5 Security Tools that Every Fintech Brand Needs

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Data security and compliance are top priorities in the competitive and highly regulated Fintech landscape. Fintech companies must employ robust security tools to protect sensitive customer information, ensure regulatory compliance, and mitigate third-party risks.

Below are five security tools that Fintech brands should integrate into their operations to enhance security and compliance capabilities.

1. Vendict

Vendict stands out for its ability to streamline vendor and third-party risk management (TPRM), helping Fintech brands maintain transparency and trust in their supply chains. It reduces the time spent on manual responses to security questionnaires and requests for information (RFIs). Automating these processes saves organizations a significant amount of time that is typically required for these tasks.

Fintech brands often rely on third-party vendors for different functions, such as payment processing, data storage, and software solutions. Vendict minimizes the risks associated with these relationships and provides clear insights into compliance and identification of vulnerabilities.

Moreover, the platform analyzes vendor policies to align them with regulations such as the General Data Protection Regulation (GPDR), Service Organization Control Type 2 (SOC2), and ISO 27001. 

2. BitSight

BitSight provides a comprehensive view of an organization’s cybersecurity posture, offering security ratings to assess the performance of its vendors. After all, constant cyber threats are inevitable, so continuous monitoring ensures vulnerabilities are identified and addressed before they escalate. The ratings can also be used for benchmarking against industry standards.

FintTech brands can make the most of BitSight’s continuous monitoring to find hidden risks in third and fourth parties, remediate with in-context collaboration, and access reports that translate cyber risk into business risk. 

3. OneTrust

OneTrust is a privacy and security management platform that includes tools for vendor risk management, regulatory compliance automation, and data protection assessments. Fintech brands can utilize OneTrust to adhere to stringent regulations like GDPR and CCPA, protecting sensitive customer data more efficiently.

OneTrust also ensures organizations where sensitive information is stored, processed, and shared with its data mapping feature. Fintech brands can use these maps to identify gaps in compliance and vulnerabilities.

4. Splunk

Splunk is a robust data platform that provides operational intelligence through real-time data analysis, monitoring, and reporting. It provides visibility across any environment and stack, allowing users to predict, find, and fix performance issues before customers notice them.

Splunk makes organizations more efficient by preventing or addressing major issues before they create bigger business impacts. After all, Fintech brands handle immense volumes of sensitive financial and personal data, so having a critical advantage like Splunk provides users with peace of mind. It also helps restore mission-critical services to keep teams productive. 

5. CrowdStrike: Falcon

A leading endpoint protection platform, CrowdStrike: Falcon is powered by artificial intelligence to deliver cutting-edge cybersecurity solutions. In the fast-paced Fintech industry, where safeguarding sensitive financial data and ensuring business continuity are paramount, CrowdStrike: Falcon provides robust tools to prevent breaches, detect threats, and respond swiftly to cyber incidents.

CrowdStrike protects 300 of the Fortune 500, 43 of the 50 U.S. states, and more than half of the top 10 food & beverage companies, healthcare providers, financial service firms, and other industries.

Safeguard Fintech’s Future with the Right Security Tools

The dynamic world of Fintech is prone to risk, making cybersecurity not just a necessity but a cornerstone of trust and innovation. The right security tool will empower brands to proactively manage risks, protect sensitive information, and ensure compliance with regulatory standards.

Stay one step ahead of cyber threats, foster stronger vendor relationships, and build lasting trust with your customers. Invest in the right security solutions today so you can focus on what truly matters: delivering innovative services to your audience.