Each industry has its unique set of regulations to ensure transparency in operations. These regulations not only help companies maintain a structured functionality but also help in demonstrating the genuineness of their services to their customers. The financial industry is one among many industries in the world that must comply with a complex set of regulations, mainly due to its nature of governing the wealth of individuals and firms.
Financial firms must comply with recordkeeping and security regulations based on the geography of their operations, with the aid of FinTech, in a responsible manner. Cyber compliance certification for FinTech firms has thus become a means to ensure adherence.
The ISO/IEC 27001 is a popular security standard that fulfills the requirements of an information security management system (ISMS). The standard allows a variety of organizations to manage the security of assets such as intellectual property, financial information, employee details, or information entrusted by third parties. This standard specifies the requirements that are needed to establish, implement, maintain and continually improve the ISMS of an organization. The requirements for the assessment and treatment of information security risks applicable to the organization are also specified in this security standard. Since these requirements are generic in nature, they apply to all organizations irrespective of their type, size, or nature.
In a recent webinar, Upendra Mardikar, CSO of Snap Finance, Guy Levit, CEO of TeleMessage, Nir Netzer, Chairman of the Board, FinTech Aviv, and Tom Rozen, CRO of GRSee Consulting discussed the benefits of how a cyber compliance certificate can help FinTech companies gain the trust of their clients.
Below we offer the first part of a two-part blog series that explains the key aspects of this online discussion.
Best measures that FinTech companies and financial institutions should adopt to ensure cybersecurity
Existing security standards and frameworks, like the ISO set the basis for cybersecurity software development, in conjunction with business requirements and irrespective of your current stage in the development process. Even if you are unable to ensure standards like ISO 270001 or the SOC 2, due to limitations in resources or maturity, you must provide an assurance to your clients that you are handling the assets in a secure manner.
Did you know that SOC 2 and ISO 27001 share 96% of the same security controls!
Cybersecurity programs must deal with the product, back office, and operational security, in addition to markets and customers. Companies that use credit card information must have PCI (Payment Card Industry) compliance and the companies that use PII (Personal Identifying Information) of their customers must be compliant with applicable data privacy regulations. This includes GDPR in Europe, New York Shield in New York City, and CCPA in California. Hence, cybersecurity programs require holistic and comprehensive approaches.
FinTech companies collect the personal information of companies’ customers (like credit card details, bank account numbers, social security numbers, and so on) to safeguard financial transactions and shield their clients from regulatory penalties.
The common FinTech solution cyber considerations
- The assets that companies deal with: PCI, if credit information is being handled, but if you are dealing with health information in the USA, then HIPAA will be applicable.
- Geography of the market and the type of companies: Companies engaged in cross-border commerce face a more complex cybersecurity challenge.
- View the overall ecosystem: Cybersecurity vendors must demonstrate the ability and appropriateness of their RegTech solutions to the financial firms to ensure that they can handle the assets of the financial firm in a very secure manner by addressing all possible risk elements.
The FinTech security concerns that companies need to address
To understand the security concerns that companies need to address, it is important to understand the current trends and standards of the financial industry.
- The ever-growing sophistication of digital money: Digital money transactions, like Google Pay and Apple Wallet are supplanting the credit card as the default payment mechanism
- Absence of four-walled boundaries: Any solution must be internet-based.
- Regulatory compliance requirements: The myriad of regulatory regimes and governance requires comprehensive cybersecurity solutions
Malware, including computer viruses, worms, Trojan horses, and ransomware is any software intentionally designed to cause damage to a computer, server, client, or computer network. Malware attackers first try to infect the company’s system to take it down or to purloin data. Data of particular interest include consumer’s Personal Identifying Information (PII), which offenders use to commit fraudulent activities.
TeleMessage offers a wide variety of solutions that help financial firms ensure regulatory compliance by capturing mobile calls and mobile text messages. The instant messaging archiving solutions offered by TeleMessage record and archive mobile instant messaging applications like WhatsApp, WeChat, Signal, and Telegram .
| Quality | Security | Cloud Security | Privacy | Secure Infrastructure |
| ISO 9001 | ISO 27001 | ISO 27017 | ISO 27799 | SOC II data centers |
TeleMessage also follows GDPR, CCPA, HIPAA, and many other guidelines and standards.
About TeleMessage
TeleMessage captures and retains mobile content, including mobile SMS messages, voice calls, and WeChat and WhatsApp conversations from corporate or BYOD mobile phones to ensure compliance with various data protection regulations. The messages are securely and reliably retained within TeleMessage servers or forwarded to your choice of data storage vendor.
Our mobile archiving products securely record content from mobile carriers and mobile devices for various ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements:
- Network Archiver
- Enterprise Number Archiver
- Android Archiver
- WhatsApp Archiver
- WeChat Archiver
- Signal Archiver
- Telegram Archiver
TeleMessage offers cross-carrier and international mobile text & calls archiving for corporate and BYOD phones. Visit our website at www.telemessage.com to learn more about our mobile archiving products.
