Cybersecurity in FinTech: Challenges, Solutions, and a Business Protection Strategy
- ESKA ITeam
- Jun 18
- 4 min read
Updated: Jun 25
Why FinTech Is a Prime Target for Cybercriminals
FinTech platforms process millions of financial transactions daily. But with growth comes complexity—more data, more integration points, and more exposure. These factors create the perfect conditions for cyberattacks:
You handle financial transactions, personal data, and access tokens—high-value assets for attackers.
You integrate via APIs with banks, PSPs, and regulators—often the weakest links.
You deploy features rapidly, leaving less time for thorough security testing.
Notable FinTech Breaches:
Revolut (2023): Over 50,000 accounts exposed due to a flaw in the internal authorization mechanism.
Robinhood (2023): A social engineering attack on the support team compromised 7 million user accounts.
CoinsPaid (2023): Hackers stole $37 million through phishing and internal network access.
Common Cyber Threats in FinTech
FinTech infrastructure consists of numerous interconnected elements—backend systems, APIs, mobile apps, third-party services (e.g., KYC, PSP, analytics). The most frequent threats include:
Phishing & Social Engineering – often targeting support teams with access to admin panels.
Credential Stuffing – using breached passwords from past leaks in automated attacks.
API Attacks – parameter tampering, authentication bypasses, and lack of rate limiting.
DDoS Attacks – overloading systems to disrupt payment operations.
Mobile App Attacks – token theft, MITM attacks on unencrypted traffic.
Attackers aim for the weakest entry point—poorly secured APIs or misconfigured mobile authentication are common targets.
Regulatory Landscape: DORA, ISO 27001, SOC 2, PCI DSS
DORA (Digital Operational Resilience Act)
A mandatory EU regulation effective in 2025, DORA requires FinTechs to:
Conduct security testing (penetration testing, red teaming)
Implement incident response and business continuity plans
Monitor risks from cloud and IT service providers
Enable cyber incident logging, analysis, and reporting
Why it matters: If you serve EU clients or partner with regulated financial entities, DORA compliance is essential.
ISO/IEC 27001
An international standard for Information Security Management Systems (ISMS). It:
Provides a structured framework for assessing and improving security
Is often required by banks and payment providers
Enhances investor and partner trust
When to certify: During the scale-up phase or when negotiating with enterprise partners.
SOC 2
Developed for SaaS companies, SOC 2 evaluates compliance across five key principles:
Security
Availability
Processing Integrity
Confidentiality
Privacy
Who needs it: FinTech or SaaS providers entering the U.S. market.
Where to Start: Security Scenarios by Growth Stage
MVP / Pre-seed
Run a penetration test
Implement MFA
Secure cloud environments
Validate API security and restrict access with RBAC
Go-to-Market
Engage a vCISO for strategic planning
Deploy a WAF (Web Application Firewall), start DevSecOps practices
Test your mobile app
Begin documenting policies and prepare for SOC 2 or ISO 27001
Scale Phase
Implement SIEM (Security Information and Event Management)/XDR, MDM (Mobile Device Management), PAM (Privileged Access Management), and DLP
Establish logging and incident response workflows
Red Team exercises become critical
Entering International Markets (U.S., EU)
Begin ISO 27001 or SOC 2 certification
Prepare DORA compliance documentation
Schedule regular penetration testing
FinTech Cybersecurity Strategy:
A Practical Guide
Penetration Testing
Simulates a real-world attack to:
Identify vulnerabilities before attackers do
Prepare for audits or compliance checks
Remediate risks before customer impact
Red Team / Blue Team Exercises
Red Teams simulate advanced persistent threats; Blue Teams defend. Benefits:
Sharpen your team's incident response
Evaluate detection system effectiveness
Generate insights to improve policies and reduce response times
Compliance Consulting
Security partners help you:
Conduct a gap analysis (DORA, ISO, SOC 2)
Build documentation, policies, and logging infrastructure
Support you through certification or audit processes
Virtual CISO (vCISO)
Designs your cybersecurity from scratch
Acts as internal CISO during audits or external evaluations
Prepares your team for certification readiness
What a FinTech Company Risks in a Breach
🔻 Financial Loss – Investigation, remediation, and compensation costs often exceed $100,000+
🔻 Reputation Damage – One public incident can lead to a 25–40% customer loss
🔻 Fines & Regulatory Scrutiny – Up to €20 million under GDPR or disqualification from payment systems
🔻 Lost Investment – Investors avoid companies with poor security histories
Key Security Tools & When to Implement Them
Growth Stage | Key Security Measures |
Early Stage | MFA, cloud security reviews, secure APIs |
Growth Phase | WAF, DevSecOps, SIEM |
Scale-Up | DLP, PAM, MDM, Secure SDLC |
International Expansion | ISO 27001, SOC 2, DORA compliance |
Security is not a one-time project—it’s an ongoing process.
The Role of vCISO: Fast-Tracking Cyber Maturity
What Is a vCISO?
A Virtual CISO is an external cybersecurity expert who fulfills the role of an in-house CISO on a subscription or consulting basis.
Perfect for rapidly scaling FinTech companies that:
Can’t yet hire a full-time CISO
Need expert support for audits or certifications
Require strategic guidance for international growth
vCISO Functions for FinTech
Security Governance: Policies, procedures, control structure
Risk Management: Ongoing risk assessments and mitigation guidance
Compliance: Readiness for ISO 27001, SOC 2, DORA, PCI DSS
Security Architecture Review: Product, API, and cloud security assessments
Security Awareness Training: Employee education programs
Vendor Relations: Support with security questionnaires and due diligence
vCISO is most valuable when:
You lack internal compliance or security expertise
Investors or partners request immediate security evidence
You need to unify security across tech, HR, and ops
Your CTO lacks bandwidth for cybersecurity leadership
A vCISO helps FinTech companies mature faster, secure funding, and certify successfully on the first try.
How We Work with FinTechs: Step-by-Step
Risk Diagnosis Security audit, architecture review, pentesting, or gap analysis.
Security Roadmap Step-by-step security policy and tech implementation plan.
Solution Deployment Implement SIEM, XDR, WAF, DLP, and incident response workflows.
Certification Support Documentation and preparation for ISO 27001, SOC 2, or DORA compliance.
Ongoing Monitoring Delivered via our MDR/SOC-as-a-Service or vCISO support.
Recommendations
FinTech is built on trust, compliance, and speed. To scale successfully:
Build your security from the MVP stage
Invest in proactive defense
Prepare early for DORA, ISO, or SOC 2
Work with partners who understand FinTech-specific risks
ESKA is your trusted cybersecurity partner, guiding FinTech companies from their first audit to international certifications.
Request a free consultation — we’ll help you identify the best starting point.
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