Digital transformation across the financial landscape is moving at a quick pace for the past few years. keep their technological infrastructure up to date to be compliant to the next level of standards for cybersecurity in FinTech.
The largest finance industry data breach happened in September 2017 when one of the three largest consumer credit reporting agencies, Equifax, exposed 147 million customers’ personal data.
An unpatched Apache Struts vulnerability caused the data breach. Apache Struts was the framework for Equifax’s US-based web apps. The breached exposed customer names, date of birth, social security numbers, and other personal information. Due to the breach, several members of Equifax’s C-suite stepped down.
There were other incidents of cyberattacks in FinTech. In fact, after Equifax, several other data breaches in FinTech saw as many as 130 million, 90 million, and 76 million people affected.