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Security Spells Success for Financial Tech Companies During the Pandemic

Both businesses and individuals have taken the COVID health emergency as an opportunity to bring their operations online. As the number of remote financial transactions grows, more and more companies are trying to capitalize on this trend.

However, with billions of dollars circulating online, financial software needs to be safer than ever before.

First, how do we tell how secure a company’s software is? There are two metrics that measure this. The first is the average time it takes to detect a security breach and the second is the average time it takes to respond to the threat. The first is abbreviated as MTTD (mean time to detect) and the second as MTTR (mean time to respond).

While a trained staff must monitor for potential threats, the majority of these processes are monitored digitally. Programs scan for unusual activity and reduce the MTTD for the software. After, the time saved by automating the detection process can be used so the security team can quickly respond to and eliminate the threat.

Another measure a company can take to protect its app and is to focus on the security of its data. Encrypted communications protect financial information from third-parties and two-step verification can keep users’ account data private. That said, financial companies will need to go above and beyond in order to succeed as a record amount of transactions take place online.

Tech companies will be the ones responsible for their apps’ security, but who is making the paper-to-digital transition happen for their users? Take a look at one example here that is helping lenders get their processes done online.

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