Fintechs, cybersecurity, and governance: A crucial trio for success

TLDR: Fintechs and cybersecurity

• SEC adopted strict new cybersecurity disclosure requirements in 2023
• Fintech companies face significant risk from cyberattacks due to sensitive data

In the rapidly evolving landscape of cybersecurity threats, establishing a robust governance plan is more critical than ever for fintech companies. With the rise in cybercrime damage costs and the increased targeting of financial services, fintechs must prioritize cybersecurity governance to protect their data and mitigate risks. This article highlights the importance of cybersecurity governance for fintechs and provides key questions to ask when evaluating and enhancing cybersecurity plans.

Key Elements

The article emphasizes the following key elements:

• The significance of regulatory requirements and the need for public companies to disclose cybersecurity incidents
• The vulnerability of fintech companies to cyberattacks due to the sensitive data they manage
• The importance of governance in effectively mitigating risks, addressing threats, and meeting compliance responsibilities
• The value of asking critical questions to evaluate the adequacy of cybersecurity plans, including understanding current programs, assessing risks, and monitoring processes
• How BPM’s Cybersecurity Assessment Services can assist fintechs in identifying vulnerabilities, developing risk mitigation strategies, and enhancing cybersecurity governance

Overall, the article underscores the urgent need for fintech companies to prioritize cybersecurity governance, implement comprehensive cybersecurity plans, and continuously assess and enhance their security measures in the face of evolving cyber threats.