Why Your FinTech Startup Needs Cybersecurity

 

Technology is most definitely improving our lives in many ways, but with these improvements come new dangers. Yes, modern financial companies can boast about technologies that increase and improve their customers’ access to services, but they now also have to face the real danger of cybercrime.

This new venue for crime is large and damaging. (45% of the financial industry has reportedly suffered fallout from cybercrime and by 2019 the costs related to it will reach $2 trillion.) If you have been panicking about this aspect of the new business world and its potential impact on your startup, note that startups actually have one benefit over established companies: As they are in the process of building the company, they can easily import cybersecurity methods into the code as it is written, as opposed to having to go back into old work to see how it can be amended. Work cybersecurity into your planning now and you will be able to sleep better at night as your company grows.

Fellow entrepreneurs also see the new need in the market and are working on solutions. One example is the Qkey, a security device designed to securely transfer payment information. If you worry about your customers’ payment data being exposed by coding flaws, this device is the perfect solution to quell your fears. Or, if your greatest worry is the (inadequate) level of security your startup has, CrowdStrike is ready to provide you with a security system that will keep your data safe. Its falcon system uses big data and the cloud to help startups prevent cyber-attacks, offering a three-headed attack dog for businesses to use for protection.

When you consider how prevalent cybercrime is in today’s business world—just in 2016 major businesses like LinkedIn, Yahoo! and Hyatt Hotels Corporation suffered breaches—and how damaging such an attack can be on your public image and bottom line, cybersecurity is obviously a must-have for modern startups. Don’t put your infrastructure or systems at risk by leaving errors for hackers to exploit.

At the same time, see the potential that exists in this dynamic. For FinTech companies looking to expand, a cybersecurity division will service a much-needed area of the market. For companies looking for new company traits to highlight, an ironclad security system is a great one to push in order to win over customers concerned about their personal data.

FinTech is the future of finance and cybersecurity is what will keep the industry safe.