How to apply robust fintech system to counter cyber crime

Published: June 8, 2017 4:31 PM

It has become imperative today to follow safety protocols to avoid falling victims to hackers and cyber criminals.

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By Vikas Dahiya

The consistent progress in modern technology has made us very reliant on the Internet. The use of technology is all over, whether it is for communicating via social media, shopping online, storing files and data in offices, and even for entertainment access. Thus, it has become imperative to follow safety protocols to avoid falling victims to hackers and cyber criminals. Cyber criminals hack into computers or computer networks and the information acquired could be used as tools for carrying out illegal activities, much against the interest of consumers.

Security Strength of Financial Companies:

Hence, it is imperative that companies must inculcate a culture where security is treated as a determining factor of efficiency as well as to protect the users from outside threat. FinTech companies especially should plan and be certain of their technology stack to avoid any percentage of vulnerabilities. Entities must also avoid open source technologies and instead use secured and updated APIs from trusted developers. There are certain practices that are a must to defending companies and users from security violation:

# Use SSL certification for website protection and data protection.

# Custom code should always be robust and secure.

# Apply code reviews to avoid any errors.

# Users accessing online transactions must install the latest security software, activate auto update for security software, check the website’s digital certificate etc.

Preventative and Security Measures Taken by All India ITR:

Due to the prevailing risks that threaten websites and servers, All India ITR has followed all norms and gone beyond in making sure its website is secure from hackers and cyber criminals. The connection to All India ITR website is encrypted and authenticated applying a strong protocol (TLS 1.2), a strong key exchange (ECDHE_ECDSA with P-256) and a strong cipher (AES_128_GCM).

The measures maintained by All India ITR for safeguarding its client are confidential and security and some of our key safety features are as follows:

# All India ITR website is encrypted and authenticated

# All India ITR regularly updates software without compromising its security by updating only with genuine & secured software

# Prevention against Cross Site Scripting (XSS)

# The Firewalls are always updated and are anti-pirated

# Encrypted data and passwords in the server

# Safety lock on all files and directories and it can be accessed only by authorized users only

When does a Site or Network run the risk of a Security Breach?

Websites of entities that still use old applications or site code, companies falling under segments that maintain identity records of its clients, or sites that are under-funded face a greater risk of having relatively lower web security.

All web sites and networks are connected to web servers and are quite prone to security risks. A website is considered highly secured when the network is set up with tight permissions procedures, marked with updated versions of software and the web coding has been encrypted with the highest level of security system.

Hence the maintenance upgrades is very much needed to safeguard the system. The security of a user’s web server or the system will depend on the degree of maintenance procedures, routine software updates, and the website coding. A safely encrypted site will filter all content and protect itself from any sort of lapses in its security system.

A company must facilitate a well organized and funded IT department, or else the security of the company’s site will be forfeited into the pit of cybercrime.

(The author is Founder & Director of CorWhite and All India ITR. The views expressed here are his own.)

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