The positive consequences of fintech are facilitating access to financial products and ideals services, creating a competitive environment in banking.

The Importance of Fintech Companies in Modern Economy

The number and size of transactions related to unauthorized debiting of funds from bank accounts of clients – individuals and legal entities – remains very significant over the period presented. It can be seen that fraudsters prefer to carry out attacks on companies, main representatives of small and medium-sized businesses. Big business is more secure due to the use of expensive systems for diagnostics and the prevention of cyber threats. Also important are new legal regulations that impose harsh penalties for cyberattacks on strategically important companies.

The regulator’s close attention to cyber risks is due to their constant growth, improvement of the mechanism for their implementation, and growing damage. In addition, it should be understood that the high frequency of cyberattacks can lead to the realization of social and political risks. Therefore, for the monetary authority, the priority task is to prevent risks and minimize their consequences.

At the same time, the implementation of the achievements of the financial technology industry is associated with significant risks, the key one of which is cyber risk. Cyber risk is a subset of cumulative risks that combine information security and information technology risks at the same time. These include risks that were the result of the implementation of deliberate malicious actions aimed at unauthorized disclosure, modification, or destruction of digital assets.

Ideals services are creating a competitive environment in the banking and corporate sectors, introducing digital projects that contribute to ensuring a stable financial system, reducing transaction costs, and making settlements quickly and efficiently, as in a separate state, and internationally, etc.

How data room software Provides Security for Fintech Companies?

Critical components of data room software include continuous access to up-to-date threat information and cybersecurity training for all employees, especially those working remotely. It’s also important to use updated security technology like EDR, which detects and blocks sophisticated threats in real-time. All the intelligence in the world will do no good to an organization if its security tools cannot use it to detect and mitigate attacks. Make sure all of these tactics are part of your comprehensive security strategy. “

Important problems hindering the development of data room security of Fintech companies insurance are:

  • the complexity of identifying and identifying cyber risks;
  • incompleteness and untimely information on the implementation of cyber threats due to the presence of high reputational risks;
  • impossibility to provide for full coverage of damage from the implementation of cyber incidents in the insurance contract;
  • insufficient capital base of insurance organizations (no insurance company will be able to assume obligations to insure cyber risks of large banks since even single significant damage to the bank for this risk will become fatal for any insurer);
  • there are difficulties in assessing the possible damage to a credit institution during the implementation of cyber risk, which means that it is difficult to calculate the cost of an insurance policy;
  • expenses for insurance against cyber-attacks are not exempt from taxation;
  • there is no legal framework regulating cyber insurance.

Business planning is a part of strategic planning. The purpose of strategic planning is to identify the most commercially attractive areas of the company, which will ensure its growth and prosperity. The development of strategic plans is based on the analysis of the prospects for the development of the enterprise, taking into account the likely trends of changes in the external environment.

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