The FinTech industry is growing rapidly, and not just that but the FinTech companies are having captured almost 15% of the market revenue. However, this staggering growth also comes with some challenges and it is especially true when it comes to the information security.
With a reliance on the online platforms, the FinTech companies are now more vulnerable to the data breaches.
However, the question here is that, as a FinTech company, how would you ensure that your data is safe and secure? Well, that is where the ISO 27001 certification comes into the film which is an international standard for information security.
In the following blog, we have put together the information that will help you understand the critical security challenges that you may face as a FinTech company. Here you will also know that how the ISO 27001 certification would help you to set the processes to tackle them.
What Security Challenges the FinTech Companies Face?
Information is power for every industry but it is especially important for the companies that manage the large volumes of the sensitive information. However, because of this reason, the FinTech companies must be prepared and alert for any vulnerability that may happen and be ready to defend against those malicious attacks from hackers.
Well, here are a few challenges that a FinTech Company may encounter:
- Data Breaches
Data breaches expose the data to unauthorized people and it can also cause some significant financial losses. However, they usually happen due to technical issues or weaknesses in your system.
- Digital Identity Fraud
Digital identity fraud can also take place in the FinTech Industry. However, it happens when the hackers create some strong fake identities and steal the important customers’ digital identities for their benefits.
However, most of the FinTech companies use the digital identities for the authorization and authentication, so if the Digital identity fraud takes place then it can be a severe issue because someone can use the stolen credentials to make the payments.
- Malware Attacks
Malware attacks are the malicious software i.e. spyware and ransomware. However, these software try to steal the information or hold the data for the ransom and these attacks are of usually the most common threats in the FinTechs face.
So, now you know that what type of security threats you may face in the FinTech industry, but how would you use the ISO 27001 certification to avoid these circumstances and reduce the chances of such attacks?
How can ISO 27001 Certification help with Information Security of FinTech Industry?
ISO 27001 is an internationally recognized information security standard that outlines the best practices for managing the most important information. However, the ISO 27001 certification includes providing the companies with a blueprint of policies, the procedures, as well as the controls for setting up the effective ISMS (information security management system).
So, ISO 27001 certification proves that your ISMS has been approved and s certified by an independent certifying body.
Now let’s check, how can ISO 27001 certification help?
It helps you set up the transparent processes that are aligned with the security’s best practices for your company to manage the important information. However, on your journey of getting ISO 27001 certified, you can also be able to define –
- What information you want to protect,
- Set up the processes to handle all sorts of data breaches, and
- Continuously monitor the system for knowing the emerging threats and gaps.
- ISO 27001 Helps You Comply with the Laws and Regulations
Some mandatory laws such as the UK GDPR law are enforced for the companies that handle the personal data. However, with the ISO 27001 certification, your company will be able to have up-to-date ISMS and also you’ll be conducting the regular audits for ensuring that your company will have the best practices.
- ISO 27001 Helps You Analyze Gaps in Your Current ISMS
Using the gap analysis techniques of ISO 27001, you will be able to compare that how would you currently protect your information against the requirements of ISO 27001. And when you will do this, you’ll know that if your system is still up to date or not and follows best practices.
- ISO 27001 Help You Track, Manage, and Protect Your Assets
In the journey of ISO 27001 certification, the asset management is a process that will help you to take account of all the essential tangible as well as the intangible assets in your company. It will enable you prioritize what assets need the protection and how.
- ISO 27001 Helps Identify Security Flaws and Set Up Processes to Prevent Them
Risk assessment in the process of ISO 27001 lays the groundwork for the information security while helping you recognize, analyze, as well as decide how to respond to these information security threats. However, along with the ISO 27001 certification, you are required to also ensure that your team and your company culture align with the information security goals of your organization.
How can Socly.io Help FinTech Companies Securely Manage their Important Data?
Complying with the ISO 27001 certification can initially seem challenging and it especially looks more challenging in the highly regulated industries such as the financial services. However, at Socly.io, we empower the FinTech companies implement and obtain the ISO 27001 certification. However, we help the FinTech Companies with the services such as –
- Asset protection,
- IT management,
- Policy on security,
- Threat reduction,
- And more.
Are You Interested in Getting ISO 27001 Certified?
If you’re a FInTech Company or some other organization that is looking for getting ISO 27001 certification then schedule a meeting with our experts or check out our website’s ISO 27001 Certification section to learn more about the certification.
