So you’re running a cutting-edge fintech startup. As exciting as it is to disrupt the world of finance, you also need to take the time (and the resources) to lock down tight security from day one. Your users trust you with their money and personal information, and you also have regulations and laws to abide by.
But designing a security strategy from scratch can get overwhelming fast. That’s where bringing in an experienced managed security service provider (MSSP) can really pay off.
Still, if you do decide to bring an MSSP on board, it’s best not to just pick any old firm that promises the moon. You need specialists who speak fintech fluently. People who understand the unique threats and compliance needs that continually threaten to disrupt organizations like yours.
With this in mind, we have put together a quick cheat sheet of questions you can ask potential MSSPs before signing any contracts. Let’s walk through them…
How much experience do you have in fintech?
Ideally, you want to work with an MSSP that has successfully partnered with other disruptive fintech providers (or at least worked in the broader finance space). They should intuitively understand threats like payment fraud, money laundering exploits, and even factors such as the impact of sensitive customer data leaks.
As such, you need to ask potential vendors to get specific about their experience in the fintech and financial services arenas. Get details like:
- How many total fintech clients have they supported?
- What types of fintech or finance companies have they worked with – banking, investments, payments, blockchain, lending?
- Can they share case studies showcasing work with clients similar to yours?
Depth of real-world experience working with organizations like yours is crucial. This shows an MSSP intrinsically understands the unique security needs of pioneering outfits trying to reshape finance.
What’s your plan for keeping us compliant?
Running an innovative fintech startup while staying compliant with regulations can feel like a razor’s edge tightrope walk. Mess up, and it’s major fines or lawsuits. Play too cautiously, and you will be left in the dust by competitors.
As a financial services provider, you likely need to maintain compliance with standards like PCI DSS, GDPR, SOX, GLBA, and so on. So ask potential MSSPs plainly about experience helping fintech clients comply:
- Are your tools and services explicitly engineered to help fintech organizations stay compliant as they scale?
- Will you conduct regular risk assessments tailored to our specific compliance needs?
- Can you provide ongoing advisory services so we stay compliant as regulations change?
Getting compliance right from the start helps ensure you steer clear of regulatory issues that could do serious reputational damage later on.
What threat intelligence capabilities do you offer?
Sophisticated cybercriminals have fintech firms like yours in the crosshairs 24/7. Fraudsters want to steal credentials, card data, and funds flowing through your systems.
That’s why rocksolid threat intelligence capabilities are essential to any fintech security strategy. You need an MSSP partner with advanced real-time threat detection and rapid response abilities. Ask vendors about their threat intelligence offerings:
- How do you monitor the dark web for compromised credentials, emerging attacks, and risks targeting our sector?
- Can we get custom threat briefings focused on dangers directly relevant to our niche?
- What relationships do you leverage for collaborative fintech threat analysis?
Smart threat intelligence gives you greater visibility of looming dangers – and helps you proactively adapt defenses to protect customers and data.
How can you help us detect threats and respond promptly?
MDR (managed detection + response) technology combines next-gen monitoring tools with around the clock eyes-on-glass threat hunting. Human cyber experts backed by automation can quickly analyze suspicious network activity and neutralize attacks. MDR is mandatory for fintech players because of the constant risk of data breaches, credential theft, fraudulent transactions, and other cyber attacks.
Dig into specifics on vendors’ MDR offerings:
- What controls and activity will your systems autonomously monitor for us?
- Will your global security operations centers (SOCs) detect and initiate response to emerging threats 24/7/365?
- Once suspicious activity is detected, how fast can your team investigate and neutralize the threat?
Advanced MDR with around-the-clock vigilance and rapid response times can mean the difference between a minor incident and catastrophic breach.
How can you help us strengthen security awareness training?
With ransomware and business email compromise scams spiraling, security awareness across your workforce is essential. But running customized education that has a real impact can get challenging as your startup grows. Talk over options for expert security awareness assistance:
- Do you offer turnkey awareness training content tailored to emerging fintech threats?
- How will you track staff completion rates and target knowledge gaps with refreshed material?
- Can you handle custom phishing simulations to uncover and help patch vulnerabilities?
- What about benchmarking our users against industry standards for security culture maturity?
Ongoing end user security awareness ensures employees avoid common social engineering traps and spears targeting financial enterprises.
Final Word
That covers the crucial areas to explore with any shortlisted MSSPs you may have on your list. Finding partners who live and breathe fintech security makes the difference in keeping customer assets and sensitive data locked up tight. Use these questions to zero in on critical capabilities like compliance mapping, real-time threat intel, managed detection/response, and people-focused awareness training.
While it may seem like a lot of work, doing diligence in vetting an MSSP upfront pays off infinitely down the road once attacks kick into overdrive. So take the time to verify shortlisted providers have legit fintech expertise – and can customize offerings tailored to safeguarding your specific organization as you reshape the future of finance.
