Cloud usage in FinTech is already considerable, with around 22% of all the operations running on the cloud. And this figure will only surge in the future for multiple vital reasons. The cloud is necessary for the FinTech industry’s offerings to fulfill client needs in convenience and speed.
While FinTechs are embracing the cloud for growth and scalability, they’ll face challenges, such as data protection, security, and regulatory compliance over the years ahead.
Despite cloud service providers’ (CSP) best efforts, cybercriminals are still working round the clock to sneak into the cloud. Luckily, FinTechs can take some steps to keep pace with the threats and minimize the risk, so that cardholder data and customer payment remains secure in the cloud.
Spot and Address the Exposures
As a FinTech, you need to know what’s happening in your IT infrastructure so you can take steps to deal with the existing loopholes.
Start by figuring out where your FinTech firm is unguarded. Then, consider leveraging automation solutions to analyze cloud security threat exposure by revealing gaps in your cybersecurity strategy and IT environment and their financial repercussions.
You might have a cloud server that doesn’t adhere to your policy for password complexity and length. Existing services and tools can help you recognize such holes so that you know where to perform remediation. Focus on recovery to highlight fixes that reduce risk exposure.
Several cloud users don’t notice that data is often decrypted when it wanders to and from the computing devices to the cloud. So even though your clients’ confidential cardholder or payment data is encrypted on your PC – and in the cloud server – it’s still off-guard while it’s in motion.
The overall cloud encryption is probable; you’ll just have to look for the right tech and cybersecurity partner to collaborate with your CSP and execute it properly.
Level up Cloud Security Know-how
You might not have had time to rope in cloud pros in your rush to the cloud. And even now, you may not be able to search, keep or afford them. That brings you to an at-risk position.
Train your workforce to upskill their cloud security skills and knowledge. Look for partners with proficiency in cloud security – so you won’t have to handle the complexity alone. Leverage existing, leading-edge solutions to complement the available resources.
As discussed, one of the simplest ways for a cybercriminal to hijack the cloud is from the inside. This involves anybody in your FinTech firm accessing CSP systems, such as Azure or AWS. Therefore, ensure to define password settings mandating high degrees of complexity and length and updating passwords every 90 days at least.
Take a careful, comprehensive, and detail-centric method while picking up a CSP for your FinTech. All CSPs have their own stack of pros and cons, and it’s crucial to check the details of their cybersecurity approaches.
Are they conformed to industry cybersecurity norms that you’re susceptible to? Do they support end-to-end encryption? Most CSPs walk the extra mile when it comes to cybersecurity – it’s their reputation at stake – but as the saying goes: ‘Better safe than sorry.’
The cloud has been a big plus for the FinTech industry, especially startups. But as Fintechs have risen to prominence with loads of data flowing through the cloud, so has the motivation for cybercriminals to use the cloud as a smokescreen to get hold of clients’ data by any means necessary.
As such, FinTechs need to follow a concerted method and open communication with their workforce and CSPs, whose security measures are proactive and up-to-date, to build an impenetrable cloud defense.
If you desire to learn cloud computing to ramp up your career growth, Miles Education, alongside IIT Roorkee and Wiley, offers a postgraduate certification to help you in your quest. Designed by top IIT faculty and industry leaders in emerging technologies, this program will walk you through the critical cloud migration and deployment skills and work on an end-to-end business problem-oriented culminating project to develop a practical solution.