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Cybersecurity is constantly evolving, developing new strategies and technologies because cybercriminals' methods are always evolving too. Every year, businesses and their customers lose more than $500 billion to cybercrime. A new attack happens every 39 seconds.
For top Fintech companies, cybersecurity is built into every step. Security begins with protecting data and preventative surveillance and extends to studying breaches and learning from disruptions to develop new responses.
Here are a few methods Fintechs often use to keep your data and money safe.
Blockchain technology avoids main servers that can be targeted and hacked - systems that mirror old-fashioned bank vaults, with valuables stored in one secure place. Instead, Fintechs often use blockchain systems, decentralized by design, with a network of computers, public and private security keys, and cryptographic requirements for every transaction.
For consumers, cloud storage has become an everyday tool, often used for archiving images and large files. In Fintech, the amount of stored data is often massive, and security needs are exceptional. So many Fintechs develop their own private cloud, to better control access, or even multiple clouds, to create more layered access and security.
Machine learning and artificial intelligence can quickly process and study large stores of data, identifying authorized users by their behavior and intercepting unauthorized users. Fintechs rely on AI’s scale and efficiency to flag threats like fraud and to spot vulnerabilities in their own systems.
Regtechs are designed to ensure compliance with laws and standards, especially around encryption and privacy protections. For Fintechs, regtech provides important standardized safeguards.
Bright ensures the security of its users’ data with high-level encryption, at standards used by major US financial institutions. AI and data science are at the core of Bright, too, not only to understand users’ behavior but also to identify unauthorized users.
Bright is built on world-class technology - 34 algorithms developed by experts from around the world and tested by over 55,000 users.
Bright is safe, and the security of its users’ data is Bright’s highest priority.