Fintech is a hot sector. Everyday a new app or technology pops up in the financial services space. As consumers, we seem to place a lot of trust in the organisations building these technologies. How often do we download an app on a smart device and proceed to enter sensitive personal details with little thought to the security of that data? We trust the provider has considered the privacy of our data and has in place appropriate mechanisms to keep it safe! Those companies wishing to prosper from the digitisation of financial services need to think very carefully about their cyber security strategies and protocols.
In order to constantly deliver new features to not only capture new customers but to retain existing customers, financial organisations are in a race to roll out applications at the speed of business. This pressure to differentiate services with new application functionality has brought into question the overall security postures of organisations.