The digital world keeps evolving every day, which makes it even more complicated to understand its processes through every step of its transformation. So, with this rapid growth in the picture, one can witness the rise of cyberattacks on digital platforms. Even businesses with advanced preventive and security measures are susceptible, as seen by the rapid technological advancement of cyberattacks. To keep all of these at bay with proper protection, one needs to have a cybersecurity team backing them up. Asking the right questions will help you identify your company’s most vulnerable areas and put together a plan to protect them. With the right precautions in place, you can minimize the chances of a costly and damaging breach.
The Importance of Cybersecurity
Cybersecurity is a cross-functional solution directed at the digital organization and necessitates executive and board-level oversight to strengthen the system. The solution also necessitates the participation of essential departments, particularly finance and corporate risk management (ERM). A company’s Chief Financial Officers (CFOs) should ensure that this issue is not reduced to rote quarterly reporting by the IT team because most CFOs oversee ERM process owners daily.
Cybersecurity in the world of FinTech
In recent years, FinTech companies including finance and banking have become increasingly popular, as they provide innovative solutions to common financial problems. However, these companies are also attractive targets for cybercriminals, as they often hold large amounts of data. As a result, cybersecurity is a serious concern for FinTech companies. There are several steps that these companies can take to protect themselves, such as encrypting data and implementing strict access control measures. In addition, FinTech companies should also have comprehensive disaster recovery plans in place in case of a successful attack. By taking these precautions, FinTech companies ensure that critical assets are secure from cybercriminals.
Essential Questions To Be Asked By The CFOs
The CFOs must be updated on their company’s security concerns. Chief information security officers (CISOs) and other safety professionals at the forefront of IT must be consulted to achieve this since they are the most informed individuals inside the company. The three critical questions that every CFO must ask and know the answers are as follows.
“How Safe Is The Organization’s Cyber System?“
As the CFO of a FinTech organization, the priority should be the safety of your company’s cyber system. In today’s increasingly connected world, data breaches are becoming more and more common, and fintech companies are often targeted by hackers. Ideally, it is vital to ensure that your company’s cyber security is up to par. There are a few key questions you should ask to assess the safety of your system:
- How easy would it be for a hacker to penetrate your system?
- What kind of damage could they do?
- Are there any weak points in your system that could be exploited?
By asking these questions, you can get a better understanding of the risks your company faces and take steps to mitigate them. In doing so, your company’s data remains safe and secure.
Organizations may assess their degree of potential threat using several concrete criteria. It is necessary to be aware of the number of intrusions or assaults the company has been subjected to. Many organizations fail to see the more minor risks their companies are open to and only concentrate on the more significant attacks. This can cause severe damage to the company as they move forward with its business. Therefore, the CFOs should consult with cybersecurity experts and work their way into protecting the system.
“What Are The Security Risks Prevailing in the Industry?“
As a CFO of a FinTech company, it is essential to be up-to-date on the latest security risks in the industry. Unfortunately, the ever-changing landscape of financial technology makes it difficult to keep track of all potential threats. However, by asking the question “What are the security risks prevailing in the FinTech industry?”, you can stay one step ahead of the criminals. Some of the most common risks include data breaches, phishing scams, and malware attacks. By understanding these risks and taking steps to prevent them, you can help keep your company’s data safe and secure. In addition, it is also important to educate your employees about these risks and encourage them to report any suspicious activity. With these security measures, you can help protect your company from the ever-present threat of security breaches.
The CFOs should know the latest attack methods against all industries, specifically those directed toward their industry. They should streamline the possible attacks and place a security system that can withstand them even before the attack is posed on the organization. It would be better to be cautious beforehand rather than wait until everything is down the drain. So, the CFOs should constantly keep in touch with the cybersecurity experts and seamlessly protect the company from external attackers.
“What Would Be The Effect Of Not Having A Cyber Control In The Organization?“
In today’s digital age, data breaches and cyber-attacks are too common. Without adequate cyber controls in place, your organization is at risk of suffering serious consequences. A data breach could result in the loss of sensitive customer information, which could damage your reputation and cost you dearly in terms of both money and customers. A cyber-attack could cripple your operations and put you out of business entirely. The stakes are simply too high to ignore the importance of cyber security.
The biggest hassle with cybersecurity in fintech is the return on investment (ROI). Measuring it can be tricky as the return is the possible return that manifests as something not occurring, like a cyber-attack. Nevertheless, it stands to reason for CFOs to question cybersecurity experts about the probability of a particular assault happening, the amount it may incur for the company, and the risks of not having one. Once you have a clear grasp of the finances and budgeting around the cybersecurity systems, you can be sure about how to handle the situation during the crisis of cyber attacks.
BugBounter – The Ideal Cybersecurity Expert
BugBounter can be your perfect solution provider, who can help you discover the vulnerabilities in your systems. Moreover, the bug bounty swoops to find potential threats and stands as a wall of protection for the organization so they can function seamlessly. With our more than 2700 cybersecurity experts, you would always be one step ahead whenever there is one storming at your organization. Connect with BugBounter to get your systems tested by our cybersecurity experts today.
