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The importance of regtech can help sustain fintech security as political regimes shift and governments increasingly seek to push greater cybersecurity legislation. These solutions are designed to manage huge data usage while adhering to government regulations.
FREMONT, CA: When the pandemic hit, bad online actors used it as an excuse to ramp up their attacks using malware, ransomware, and social engineering. Remote employees and workplaces had to adjust quickly to a bigger digital threat as well as a public health concern.
In the present world, cybersecurity may be the most significant part of financial technology (fintech). With 2020 set to be the worst year on record in terms of files exposed in data breaches, a comprehensive security strategy is required to resist new threats.
Fintech Trends for 2021:
Secure Access Service Edge (SASE) Networks
SASE network design, like multi-cloud storage, brings together many systems to link security solutions for maximum effect. This fintech trend integrates wide-area networking with network security services to provide a complete cloud service. As digital consolidation continues to be a trend among enterprises, these solutions can help secure fintech while also providing increased functionality in a single package.
Multi-Cloud Data Storage
Many financial firms may not be able to meet their needs with a solely public cloud storage system. Instead, the security of a private cloud is frequently preferred. Fortunately, multi-cloud solutions provide the best of both worlds, providing better transparency and security in data usage while still serving as a backup system for sensitive data.
Regulatory Technologies (Regtech)
The importance of regtech can help sustain fintech security as political regimes shift and governments increasingly seek to push greater cybersecurity legislation. These solutions are designed to manage huge data usage while adhering to government regulations. This frequently includes data encryption and de-identification techniques designed to protect user privacy.
See Also: Top RegTech Solution Companies