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HomePeer to Peer LendingRebuildingsociety MD says fintechs must step up their cyber safety

Rebuildingsociety MD says fintechs must step up their cyber safety


Rebuildingsociety managing director Daniel Rajkumar has claimed that the fintech sector must step up into the subsequent section of cyber safety, as API connections expose vulnerability that hackers can exploit.

He stated there’s a particular danger in the mean time, as extra fintechs transfer in the direction of embedded finance and additional API purposes with totally different software program corporations, reminiscent of for anti-money laundering (AML) options.

Rajkumar stated that many companies conduct penetration testing, the systematic means of figuring out and probing vulnerabilities in its infrastructure and software program, however don’t accomplish that when connecting with one other agency by way of an API.

He stated these connections may end up in a minor however important vulnerability combining with one other on a separate firm to result in one thing extra critical {that a} hacker can exploit.

Rajkumar stated as we enter the subsequent section of cybercrime, fintechs have to take cybercrime extra severely, together with penetration testing and vulnerability testing.

Learn extra: Cybercrime overtakes fraud as key enterprise concern

Learn extra: Rebuildingsociety polls buyers about its pandemic response

“I believe we’ll prone to see extra hacks in future and platforms have to look extra severely at penetration testing and vulnerability testing,” Rajkumar added.

“It’s the entire fintech sector. It’s not simply embedded finance. It’s any sort of API integration with one other third-party supplier and you’ve got that with AML suppliers, cost service suppliers and the variety of rising integrations is sort of widespread now.

“We are going to most likely go into a brand new section of cyber safety and it’s one thing platforms have to take severely.”

Learn extra: FCA sends 1000’s of workers on cyber safety coaching

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