The recent security incident at Finastra, a leading fintech firm providing software to many of the world’s top banks, should serve as a stark reminder that even the biggest players are not immune to cyberattacks. While the investigation is still ongoing, initial reports suggest that compromised credentials were exploited to access and exfiltrate data from Finastra’s internal file transfer platform.
This breach raises critical questions about the cybersecurity strategies employed by fintech and tech companies in general. One common misconception is that simply throwing money at the problem by offering high salaries to internal security staff will guarantee robust protection. However, the Finastra incident demonstrates that this is not always the case.
Why Relying Solely on Internal Teams Can Be Risky
- Limited Perspective: Internal teams, no matter how talented, can develop tunnel vision. They may become accustomed to existing systems and procedures, potentially overlooking vulnerabilities or failing to anticipate new attack vectors.
- Resource Constraints: Even well-funded internal teams often struggle with limited resources, especially when faced with the constantly evolving threat landscape. They may lack the specialised expertise or tools needed to combat sophisticated attacks.
- Burnout and Turnover: Cybersecurity professionals are in high demand, leading to burnout and high turnover rates. This can create gaps in security coverage and hinder institutional knowledge retention.
Diversifying Your Cybersecurity Approach
To enhance their security posture, fintech and tech companies should consider a multi-layered approach that goes beyond relying solely on internal staff:
- External Cyber Security Consulting: Engaging experienced cybersecurity consultants can bring fresh perspectives and specialised expertise to identify and address potential vulnerabilities. These consultants can conduct comprehensive risk assessments, penetration testing, and provide guidance on security best practices tailored to the specific needs of the organisation.
- Professional Penetration Testing: Regular penetration testing by certified ethical hackers can simulate real-world attacks to uncover vulnerabilities in systems and applications. Unlike bug bounty programs, professional penetration testing involves a more structured and comprehensive approach, ensuring that all critical areas are thoroughly assessed.
- Advanced Network Monitoring: Implementing advanced network monitoring solutions from leading Australian companies can provide real-time visibility into network activity, enabling early detection of suspicious behavior and rapid response to potential threats. These solutions leverage sophisticated analytics and machine learning to identify anomalies and proactively mitigate risks.
The Bottom Line
The Finastra breach underscores the importance of a comprehensive and proactive cybersecurity strategy. By adopting a multi-faceted approach that includes external cyber security consulting, professional penetration testing, and advanced network monitoring, fintech and tech companies can strengthen their defences and better protect themselves and their customers from the ever-present threat of cyberattacks.
Vertex Cyber Security provides cyber security consulting, professional penetration testing, and advanced network monitoring for hundreds of fintech and tech companies without incident. Reach out if you want to discuss how to improve the security of your tech.
