As the digital world expands, so does the ever-growing threat of cyberattacks targeting customer data and transactions. On average, it takes 206 days for a U.S. company to detect a data breach, costing them an average of $4.45 million per breach. Account takeovers (ATOs) were trending at the highest loss rate among different fraud types in 2020.
While it is unrealistic to expect to never be the target of a cyberattack, the best cybersecurity practice that fintech companies can adopt to proactively ensure the security of customer data is a layered security defense. Layered security entails implementing several security products and strategies to create multiple layers of defense. If a breach of one layer of security occurs, the subsequent layers will eliminate it. While every company has its own specific needs, a robust layered security solution should have the following features.
My new article on LinkedIn describes these. Read it here.
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