Every day the world brings us new challenges. The digital world is also exposed to these changes, now more than ever. To straighten out this very complicated subject, we asked WealthTech experts with proven track records to comment on the biggest trends in cybersecurity in 2020. Most of them won’t require you to change the course of your WealthTech 180 degrees; it’s about forming a mindset similar to that of those who are successful to ensure security in the company.
Every workstation is a third-party vendor
Last year Capital Forensics encountered a user data breach when one of Capital Forensics’ third-party platforms was attacked. This is not the first time that a third-party provider is to blame for cybersecurity issues. Third-party vendors are often associated with the risk of being exposed to security threats. However, what is also true is not that the vendors themselves are vulnerable but that the users and employees with poor security skills are the sources of danger.
All users are now working from home. In the past, it was just independent contractors, but now all employees will need to be treated as independent contractors from an IT security perspective. The classic definition of the enterprise IT boundary has blown up. The new IT perimeter is the users themselves.—Sid Yenamandra, CEO Entreda
Business continuity is a must
The current situation clearly shows that it is not just inferior data security that can seriously harm businesses. The CIA triad—confidentiality, integrity, and availability—of Fintech platforms shouldn’t lack any of its constituents. The focus of platforms’ attention today should be shifted from confidentiality to integrity (the failure-free and unstoppable operation) and availability (management and access are possible in real-time). In working from home realities, the success of integrity and availability rests in the wise management of remote workstations.
The security of tools you use matters
At the beginning of the lockdown, the news about security vulnerabilities in Zoom went viral on the web. The tool that businesses relied on to to efficiently collaborate with colleagues turned into the weakest link in their security strategies. Since that time, the technology world has become pickier about what software it uses to get the job done. To put that in context, companies will update their security policies to list reliable and trusted software to lessen the exposure risk. These would include cloud storage providers, operating systems, communication and remote conferencing tools, code editors, task trackers, databases, and QA software.