How Fintechs Prioritize Data Security
How Fintechs Prioritize Data Security
With the rise of financial awareness worldwide, consumers now understand the vulnerability of their data. They are concerned about the safety of their financial information. As information transfers go at lightning speed, news about data breaches and leaks from financial services are getting traction each day. Not only that, consumers are questioning how fintechs have open access to their data with little to no transparency on what they do with the data.
Within the fintech industry, the threat of cyberattack has become more imminent as it involves confidential financial data of consumers that are attracting a lot of attention with malicious intent. Fintech relies on cyber safety more than any other digital platform to protect itself and its consumers.
To maintain the public's support, fintech companies should prioritize implementing information security to protect the technology and information assets it uses by preventing, detecting, and responding to internal and external threats.
Information security is the process of preventing unauthorized access, protection against threats, confidentiality, disruption, destruction, and modification of business information. Information security protects protected company data in the system from malicious purposes.
Role of ISO 27001 in Data Management Regulation
Multiple standards can be applied to ensure information safety in fintech companies. One of the most prominent standards in the technology industry is ISO/IEC 27001. ISO/IEC 27001 is an internationally recognized set of standards developed to handle information security created by the International Standards Organization and International Electrotechnical Commission. ISO 27001 specifies the requirements for establishing, implementing, maintaining, and continually improving an information security management system (ISMS).
ISMS is a documented management system that consists of a set of security controls that protect the confidentiality, availability, and integrity of assets from threats and vulnerabilities. It's a centrally managed framework that enables you to manage, monitor, review, and improve your information security practices in one place. One of the crucial aspects of ISMS is assessing the risk and devising a risk treatment plan. To fully understand each risk a company will face, an internal audit must have been conducted first. This audit is often implemented using the PDCA model.
PDCA model for ISMS implementation
(Source: Research Gate)
The PDCA model consists of four infinity steps: Plan, Do, Check, Act. Plan means to establish ISMS policy, objectives, processes, and procedures relevant to managing risk. Do means to implement and operate the ISMS policy, controls, processes, and procedures. Check means to assess and measure process performance against ISMS policy, objectives, and practical experience. Act means taking corrective and preventive actions based on the internal ISMS audit and management review to achieve continual improvement of the ISMS. By implementing ISMS correctly, companies are able to secure their information in all its forms. It can also increase their resilience to any possibility of cyber-attacks while managing all information in one central framework. With information technology that keeps evolving each day, implementing ISO 27001 ISMS will respond to ever-evolving security threats by adapting changes to the environment and inside the organization. And the most important one, ISMS can protect the confidentiality, availability, and integrity of your data: An ISMS offers a set of policies, procedures, technical and physical controls to protect the confidentiality, availability, and integrity of information.
How Brick Ensures the Information Security At Brick, security is our top priority. We enable world-class data security, using a three-point failure system with industry-grade encryption to protect user data. Brick goes above and beyond other commercial companies. While most companies also encrypt data and place restrictions on accessing data, user data is still accessible by verified employees and can be compromised since companies store their own encryption keys. Brick's decentralized approach in distributing the encryption keys and leaving no room for internal access to user data goes the extra mile to ensure data security.
Recognizing the importance of alleviating the public's concern about data security, Brick also seeks to build trust between stakeholders and users by complying to the ISMS standard that has been set in ISO 27001.
This year, Brick succeeded in obtaining the certification as a form of the company's commitment to developing consumer trust. As a global standard, ISO/IEC 27001 ensures that Brick adheres to strict security and information control, assuring all of the information from our clients and partners is strictly managed in our company.
Brick performs regular audits to ensure our security and information control are rigorously implemented and continuously updated as part of the certification. With ISO/IEC 27001 certification, we commit to provide continuous operations to ensure long-lasting business relationships with our clients and partners. Our verified protocols and SOPs ensure Brick to remain operational in various circumstances. ***
