aspect of human endeavor, with finance taking the lead. The financial sector continues to expand, with several businesses popping up to disrupt and redefine industry activities. This technology-driven business known as FinTech is reshaping the financial industry.
However, despite the numerous benefits attached to FinTech companies’ existence, they’ve been under severe attack from cybercriminals for a very long time. While this set of unscrupulous cyber elements have been attacking these entities for a very long time, the effects didn’t start becoming pronounced until 2017.
With over 12,000 FinTech businesses spread across the globe and new ones springing up every day, there doesn’t seem to be an end in sight to these onslaughts as cybercriminals have more than enough targets to attack. Due to their rich repository of financial information and data, the chances of a FinTech company getting hacked is as high as 76%.
How Cyber Criminals Attack FinTech Businesses
Cyber attacks on FinTech entities primarily come in two ways: phishing and service blockage.
Due to the massive number of people who have adopted and continue to adopt FinTech products and services, those companies’ risk of phishing scams has never been more pronounced. If adequate measures aren’t in place, anyone using FinTech services can be a target, with hackers posing as reputable bodies sending them malicious links to open to extract sensitive information from them.
Another way cybercriminals attack FinTech companies is by blocking services through the introduction of malware. Since over four years ago, this type of attack has been increasing, with several financial services entities falling victim.
Some years ago, three UK financial institutions, Lloyds, Bank of Scotland, and Halifax, fell victim to a service blockage attack. The hackers flooded their channels with artificial traffics, blocking real ones from several thousands of users. This security flaw led to the compromise of confidential information, but no customer lost any data.
Reasons to Invest in Financial Services IT Solutions
The continual growth of a business means a change in needs and priorities. When the customer base keeps hitting higher numbers, there’ll be a need to increase the employees’ population, implement technical advancements, and initiate new developments.
While these changes and improvements will improve such an enterprise’s market value, they will also make it a target for hackers, putting the viability of its security infrastructure to test.
If you own or run a FinTech business, you’ll understand the importance of keeping systems, networks, and data protected from invasion by cyberpunks. As unbearable as regular system updates and infrastructure refresh are due to the downtime that usually accompanies them, investing in financial services IT solutions is non-negotiable.
However, fending off cyber attacks isn’t the only reason your FinTech business needs to have an IT support services company on its payroll. We’ll be examining five other viable reasons to put in place excellent IT infrastructure.
1. Enhancement of Business’ Flexibility and Agility
One of the significant determinants of an enterprise’s success is its ability to embrace and adapt to the ever-changing business needs in an increasingly complex and competitive world. A FinTech company isn’t an exception.
In a technology-driven industry overrun by cybercriminals looking to capitalize on and exploit loopholes in your business’ IT systems and network, it’s essential to be ever vigilant and conversant with changes and innovations.
To ensure you’re in the clear and on the safer side of things and rest assured of your security systems’ viability, consider subscribing to a financial firm IT support by Triada Networks. Doing this helps prepare your business for whatever changes that come and improves its flexibility to cater to ever-changing needs.
2. Competitive Advantage over Competitors
For a business to thrive in an industry rife with competition, it has to pass several security tests and stand out. The financial sector is a highly competitive space. For your FinTech business to thrive, it has to prove itself worthy of competing with the best and garner patronage and investment. One way to achieve this is by putting necessary measures and tools to protect both investors’ and customers’ interests.
No one wants to pitch their tent with a FinTech business with poor cybersecurity infrastructure and systems. That is why you’ve got to up your game by bringing on an IT support specialist and investing in industry-standard tools and equipment to compete effectively in a highly competitive market. Doing this will give you a competitive advantage over the competition.
Technology is a significant factor that potential customers consider when choosing a FinTech business to pitch their tent. When you have suitable systems in place, your business will attract customers and investors.
3. Productivity and Efficiency
Nothing boosts morale and enhances efficiency in a FinTech company than an excellent, impenetrable cybersecurity system. The purpose of technology is to automate manual processes and improve productivity and efficiency wherever adopted. Investing in IT services for the financial industry for your FinTech business only ensures that technology’s purpose gets fulfilled.
Having the right cybersecurity equipment and personnel tends to boost every stakeholder’s confidence, as it serves as an assurance against cyber-attacks. With a viable financial services IT solutions firm, employees will find it easy to convince customers to partner with your company.
5. Information and Data Security
A financial technology company deals with finances and related issues. With the high rate of cyber-attacks on this sector, it’s only wise that you put adequate measures to ensure the protection of information and data.
You’ve got to invest in the necessary systems and a reputable financial services IT solutions firm to handle data and network security. Doing this could be all you need to have a successful business.
Investing in viable IT solutions for your financial technology business is one of the best decisions you’ll ever make. Putting in place excellent cybersecurity infrastructure will help you fend off attacks from cybercriminals looking to compromise your systems and network. The best way to do this is by hiring the services of a reputable IT specialist or an IT solutions firm to ensure that the security of your business is in safe hands.