The State of Cybersecurity in FinTech and authID’s 2022 Plan
Cybercrime is evolving, and so are identity verification and authentication requirements.
The introduction of FinTech and the amalgamation of digital technologies with financial processes have made logins and transactions more convenient. But the efforts to make these processes more straightforward and easier to use have opened multiple avenues for cybercriminals to sneak in and steal a financial organization’s assets. It’s not just a company’s assets that are facing unprecedented threats. But its reputation and bottom line are also exposed to more significant risks.
Every year, FinTech organizations lose significant amounts of their profit trying to prevent or remediate the consequences of cyberattacks. This justifies the increased interest in cybersecurity and how it can be improved. The rise in cybercrime, particularly in the more sensitive FinTech industry, can be partly due to the industry’s heavy reliance on legacy authentication systems. With their highly-sophisticated maneuvers, modern cybercriminals have learned to exploit such verification systems, exposing FinTech companies and other organizations to a higher risk of costly breaches.
And that’s only a part of the problem. The swift shift of industries towards remote work has given cybercriminals yet another way to exploit a company’s sensitive systems. And these are only the challenges on the security end. FinTech developers face similar challenges on the user experience end as well. Customers and employees – a FinTech platform’s common users – want authentication solutions that don’t add friction to their workflows and processes. Additionally, they need to ensure there are no compromises to the security of their platforms and accounts.
The current state of cybersecurity has shifted the paradigm surrounding prevalent authentications systems, as all industries in general and FinTech and Banking, in particular, look for newer solutions that strike the balance between high security and low-friction user experience. Hence, FinTech industries are standing on the threshold of a new era in authentication and verification. Taking a step forward, they can adopt new technologies and change the way people log in and access their systems and add extra layers of security without bringing down their user experience and driving trust with valued employees and customers.
To that end, Tom Thimot, CEO of authID, a biometric authentication and verification solutions platform, answers the following questions and more as he appears on a digital talk show with Proactive.
- What legacy authentication solutions have weakened the companies’ defense against modern cybercrime?
- What has led to the hesitation among people regarding their privacy when using alternate authentication solutions?
- And how will FinTech leaders react to these problems?
Leveraging the data from authID’s FinTech security reports, Tom shares what FinTech leaders are expected to do going forward to make their authentication solutions fool-proof and frictionless. Additionally, he also talks about the weak links in the authentication industry that have exposed all companies to more significant risks and how they can be eliminated. You also will hear authID’s plans for 2022, and how the ID verification and authentication leader plans to address the common and critical FinTech challenges and speed up the pace at which companies adopt modern and safer authentication solutions.
You can watch Tom’s information-packed interview here for a better overview of the past, present, and future of FinTech and cybersecurity: