#Cybersecurity in finance

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Are Budgeting Apps secure?

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Methods to Educate and Engage Customers on Security.

Customer data security is a priority, especially for fintech companies that handle sensitive financial information. While technology has advanced to protect against threats, it’s equally important for customers to understand their role in securing their accounts and personal information. Fintech companies are recognizing that, by educating users, they can build a strong line of defense against fraud and unauthorized access. Eric Hannelius, CEO of Pepper Pay, emphasizes that customer education is a proactive strategy that benefits both the company and its clients. “Empowering customers with knowledge about security practices strengthens the overall safety of our services and creates a shared responsibility for safeguarding data,” Eric Hannelius says.

Below are methods that fintech companies can use to help customers understand and practice effective data security, fostering a safer digital financial experience for everyone.

User-Friendly Educational Content  Providing accessible resources such as blog posts, guides, and infographics can make it easier for customers to understand security practices. Educational content should be clear, engaging, and suitable for customers without a technical background. For example, Pepper Pay offers tutorials and practical tips for securing online accounts, ensuring that users know how to protect their data.

Interactive Tools and Simulations  Interactive tools, such as security checklists or phishing simulations, allow customers to practice identifying security risks in a controlled environment. By actively engaging with these tools, customers can reinforce their understanding and build confidence in spotting threats before they become issues.

In-App Security Reminders and Notifications  Regular in-app reminders and notifications are effective ways to keep security top of mind for customers. Notifications can prompt users to check their passwords, enable multi-factor authentication (MFA), or review recent account activity. This supports ongoing security awareness and helps customers feel reassured that security is a priority.

Customer Support for Security Inquiries  A dedicated support channel for security concerns ensures customers can reach out if they have questions or notice something suspicious. This type of proactive support strengthens trust between the company and its clients, letting users know that the company takes their security seriously and is always available to help.

A Unified Approach to Data Security

Educating customers on data security is a shared effort that fosters a stronger, more secure digital experience. By empowering users with knowledge and practical tools, fintech companies can build trust and reinforce their commitment to safety. As Eric Hannelius highlights, “At Pepper Pay, we believe in equipping our customers with the tools and knowledge they need to protect their information. A well-informed user is a key partner in our shared goal of maintaining security.”

Through accessible content, interactive tools, and ongoing support, fintech companies can actively support their customers’ understanding of security. This unified approach benefits all parties involved, contributing to a safer and more resilient digital financial environment.

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Defending Yourself Online. A Personal Cybersecurity Strategy

Protecting your personal information online is a necessity today. Cyber threats are constantly evolving, making it increasingly important to stay ahead of hackers, identity thieves, and other malicious actors. Developing a personal cybersecurity strategy can provide the protection you need to safeguard your privacy and ensure your digital security.

Understanding the Risks of the Digital Age.

Every time you go online, you expose yourself to various risks. From phishing scams and data breaches to malicious software and identity theft, the threats to your personal security are widespread and ever-changing. These risks can have devastating effects, including financial loss, damage to your reputation, and even stolen identities. As we rely more on digital services, from social media to online banking, the stakes grow higher.

A personal cybersecurity strategy helps you stay protected and informed. By understanding the different types of threats and taking action to guard against them, you can significantly reduce your risk of falling victim to cybercrime.

Creating Strong, Unique Passwords.

One of the simplest and most effective ways to defend yourself online is by using strong, unique passwords. Weak or reused passwords are a common entry point for cybercriminals. By relying on easily guessable passwords like “123456” or “password,” you are essentially inviting hackers to break into your accounts.

To strengthen your passwords, use a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using personal information, such as your name or birthdate, which can be easily discovered. Ideally, each account should have its own unique password, ensuring that if one account is compromised, others remain safe.

To manage this, you can use a password manager to store your credentials securely. These tools generate and remember complex passwords, making it easier to maintain strong security across multiple platforms without the burden of memorizing each one.

Enabling Two-Factor Authentication (2FA).

Two-factor authentication (2FA) provides an additional layer of security by requiring more than just your password to access your accounts. With 2FA, after entering your password, you must also verify your identity using a second factor — typically, a code sent to your phone or an authentication app.

By enabling 2FA, you significantly reduce the likelihood of an attacker gaining access to your accounts, even if they manage to steal your password. It’s a simple step that can provide enhanced security for your online presence.

Keeping Software Up to Date.

Outdated software is another major vulnerability in your cybersecurity defense. Hackers frequently exploit weaknesses in older versions of applications, operating systems, and web browsers. By failing to install updates and patches, you leave the door open for cybercriminals to attack your device and steal personal information.

Regularly update all your software, including your operating system, antivirus programs, web browsers, and apps. Enable automatic updates whenever possible to ensure that you’re always using the latest versions with the most current security features. This simple step can significantly reduce the chances of falling victim to known vulnerabilities.

Be Cautious with Public Wi-Fi.

Public Wi-Fi networks, such as those found in cafes, airports, and hotels, are a breeding ground for cybercriminals looking to intercept your data. These networks are often unsecured, meaning that hackers can easily monitor the traffic passing through and steal sensitive information, such as passwords and credit card numbers.

To protect yourself, avoid conducting sensitive activities — like banking or shopping — when connected to public Wi-Fi. If you must use these networks, consider using a virtual private network (VPN), which encrypts your internet connection and shields your data from prying eyes.

Recognizing Phishing Scams.

Phishing scams are one of the most common ways cybercriminals attempt to steal personal information. These scams typically involve fraudulent emails, text messages, or websites that appear legitimate, but are designed to trick you into revealing sensitive details like your login credentials, Social Security number, or bank account information.

Be vigilant when opening emails or messages from unfamiliar sources. Look for signs of phishing, such as suspicious links, spelling errors, or requests for personal information. Never click on a link or download an attachment unless you are certain the message is from a trusted source. If you receive a suspicious message from a company, contact them directly through their official website or customer service number, rather than responding to the message.

Protecting Your Devices with Encryption.

Encrypting your devices adds an extra layer of protection in case they are lost or stolen. When your device is encrypted, all the data stored on it is transformed into a scrambled format that can only be read with a decryption key. This makes it far more difficult for anyone to access your personal information without your permission.

Most modern smartphones, laptops, and tablets offer built-in encryption options. Take advantage of these features to ensure that your data remains secure, even if your device falls into the wrong hands.

Staying Informed About Security Threats.

Cybersecurity is a rapidly changing field, and staying informed about the latest threats is essential to maintaining strong defenses. Follow trusted cybersecurity blogs, news outlets, and social media accounts to stay up to date on the latest trends and potential vulnerabilities.

Michael Shvartsman, an advocate for personal digital security, stresses the importance of continuous learning. “The more you know about the types of threats out there, the better equipped you are to protect yourself. Cybercriminals are constantly developing new techniques, so staying informed is one of the best ways to keep your personal information safe,” Michael Shvartsman says.

By keeping yourself updated on the latest threats, you can adapt your cybersecurity strategy accordingly and remain one step ahead of potential attackers.

A Proactive Approach to Cybersecurity.

Defending yourself online requires a proactive approach that combines vigilance, smart practices, and the right tools. By taking steps such as using strong passwords, enabling two-factor authentication, and recognizing phishing scams, you can significantly reduce your risk of falling victim to cybercrime.

Personal cybersecurity is an ongoing process, and the more effort you put into securing your online presence, the more effectively you can protect yourself from digital threats. Michael Shvartsman emphasizes that while no system can be 100% foolproof, “By staying informed and being cautious, we can create a strong defense against the threats lurking online.”

In a world where cybercrime is ever-present, being proactive about your personal cybersecurity strategy is one of the best ways to ensure your safety in the digital age.

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Fidelity confirms data breach impacting 77,000 customers

Fidelity Investments, one of the world’s largest asset managers, has disclosed that over 77,000 customer records were compromised in a recent data breach. The exposed data includes sensitive personal information such as Social Security numbers, driver’s licenses, and financial account details, raising serious concerns about identity theft and fraud. The breach occurred between August 17 and…

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Hyper-Intelligent Automation: Simplify Finance & Accounting

Hyper-Intelligent Automation is revolutionizing finance and accounting by integrating advanced technologies like AI, ML, and RPA. Fintech companies can streamline processes, minimize manual errors, and enhance decision-making through automation. This technology optimizes resource usage, improves customer experience, and ensures regulatory compliance. From automating mundane tasks to enabling predictive analytics, hyper-automation offers immense benefits, including risk management, error reduction, and personalized customer service. However, challenges like initial investment and data security remain. Webelight Solutions provides top-tier automation expertise to seamlessly integrate these technologies into financial systems.

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A practical guide to cybersecurity for the entrepreneur. Read the blog post to learn more.

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White Paper: The Urgent Need for Migrating from Dynamics AX 2012 R3 to Dynamics 365 Finance and Supply Chain

Executive Summary As of January 10, 2023, Microsoft officially ended extended support for Dynamics AX 2012 R3, a widely used ERP system. Despite this, many organizations around the world continue to rely on Dynamics AX 2012, exposing themselves to significant risks. This white paper explores the threats, vulnerabilities, and dangers associated with the continued use of an unsupported ERP system.…

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Against Britcoin and The Digital Pound

As the digital age advances, the concept of money is evolving beyond physical coins and banknotes into the realm of digital currencies. One such development is the proposed "Britcoin," a digital version of the British pound. While this initiative promises to bring convenience and modernity to financial transactions, it also raises significant concerns. It's crucial to scrutinise the implications of Britcoin and advocate for a cautious approach to its adoption.

What is Britcoin?

Britcoin, the proposed digital pound, is envisioned as a state-backed digital currency, aiming to complement physical cash and existing digital payment systems. This initiative is part of a broader trend where countries are exploring central bank digital currencies (CBDCs) to streamline monetary transactions, reduce costs, and provide a government-backed alternative to cryptocurrencies like Bitcoin.

The Promised Benefits

Proponents of Britcoin highlight several potential benefits:

Efficiency and Speed: Digital transactions can be executed instantly, improving the efficiency of financial operations for both consumers and businesses.

Financial Inclusion: Britcoin could offer financial services to unbanked or underbanked populations, providing them access to secure and efficient payment methods.

Reduced Costs: Digital currency can potentially lower the costs associated with printing, storing, and transporting physical money.

Enhanced Security: With advanced encryption and blockchain technology, digital currencies can offer robust security against fraud and counterfeiting.

The Concerns

Despite these advantages, the introduction of Britcoin raises several red flags:

Privacy Issues: Digital currencies are inherently traceable, which could lead to increased surveillance of financial transactions by the state. This threatens individual privacy and could be misused for unwarranted tracking of personal spending habits.

Centralization Risks: The control of Britcoin by a central authority, such as the Bank of England, centralizes financial power, potentially leading to misuse or policy decisions that may not reflect the best interests of the public.

Cybersecurity Threats: As a digital entity, Britcoin would be susceptible to cyberattacks. A breach could have catastrophic consequences, destabilizing the financial system and leading to significant economic losses.

Technological Dependence: A move towards digital currency increases dependence on technology and infrastructure. In cases of technical failures or power outages, access to money could be disrupted, affecting daily life and business operations.

Economic Inequality: While intended to promote financial inclusion, Britcoin could exacerbate existing inequalities if its implementation doesn't consider those without access to digital technologies or the internet.

The Need for Vigilance

Given these potential drawbacks, it's imperative to approach Britcoin with caution. Here's how we can advocate for a balanced and thoughtful consideration of this digital currency:

Demand Transparency: Push for clear and transparent communication from the government and financial institutions about the development and implementation of Britcoin. Public consultations and debates should be encouraged to address concerns and gather diverse viewpoints.

Privacy Protections: Insist on robust privacy measures to ensure that users' financial data is protected from misuse and unwarranted surveillance. This could involve stringent regulations and oversight mechanisms.

Cybersecurity Measures: Advocate for the highest standards of cybersecurity to safeguard against potential threats. This includes regular audits, risk assessments, and investment in cutting-edge security technologies.

Inclusivity Plans: Ensure that plans for Britcoin include provisions for those without access to digital technologies, such as rural populations and the elderly. This could involve providing alternative methods of access or maintaining physical cash options.

Legal Frameworks: Call for the establishment of comprehensive legal frameworks that govern the use, distribution, and regulation of Britcoin. These frameworks should protect users and ensure the stability of the financial system.

While the advent of Britcoin represents a significant step towards modernizing the financial landscape, it's essential to proceed with caution. By understanding the potential risks and advocating for robust safeguards, we can ensure that the digital pound serves the public interest without compromising privacy, security, or inclusivity. The fight against a hasty and ill-considered rollout of Britcoin is not about resisting progress but about ensuring that progress benefits everyone fairly and equitably.

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Why Cyber Security Important in the Finance Sector

Cyber Security is becoming a prominent issue for organisations around the world. The cyber security sector is crucial, especially when it comes to Financial Firms as it saw the highest volume of Cyber Threats incidents over any industry including Communication Technologies, Manufacturing, Retail and Professional services. In a high profile event, we demonstrate that cyberattacks are caused due to service disruption, substantial economic loss, which leads to exposure of sensitive data. Financial institutions have been a leading target for cyber attacks as the evolution of cyber threats strengthens their defences.

It is essential to widen cyber security strategies that are increasingly sophisticated and diverse which further contribute to the financial sector. We’ve seen websites facing attacks such as money transfer systems that have made headlines like in 2016 when attackers stole 81 million dollars from the Central Bank of Bangladesh. As fast as we are adopting new financial technologies, hackers are finding ways to penetrate those systems. This is because they understand how to conduct fraud and manipulate data. Organisations are responding by shifting from passive cyber defence to more active cyber defence strategies. Passive strategy is largely reactive, whereas, an active strategy involves going outside your network and directly engaging with the hackers who have tried to cause you harm.

Currently, we are seeing the financial sector look into military intelligence agencies for different types of active cyber defence strategies. Financial firms are largely adopting AI to combat this threat and actively investing in AI and ML, which are ideal for pattern recognition. These technologies can undercover the patterns of criminality that enable them to go hunt these fraudsters. Technology presents the best opportunity to leverage the skills in helping them to overcome security challenges to focus on federal and slave to local government. Remote workers are a big threat to many companies these days. This is because it is becoming increasingly complex to handle their updates and patches on mobile management for the systems. This in turn makes a big difference when it comes to enterprise security.

In today’s digital world, net security is present to help you with both software and hardware protection, in order to ensure a protected environment and secured network connection for all remote employees. Main Stream Media specialises in vulnerability management and compliance expertise. Their advisory level staff can help you build-up programs, protect your data and your reputation that help safeguard you against cyber security threats. Hence, regulatory non-compliance MSM net security is certified at both state and federal levels by checking it on the web for more information and clarity.

There are a broad range of attackers and attacks faced by the financial service companies. The financial sector is now faced with the necessity to develop a contextual understanding of risk targets and their relative susceptibilities. It’s hard for hackers to reach the target at bank where individual effort is put in and try to use the individual money to gain their success. Cyber Security Strategy is a plan for managing organizational risk according to the defence. For the organization to meet the business or objective, it is necessary to have a plan to minimise the attack and for a financial company. It is also essential to protect its customer data which as many sectors have experienced multiple breaches. As a precaution protect your data and networks from both outsiders and from employees who may tempted to use company information or resources for personal gain.

Author : Exito

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