In the past two decades, the world has become increasingly digital. Today, most businesses have transitioned to using computers for most of their operations. That means that digital systems form the foundation of most modern services.
Through these services we make online purchases, send money, share moments of our lives, and even save some of our most important information. The information we store may be highly valued or sensitive for a variety of reasons, which is why our devices are always under threat of digital attacks. The proof of that is the increasing number of digital attacks against personal users and companies.
In 2023, the number of digital attacks increased, once again. Due to the Covid-19 pandemic, many enterprises were forced to set up remote operations, which increased the vulnerability of companies that were not ready to deal with the possible dangers of remote working.
Many industries are vulnerable to hackers, but FinTech companies run a high risk of being attacked due to the value of the information they store. Some of the most impactful hacks happened against financial companies. In this article we will explore some of the main ways hackers use to infiltrate your systems and devices.
How They Hack Your Devices and Systems
One way hackers use to enter your system is through API attacks. These attacks consist of someone trying to access your system by guessing your personal credentials through the use of complex software. Usually, hackers use automated systems that will try to force their way into your system. Once they are successful, the hackers will have access to all your personal information and to your company’s system, making it very easy to steal funds.
Phishing attacks happen when you or one of your colleagues mistakenly presses a malicious link. These links can be masqueraded as legit links from legitimate companies and can be hard to spot. When the link is clicked, many things can happen. Most times, malware is downloaded into your computer, which in turn saves all your personal information and sends it back to the hacker, giving them access to your devices and systems.
DDoS attacks consist of hackers flooding your online system with traffic in an attempt to crash it. By crashing the system, they also hope to crash essential security features. When successful, the hackers will be able to bypass the security systems and enter your company’s digital system.
FinTech companies usually require their apps to communicate with banks. The problem is that banks are, usually, old institutions with old digital systems. To ensure good functioning between a FinTech application and the bank’s system, several custom APIs will have to be employed. Each added API also represents added risk, since each API may have different vulnerabilities.
One of the main security problems that companies face is their employees. Employees might not have the best safety practices in mind when it comes to using computers and the internet. Making sure that all employees are aware of the best safety practices is of the utmost importance. We advise you to train your employees on how to properly use the systems used by the company.
Another possible danger is an upset employee or former employee who might purposefully endanger your system. Make sure that each employee only has access to what they need.
How Can You Combat Hackers?
The best way to start fighting hackers is to make sure that your digital systems are as secure as possible. There are many tools used to protect digital systems and devices, some with better functionalities for companies.
Cloud Storage Services
Using cloud storage services is one of the most efficient ways to protect your data from unwanted attacks.
Using cloud storage entails encrypting and saving your data on remote servers managed by companies that fully dedicate their time to protect your data. This means that a hacker would not be able to access your data, even if they managed to access your company’s digital system. Not only that, but cloud storage services also allow for a cheaper alternative to storing data in your own servers, while also improving the accessibility and shareability of stored files.
There are various cloud solutions out there, you should choose one that better fits your company’s needs.
Password Management Services
Password management tools are used to store and save your passwords.
Browsers were not built from the ground up to include all the necessary safety features to protect your passwords. Password managers can therefore fill this gap and offer a convenient way to not only store your credentials in a safe online vault, help you generate complex password combinations, but most of them also have browser extensions that can automatically fill them in for you when needed.
And it’s not only individuals that turn to these tools, more and more businesses have recently been employing stricter company-wide cybersecurity regulations, which often include the usage of various password management tools. Companies dedicate millions to improve their cybersecurity this way and for a good reason.
A VPN – Virtual Private Network – is a software that encrypts your internet usage and disguises your online identity. This makes it virtually impossible for third parties to see what you used the internet for.
Using a VPN drastically increases the safety of browsing the internet. Even if someone was able to access your internet activity, it would be rendered useless due to encryption.