Solving FinTech’s top 4 security anxieties

Two FSI experts talk about what keeps them up at night

The thing about anxieties is that everyone has them. There’s not a person alive who isn’t afraid or worried. Whether it’s spiders or public speaking or nuclear war, something likely keeps us up at night. Cybersecurity is the same way. A CISO for a major hospital network is going to be concerned about different threats and challenges than a manufacturer or a nonprofit. These organizations have different intellectual property, interactions with customers, and business models—and are therefore targeted in different ways.

Financial services and insurance (FSI) companies are in a unique position. Their whole business model depends on assuring other people that their money is safe when they invest with them. Recently, this need for assurance has been extended to privacy. Banks, especially, need to prove to consumers that their financial and personal information will stay out of the hands of malicious actors. Failure to do so can be a major hit on the firm’s reputation and a serious dent in the company’s viability.

Menlo recently had the opportunity to discuss what keeps our FSI customers up at night with Snap Finance Chief Security Officer (CSO) Upendra Madikar and Menlo Security Chief Financial Officer (CFO) David Eckstein. Prior to the webinar, we reviewed the results from conversations our sales team had with our FSI customers about what anxieties they are currently facing. The verdict was similar across both large (10k+ workforce) and small organizations.

The top four security anxieties are:

• Insecure/Vulnerable remote workers
• Poor connectivity for the global workforce
• High number of false positives in detecting phishing sites
• Slow deployment of new technology

So, what does this mean?

It means that Covid-19 and the resulting shift in how we work continues to be an impediment to normal business operations. FSIs need to ensure fast, reliable, and secure application access to a distributed workforce—yet they don’t have the luxury of time to roll out viable security solutions. The tools they do deploy need to reduce IT overhead, scale on a global stage, and preserve the native experience for users.

What do you think? Does this sound like you? Consider what keeps you up at night and then watch the webinar to find out how Upendra and David deal with these unique cybersecurity challenges to their organizations.