As online security becomes increasingly important, Bridging Finance Solutions continues moving towards a technology-driven platform.
Working with leading cybersecurity experts, Xyone, BFS has successfully undertaken a security health check that evaluates, measures and presents solutions surrounding any area of immediate and potential risk in relation to confidential data.
BFS has also embarked on a GCHQ accredited training and compliance programme using Xyone’s internal risk mitigation solution, Mitigate, which calculates and presents an identified level of internal risk according to a range of metrics. This, in turn, ensures compliance, awareness and reduced internal threat.
Steve Barber, Managing Director of Bridging Finance Solutions explained: “As a forward-thinking innovative financial business, we are constantly exploring new ways that allow us to integrate technology into our business and ultimately enhance the customer experience. As we do this, we recognise that we must also consider other external factors such as security and introduce the most robust processes and practices to protect both ourselves and our clients.”
At the end of 2019, a move to Open Banking marked an important step in the firm's online journey. This ensures clients' bank statements can be sent securely. Key developments such as this have led BFS to explore the most effective cyber solutions for immediate and future integration.
Steve continued: “Our growth and expansion plans will be enhanced by our continued shift online – for us, it’s the next natural step in our business journey. Training around the use of software not only helps us protect BFS and its clients but involves a wider cultural shift in our teams approach to security online.”
Zain Javed, Chief Technology Officer at Xyone added: “We have seen a huge increase in the number of cyber-attacks on the financial sector over the past few years. In fact, the number of reported data breaches to the FCA has increased by 480% last year and doesn’t see to show any signs of slowing down.
By embedding Mitigate into BFS they are proactively reducing their internal risk and high standard of GDPR compliance. Carrying out regular data security health checks on their IT infrastructure reaffirms their commitment to cybersecurity and their client’s data.”