5 Tips to Protect your Fintech Startup

Approximately 45% of medium-sized businesses and 58% of large businesses in the financial sector, including fintech companies, have experienced some form of cyber attack in the past year. Cyber crime is  a significant concern, clearly. Among those affected, phishing remains the most common type of attack, followed by other forms of cyber crime such as ransomware and denial-of-service attacks.

Upstart Cyber provides affordable cybersecurity solutions for fintech companies. We love the industry and want to nurture its growth, so we have created this article to share five affordable cybersecurity solutions that are well-suited for growing fintech companies. 

  1. Managed Service Providers (MSPs). An MSP is a cybersecurity firm like Upstart Cyber that offers a range of services, such as a platform, software, IT infrastructure services, business process and support functions, and cybersecurity services. MSPs play an important role in the cybersecurity industry by providing customers comprehensive and tailored cybersecurity solutions. 
  2. Multi-Factor Authentication (MFA). Implementing MFA adds an extra layer of security by requiring users to provide two or more verification factors to gain access to the system and its resources, which is a great way to reduce the risk of unauthorized access due to compromised credentials.
  3. Endpoint Protection Platforms (EPP). EPP solutions provide comprehensive protection for devices such as laptops, desktops, and mobile devices. They are essential for defending workstations and typically include antivirus, anti-malware, and firewall features, as well as advanced threat detection (APT) and response capabilities. The team at Upstart Cyber helps setup EPP solutions. 
  4. Cloud Security Solutions. Many fintechs rely heavily on cloud services. Therefore cloud security solutions are needed to protect data and applications in the cloud by offering features such as encryption, access controls, and security monitoring. Providers like AWS, Google Cloud, and Microsoft Azure offer built-in security tools that can be cost-effective for growing businesses. The Upstart Cyber team is here and ready to advise on what solutions make the most sense for each individual client. 
  5. Security Awareness Training. The human factor is a major vulnerability in cybersecurity. Social engineering threats exploit this vulnerability. Regular security awareness training can educate employees about common threats like phishing, social engineering, and safe internet practices. This can significantly reduce the risk of security breaches caused by human mistakes. Upstart Cyber proudly offers such training to all our clients. 

About 

At Upstart Cyber, we believe elite security should be affordable. Small to medium size businesses represent nearly half the US GDP and we believe its past time someone brought security, protection and peace-of-mind to the businesses that keep our economy healthy. We are vendor agnostic, free to use the best products while concerning ourselves solely with results. As a service business, not a retailer, we’re about to bring you expertise. We work with a variety of fintechs and financial businesses of different sizes, with different goals. Contact us to explore solutions that work for you.