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Securing Financial Apps with 2FA - Webinar Recap

Maria Christina and Tom
October 27, 2017

DVELP CEO Tom, joined Ed Dowling, the Product Manager for Account Security at TransferWise and Simon Thorpe, the Director of Products at Twilio, for a webinar last Wednesday. This panel of experts discussed the benefits of 2FA and the paramount importance of cybersecurity for any business, large or small. We tackled a number of issues and there were a few key takeaways that we believe will give your business the best chance to succeed and protect itself.


Webinar

        Ed Dowling (L), from TransferWise, and Tom Mullen (R), from DVELP

The business impact of account takeover or fraudulent activity won’t only harm large FSTE 100 companies. ¾ of British SMEs suffer security attacks, therefore startups should be wary of the “it won’t happen to us” mentality. It will probably happen to you.

Aside from the immediate financial loss, there are numerous other ‘hidden’ costs of cybercrime:

It can directly impact your brand reputation, causing:

  • The loss of market share to competitors
  • Raised questions around trust from your existing customers
  • Increased insurance premiums
  • Bad credit score, which can affect your potential to raise or borrow money. This can be hugely damaging if you are looking for a bank loan to fund your next stage of development

As well as affecting operational costs, which include:

  • Investigating and identifying what happened and how it happened, which can be extremely time consuming
  • Understanding the issue and running/attending a plethora of meetings, both internal and external, to appease stakeholders
  • The cost of retrofitting security, which will be significantly less efficient than if the holes had never been there in the first place
  • Which is why we ultimately believe that prevention is better than a cure

With the understanding that no system is impenetrable, you can mitigate risk via preparation. If you know what to do when it happens, the collateral damage will be reduced by orders of magnitude.

  • Educate your staff. It’s crucial especially for SMEs to build a security culture within the company
  • Run regular cybersecurity audits
  • Have a clear strategy for handling a breach, including:
    • Internal procedures, both tech and operational
    • Failover infrastructure to get your platform up and running again
    • Media & key stakeholder communications
    • Test your failover mechanisms and practice these

Therefore, 2FA is a very useful, easy and cost-effective first defense for many SMEs. This can be SMS 2FA, or the more sophisticated app based 2FA, which authenticates through push notifications. To read more about 2FA and its benefits, head over here.

Moreover, installing technology like 2FA, alongside the implementation of security audits and the integration of a security culture among your team, will allow you to prevent attacks, rather than having to scramble to protect.

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