The financial technology (fintech) landscape is nothing short of revolutionary. From digital banks to AI-driven investment platforms, the boundaries of financial possibilities continue to expand. But as with all technological advancements, these come with their own set of vulnerabilities.
Hence, the need for robust cybersecurity cannot be overstated. The cost of a data breach isn't just monetary; it includes damaged reputations, lost trust, and potential regulatory penalties. In this listicle, we delve into top cybersecurity services tailored specifically for the unique challenges faced by fintech companies.
Eden Data
Ready for a security upgrade that won't break the bank? Say hello to Eden Data – we are the reigning champion in the cybersecurity arena. Our unwavering commitment to our clients, solution-oriented approach to security, and penchant for innovative strategies are the secret ingredients that have rocketed us to the top.
At Eden Data, we've got a different way of doing things. Here's a glimpse:
- Team of Cyber Whizzes: Our dream team, an assembly of former military cyber warriors and seasoned Big 4 pros, fortifies your business's cybersecurity foundations. We ensure that as your business scales, so does your cybersecurity fortress.
- Cybersecurity for Fintech Companies: We recognize the immense responsibility fintech companies bear and offer tailored solutions. With our highly capable team, we ensure compliance with financial regulations while guarding against ever-evolving cyber threats.
- Client-First Approach: Our clients are more than just entries in a spreadsheet; they're our digital family. We stand shoulder-to-shoulder with you, keeping your data under lock and key while you focus on what you do best.
- Flexible Pricing Plans: We've bid adieu to the dated, drain-your-wallet hourly/project rates and introduced a refreshing subscription-based model – Seed, Sprout, and Sapling. It's like hiring a salaried employee without long-term contracts or hefty price tags.
- Transparency: We won't suggest solutions just to line our pockets, but we'll assess your workspace from every angle to provide the most realistic, effective, and affordable solutions.
We've got you covered, from security to compliance and data privacy. So, why not level up your security game? Outpace competitors and protect your business from falling victim to digital predators.
So are you ready to embark on a safer digital journey? Here's your roadmap:
- Explore our services here.
- Review our pricing plans here.
- Reach out to us to kickstart your cybersecurity voyage here.
Step into the future of cybersecurity with Eden Data. We're ready when you are!
- Headquarters: Austin, TX, USA
- Founded: 2021
- Email Address: support@edendata.com
- Website: https://edendata.com/
- Phone Number: +1 (737) 377-1880
- Address: Austin, Texas, 78734, United States
- Specialization: Cybersecurity Consulting Services
Bluefin
Bluefin emerges as the second cybersecurity company on our list, offering an array of solutions aimed at fortifying digital assets for businesses. Notably, their Decryptx® service is specifically designed for clients who require robust PCI-validated point-to-point encryption (P2PE) but might not have the resources to become an authorized P2PE solution provider. Instead of tying this service to payment processing, Bluefin makes P2PE an independent offering. This means that clients can effortlessly integrate Decryptx® into their existing platforms without the need to modify their current transaction procedures, ensuring both versatility and security.
Adding to their flexibility, Bluefin supports over 100 devices across various channels, including mobile, countertops, call centers, and unattended appliances from leading brands like PAX, Verifone, ID Tech, and Ingenico. This device-agnostic approach bolsters security measures while granting businesses the freedom to choose their preferred methods of payment processing, thereby preserving both the integrity of financial transactions and customer trust.
In terms of operational efficiency, Bluefin has devised their online P2PE Manager® to facilitate straightforward device management for merchants. This platform streamlines the chain of custody and oversees the entire operation sequence, right from the initial ordering of devices to the key injection at designated affiliate locations.
- Headquarters: Atlanta, GA, USA
- Founded: 2007
- Email Address: info@bluefin.com
- Website: https://bluefin.com/
- Phone Number: +1 (800) 675-6573
- Address: 8200 Roberts Dr, Suite 400, Atlanta, GA 30350, United States
- Specialization: Payment Security With a Focus on P2PE
Forter
Up next is Forter, a company that has been aiding online retailers in securing their businesses for the past 10 years. The company primarily focuses on providing accurate, real-time decisions on every digital interaction. This is achieved through the Forter Trust Platform, which offers a comprehensive view of trust across the entire commerce journey for every customer.
A pivotal element of the platform is its Fraud Management system, designed to issue instant approve/decline decisions at the point of checkout. The goal is straightforward: halt fraudsters in their tracks, reduce chargebacks, and expedite the approval of legitimate customers. This approach is backed by the Forter Decision Engine, powered by a vast dataset of over 1.2 billion identities. This utilizes AI for decision-making, machine learning to discern patterns across extensive datasets, and scam specialists to perpetually refine its models.
Beyond fraud detection, Forter also offers payment optimization. This feature is designed to foster credibility with issuing banks and card networks. It employs Smart 3DS to enhance approvals, reduce friction, shift chargeback responsibility, and ensure compliance with PSD2 regulations. Additionally, Forter's Chargeback Recovery automates the entire representment process, from identifying the right claims to managing operations, ensuring businesses can contest and reclaim more reversals.
- Headquarters: New York City, NY, USA
- Founded: 2013
- Email Address: info@forter.com
- Website: https://forter.com/
- Phone Number: +1 (800) 537-0601
- Address: 575 Fifth Ave, New York, NY 10017, United States
- Specialization: Real-Time Fraud Detection and Prevention
Riskified
With three of the top 10 largest internet retailers among its client base, Riskified has enabled businesses to expand their reach, maximize online revenue, and offer enhanced customer experiences. Their platform, designed for precision at a large scale, zeroes in on the individuals behind digital interactions. This data, which is both granular and comprehensive, fuels proprietary machine-learning models that drive an advanced decision-making engine.
Essentially, Riskified’s foundation lies in their data collection capabilities. By integrating closely with leading brands and rapidly growing merchants, the company has established a global merchant network that offers a broad view of eCommerce activity and fraud patterns.
Furthermore, Riskified's Control Center offers real-time visibility into their performance, granting firms insights into shopper behavior, trends, and payment issues. This transparency empowers teams to better manage fraud and customer interactions. Furthermore, the platform's products, from Chargeback Guarantee to PSD2 Optimize, are designed to enhance the eCommerce experience for customers while generating additional revenue or cost savings for businesses.
- Headquarters: New York City, NY, USA
- Founded: 2013
- Email Address: support@riskified.com
- Website: https://riskified.com/
- Phone Number: N/A
- Address: 220 5th Ave, New York, NY 10001, United States
- Specialization: Fraud management for eCommerce
Onfido
Onfido provides an end-to-end solution for fintech services, particularly catering to the banking sector. They help brands navigate the complexities of Know Your Customer (KYC) in financial solutions, ensuring global compliance with KYC and Anti-Money Laundering (AML) regulations.
With the assistance of their award-winning Atlas™ AI, Onfido offers authentication processes aiming to reduce drop-offs and expand the customer base. This platform is designed to help businesses verify the identities of their customers, ensuring compliance, combating fraud, and fostering growth. Additionally, developed in-house by a team of over 200 engineers and researchers using diverse datasets, Atlas AI ensures accurate results in seconds. This automation is crucial for businesses to protect themselves from fraud while minimizing onboarding drop-offs.
Another platform, Onfido Studio, allows firms to build and optimize identity verification workflows tailored to different markets and risk profiles, enhancing user experience, streamlining onboarding, and bolstering trust and security in digital transactions. The company has worked with many fintech companies, including Revolut and KOHO.
- Headquarters: London, UK
- Founded: 2012
- Email Address: info@onfido.com
- Website: https://onfido.com/
- Phone Number: N/A
- Address: Alphabeta Building, 14-18 Finsbury Square, 3rd Floor, London, England EC2A 1AH, United Kingdom
- Specialization: Digital Identity Verification With AI-Powered Automation for Financial Services
Symphony
Since its establishment in 2014, Symphony has focused on tackling data security and compliance challenges. Additionally, over the years, it has evolved into a central hub for market workflows. The agency exists to provide an open architecture that enables real-time dialogues across various companies.
Originating from the global finance sector, Symphony aims to offer enterprise-level collaboration tools such as advanced workflow integrations, file sharing, voice and video conferencing, and integrated market data feeds. All of this occurs whilst ensuring stringent compliance standards and maintenance of robust end-to-end encryption. These tools are specifically designed to address the security and adherence challenges that major Wall Street entities currently face.
Other than this, a pressing challenge in the financial services industry is the rising trend of "off-channel" interactions. This encompasses platforms like WhatsApp, WeChat, SMS, LINE, and mobile calls used for business correspondence. Such practices lead to fintech firms incurring nearly two billion dollars in penalties from regulatory bodies like the SEC and CFTC. Symphony tackles this off-channel communication issue by ensuring that all company communications are monitored, auditable, and confined to official channels.
- Headquarters: New York City, NY, USA
- Founded: 2014
- Email Address: social@symphony.com
- Website: https://symphony.com/
- Phone Number: N/A
- Address: 565 5th Ave, 18th Floor, New York, NY 10017, United States
- Specialization: Secure and Compliant Collaboration Platform
Redscan
As fintech continues to reshape various sectors, including banking, payments, asset management, and insurance, the digital transformation journey has led to an increased volume of data in computerized formats, which firms like Redscan are adept at protecting. This shift, while advantageous, also presents new challenges in safeguarding sensitive information, especially personal and financial details. One of the significant hurdles fintech firms face is protecting private data. This is coupled with the need to balance strict security measures and the ease of sharing.
Redscan offers a range of services to address these challenges. Their application security testing ensures that fintech software and applications are robust against potential threats. As a CREST-accredited provider, they offer tailored assessments to locate and address specific risks.
Moreover, Redscan’s fintech protection monitoring service emphasizes the importance of threat discovery and response, regardless of a company's size. Their managed detection and response service, known as Kroll Responder, provides the necessary tools and expertise to proactively identify and neutralize dangers, ensuring business continuity and compliance.
- Headquarters: London, UK
- Founded: 2002
- Email Address: N/A
- Website: https://redscan.com
- Phone Number: +44 (0) 203 972 2500
- Address: The Shard, 32 London Bridge Street, London, SE1 9SG, UK
- Specialization: Fintech Security Monitoring, Compliance Assistance
Microminder
Microminder has been supporting financial organizations since 1984. One of the primary concerns for fintech companies is compliance. Recognizing the need for strict adherence in the sector, they position themselves to assist firms in adhering to essential regulations like GDPR and PCI DSS.
They provide actionable solutions to common fintech issues. Their comprehensive strategy encompasses detection, prevention, and rapid response to potential threats. With their state-of-the-art encryption methods, Microminder guarantees data remains secure, even in the face of breaches. Their track record includes over 11,000 web and mobile apps tested, securing over seven million users globally.
Furthermore, Microminder bolsters its cybersecurity testing services by using Mitre ATT&CK, a globally recognized matrix detailing adversary tactics, techniques, and procedures. It provides a comprehensive view of a cyber attacker's life cycle. The company’s integration of this framework underscores their commitment to enhancing defenses. By leveraging this, they offer businesses a structured approach to prioritize detection based on their unique environments, ensuring they remain ahead of potential threats.
- Headquarters: Stanmore, UK
- Founded: 1984
- Email Address: info@micromindercs.com
- Website: https://micromindercs.com
- Phone Number: +44 (0) 203 336 7200
- Address: Stanmore Business and Innovation Centre, Howard Road, Stanmore. HA7 1BT, United Kingdom
- Specialization: Fintech Cybersecurity
DigitalXRAID
With the fintech sector witnessing rapid growth, the associated risks and dangers have also surged. DigitalXRAID understands the unique challenges posed in this industry, especially given that fintech innovations have transformed traditional financial services. This transformation, while beneficial, has also made the sector a lucrative target for malicious entities.
One of their most prominent features is their 24/7 Security Operations Centre (SOC), designed to bolster security strategies. SOC is not just about monitoring; it's about proactive defense. They can identify and neutralize threats in under six minutes, a testament to their efficiency. This is crucial in an industry where every minute can equate to significant implications. Their SOC provides many services, from SIEM and log management to intrusion detection and compliance. The company is also a certified member of CREST.
Furthermore, DigitalXRAID's SOC offers a specialized Managed Microsoft Sentinel service, which focuses on threat location, investigation, and response. This is tailored to each organization's unique needs, ensuring that the protection measures are not generic but specifically aligned with the businesses' requirements.
- Headquarters: Doncaster, UK
- Founded: 2015
- Email Address: info@digitalxraid.com
- Website: https://digitalxraid.com/
- Phone Number: +44 (0) 800 090 3734
- Address: 9A Cavendish Court, South Parade, Doncaster, South Yorkshire DN1 2DJ, United Kingdom
- Specialization: Security Operations Centre
Fortinet
The final entry on this list is Fortinet, who has been active in cyberspace for over 20 years. The company's prowess is anchored in the expertise of FortiGuard Labs, an assembly of professionals ranging from threat hunters to data scientists. Their efforts ensure that their solutions detect threats and provide actionable intelligence, enabling financial institutions to bolster their defenses.
One of Fortinet's prime offerings is their AI-powered security services. These are designed to counter real-time threats, leveraging machine learning for coordinated protection. They integrate these into the Fortinet Security Fabric. This integration ensures swift detection and enforcement across the entire attack surface, a crucial feature for businesses that deal with sensitive data and require risk mitigation.
FortiGate, another of the company's features, is known for its industry-leading low latency and jitter rates. This is important for electronic trading infrastructures, where even microseconds can influence outcomes. For instance, even minor time lags can lead to slippage, where the executed price of a trade differs from the expected price, causing potential financial loss.
- Headquarters: Sunnyvale, CA, USA
- Founded: N/A
- Email Address: cs@fortinet.com
- Website: https://fortinet.com
- Phone Number: +1 (408) 542-7780
- Address: 899 Kifer Road, Sunnyvale, CA 94086, United States
- Specialization: Network Security, Security Information and Event Management
Final Thoughts
As fintech companies continue to disrupt traditional banking, the allure for web-based criminals only grows. By integrating the right cybersecurity services, fintech firms can defend their innovative solutions and uphold the trust of millions who rely on them. Yet, it's essential to remember that cybersecurity isn't a one-time task but an ongoing commitment. With evolving threats and technological advancements, staying vigilant and proactive is the key. Embrace security today, and fortify your fintech firm's future.
