FinTech Compliance and Security Essentials
FinTech blends finance and software. Compliance and security are core, not optional.
Understand the landscape Regulators ask for clear records and strong data protection. Start with AML/KYC, transaction monitoring, and privacy by design. Use well-known standards like PCI DSS and ISO 27001 to anchor your program. Document decisions and keep a living policy.
Build a risk-based program Do a simple risk assessment focusing on people, processes, and tech. Classify data by sensitivity and apply least privilege. Use MFA, secure coding, and regular scans. Keep dependencies updated and track incidents to show progress.
Protect data and access Encrypt data in transit and at rest. Rotate keys and control access with roles. Harden the development pipeline with code reviews and automated tests. Prepare an incident plan so teams can act quickly; train staff on basic security hygiene.
Manage third-party risk Cloud and payments partners require due diligence, strong SLAs, and audits. Have a formal onboarding and offboarding process. Monitor ongoing risk and require breach notification commitments.
Prepare for audits and incidents Document controls, run tabletop drills, and learn from events. When regulators visit, provide clear, verifiable controls. A public security page can reassure customers.
A practical way forward Assign owners, set milestones, and review progress monthly. Start with data mapping, access control, and incident readiness, then expand to vendor risk and monitoring.
Key Takeaways
- A risk-based approach aligns security with compliance needs.
- Data protection, access control, and supplier risk are core pillars.
- Prepare plans and evidence for audits and incidents.