Fintech Buzzwords You Need To Know: ISO 27001
In recent years, internet banking has grown rapidly. A new banking or finance app arrives to the App Store every month, and they’ve made financial processes such as managing bank accounts, accessing transactions record, and making payments and transfers as simple as just a few clicks. For banks, these apps help increase efficiency while lowering the cost of logistics.
In 2005, the introduction of two-factor authentication was a milestone in Hong Hong’s banking industry. It highly relies on online banking to adopt strict two-factor authentication for online transactions, especially high-risk ones. Having two-factor authentication means after users enter their account information, a second password sent to them through SMS or their banking app is required to complete the login It adds a layer of protection to processing transactions through their bank account.
The amount of data stored electronically today is overwhelming, and that figure is only going to increase over time. Unfortunately, with the increase in cyber data comes the increase of cyber attacks. Hackers are a constant threat to any industry that utilizes technology. Therefore, banks need to protect their clients’ personal information with extra measures.
According to the 2015 Symantec Internet Security Threat Report, in 2014, five out of every six large organizations will be targeted for cyber attacks. Hacking is a constant threat to any industry that uses technology. ISO 27001 is an information security management standard that provides protection for companies of any size and industry and protects sensitive data for individuals and organizations.
The banking industry, in particular, can benefit from ISO 27001 certification. Banks collect a great deal of personal information from their clients, and with the switch to electronic data storage, that information is more so at risk. It’s an obvious target for cyber hackers; a one-stop shop for information on credit, social security, and more. Because of this risk, clients are drawn to organizations that can provide information security, and especially drawn to organizations that can prove their commitment.
An ISO 27001 is the proof organizations need to set themselves apart from the competition. It identifies and alleviates information security risks, guards confidential information, and lets your clients know that you value their confidentiality. In the likely event that further regulations are put on the banking industry in the future, your organization will be more prepared to adapt with an ISO 27001 certification.
According to the 2017 ISO/IEC 20000-1 Survey by International Standards Organization (ISO), the results show that 33,290 companies worldwide have passed ISO 27001 information security management system certification, a growth rate of 21% over last year, including 186 Hong Kong companies. This shows that governments and enterprises around the world attach great importance to information security management.
Salt Edge is a leading financial technology company founded in 2013, creating a stable and secure channel between financial service providers and end consumers and benefiting all stakeholders. In 2019, Hong Kong’s smart spending tracker – gini partners with Salt Edge. With its ISO 27001 verification function service and PCI DSS, Salt Edge meets gini’s impeccable security requirements and safeguards users’ personal information to the highest possible standard. Learn more about our security.