Entersoft Security Blog

Entersoft Security Pack: FinTech

Posted by Mohan Gandhi on Jul 25, 2017 5:39:07 PM
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Banks now work hand in hand with companies in Fintech. Banks regularly partner with Fintech startups to implement innovative technologies such as Robo advice, Chatbots, KYC and Regtech, Blockchain, Wealth Management, Artificial Intelligence, Big Data and so on.
 
Do you as a Fintech startup have what it takes to collaborate with banks? Do you have the security required to integrate your product/API within the banks’ processes?
 
Entersoft has helped over 30 Fintech companies in Australia, Singapore, HongKong and India win big banks as their customers. Every FinTech customer we have worked with has faced multiple rounds of scrutinising from the banks. We followed a proactive approach to help our customers successfully sign up with banks like NAB, ANZ, Macquarie, Standard Chartered and UBS. If you are integrating your product with BFSI majors, there is no work around for security. Banks need security! 
 
Most banks assess your security posture through policies and processes. You get bonus marks if your product is certified with industry approved standards such as ISO 27001 and PCI. If you don’t have any existing compliance practices and certifications in place, they will ask you to fill out a questionnaire to evaluate your product security posture.
 
Most Fintech startups panic and struggle when they come across the never ending checklist. They generally do not meet the required score to integrate with banks and in many cases lose out on a fair bit of time. Fintech startups often do not have a full time CISO. A lot of questions asked by banks are also outdated and not applicable to Fintech products. This has been tricky area for many startups. Also, banks have low tolerance when integrating Fintech products without proper security norms.
 
What do banks look for when trying to integrate Fintech products?
 
Entersoft has created a minimum security evaluation pack for Fintech companies to get an idea of what banks look for.
 
These are some of the most common questions asked by almost every bank and enterprise in BFSI sector. Some banks may have specific and additional questions based on your integrations.
 

Download the assessment pack here! 

Topics: Application Security, cyber security, FinTech Security, Fintech Security standards