The integration of technology and finance has given rise to multiple business prospects and building a FinTech app for your business is one of the approaches to use this technology to propel your business further ahead in future but the issue of data breach is on the rise hence we have come up with 8 essential steps that would ensure the security of your FinTech app;
Write Secure App Codes:
The app development team needs to be strong and experienced that they write strong app codes that cannot be breached. A lot of sensitive data would be stored by the application hence the code needs to be tested extensively to make sure that the data is secure from both user end and your end. App security is one of the most important parameters that decide the fate of your company. Let us take the simple example of the application of FinTech in cryptocurrency trading- Bitcoin Revolution which is a reputable bitcoin trading software is popular because it is a highly secure platform for trading. Hence give the most significance to the security of the app codes so that your FinTech business excels.
Integrate Security in Your Day-To-Day Workflows
The most vulnerable security issue which such apps face is from the employees’ end. The employees who operate the app may impact the company security system by misconfiguring the app or opening a spam link. Hence have a back-up in place, practice a disaster recovery scenario just in case, separate the development team and the production so that critical data is not mishandled. Also, make sure your employees sign a Non-disclosure agreement so that important information is not passed on from your company.
Enforce Data Encryption:
This is one thing which is like common sense when you build a FinTech app as the data you are storing, and transmitting is really sensitive hence enforce https and get an SSL as starters but that is not enough. All your data needs to be encrypted as well for additional security.
The FinTech app should be tested extensively before being released. Test from both operators end and customers end so that you can find glitches if any. Also, test the server security and network security before putting the app in the market.
Secure the API:
Most apps use API for functionality like back-end interaction hence generating API token is important in mobile apps, hence a random automatic API generation token is the best way to secure it.
Secure the Authentication Process:
The process where the user needs to enter their credentials to log in to their account needs to be double secured so that no hacker can hack the account. You can implement a two-step authentication just to add double safety to the login process.
Implement Payment Blocking:
Your FinTech app should be developed such that it can block unusual withdrawals activities to prevent money or data theft of the customers. Any unusual transaction should be first authorized by the customer before the payment has proceeded.
Educate Your Customers:
It is also important that you educate your customers with proper security instructions on how to use the app so that they are alert about the amount of information they share with others and is there is any unusual activity going on in their accounts.
Technology is advancing day by day but sadly the incidences of data-breach are also on the rise, hence you cannot be lenient when it comes to the security of your financial business app. Hire a team of experts to build a secure app and if you are not up for it then outsource your app-building to a professional company that does this every day to ensure that your app cannot be breached.