Financial service providers have been forced to make major changes to their cybersecurity programs and protocols in order to manage the transition to remote working, a practice many Fintech firms have adopted, following the global COVID-19 outbreak.
The US-headquartered Financial Services Information Sharing and Analysis Center (FS-ISAC) recently conducted a survey in which 871 cybersecurity professionals participated. The survey asked respondents about what has changed since the pandemic began, and how this has affected their cybersecurity programs.
Three quarters or 75% of survey respondents said remote working has led to dramatic changes in how cybersecurity programs are being managed. About 11% of professionals said potential security risks or threats from third-parties have required companies to make significant changes to their online security measures.
Digital banking software can securely handle a substantial increase in volume as only 3% of survey respondents said advanced Fintech tools require significant program changes or adjustments. This, as most modern digital banking solutions are already well-suited to handle a change in internet security protocols.
Around 46% of IT professionals responding to the survey said their financial institution or company they work for will most likely be investing in more cybersecurity software and platforms, even after the pandemic has passed.
Steve Silberstein, CEO at FS-ISAC, stated:
“As the effects of this pandemic continue to unfold, CISOs and cybersecurity teams are constantly adapting their cybersecurity programs to meet a new reality that is everything but normal.”
Earlier this month, OurCrowd invested in Hub Security, a startup that offers military-grade cybersecurity solutions for Fintech, cloud, blockchain, and data storage in general, in a $5 million Series A funding round led by AXA Ventures. Details of the investment were not announced.
Moshe Raines, Partner at OurCrowd and Labs/02 managing partner, said he was actively looking for a “software-defined HSM” platform for the past 12 months and he was very pleased when he met Hub Security and learned about their unique offering.
Raines noted:
“We agreed very quickly to partner and invest.”