May 16, 2019
Why Fintech Cybersecurity Needs More Innovation Than Ever Before
The cybersecurity industry has been under heavy fire recently due to the breaches of major corporations around the world, especially in financial institutions. Such breaches ingrained alarming insecurity, fear, and anger in all of us because the resulting fallout of the hacks left millions of people’s sensitive data open to theft.
The threats, however, respond in kind with consistent innovation that seeks to fool even the greatest information security firms. Individuals only have a limited amount of resources to fight the wave of hackers that seemingly grows every year. In this article, we will discuss why we need more cybersecurity innovation and what we can do to increase our chances of staying secure online.
IoT: Innovations and risks
The Internet of Things is the shared goal of tech companies to make every single object that you use on a daily basis a smart device. Essentially, your toasters will connect to the internet and will converse with your refrigerator. In addition to this, your toaster will even check for the best toasting practices and your fridge will automatically buy the groceries that you run low on. This utopian kitchen may sound like a dream, but, it has the potential to be hackers paradise.
When every device is connected to the internet they are simultaneously being exposed to millions of potential threats. With the explosion of blockchain technologies, this heightens the threat. While a toaster on the fritz doesn’t sound like a major threat, your smart home being compromised is always dangerous.
For instance, if a hacker break into your toaster than that means that they are most likely in your network. Once in your network, they could potentially connect to every device that is connected to your network and steal your family’s sensitive information.
Why security companies are lagging
This presents a major problem for IoT companies, cybersecurity companies, and early adopters of the technology. There is an immense risk for connected homes as they are dependent on their network being fast and reliable.
The common family does not have the resources or expertise to deal with a compromised system. Once a home network is breached, we must call a cybersecurity company to aid us in our struggles.
Cybersecurity companies have a difficult time keeping up with the myriad of mutations that spew forth from the underbelly of the internet. They too, like most of us, rely on the services of our largest IoT companies like Google and Apple.
The IoT companies, in kind, are under a constant stream of cyber-attacks that occasionally leaves them vulnerable. It is, in fact, this hierarchy of hacking exploits that creates a lethal chain reaction that has the ability to shut down smart homes and, potentially, smart cities.
How to be proactive in a dangerous time
All is not lost, however, as there are a number of tools that users can employ to secure their devices and networks. Passwords are, truly, our first line of defense against malicious internet users that want to steal, or commandeer, our data.
A good, strong password consists of no less than 8 alphanumeric characters, switched cases between upper and lower, and special characters. A password generator can be used to automatically create strong passwords that can be used for any system with any password length requirement.
After creation, it is suggested that you use a password manager to securely encrypt all of your passwords in a central location. A good password can completely thwart the advances of brute force hackers and disallow unauthorized users from accessing important files. This, in addition to file system encryption, can make your devices as safe as humanly possible.
From toasters to tablets, these days you need cybersecurity for everything that you use on a daily basis.
The overt betrayal of our trust in massive, unsecured companies has made us all too aware of the risks online. In response to this, innovation in cybersecurity has reached a new zenith in pursuit of a better and safer internet.
Cybersecurity companies alone cannot deal with the massive threat of hackers without major innovations in the industry to keep up with the incredible influx of malicious users and the software they create. The best chance we have is to make our passwords strong and wait for the cybersecurity companies to deliver a solution to the growing problem of hacking.