Utilizing Innovative Security Capabilities in a Changing World

In recent years, the fintech business has witnessed a vast array of technical breakthroughs, changes, and dangers. Finance Magnates met with Yuri Hefetz, the chief executive officer of Easy Technologies, for his in-depth take on an evolving industry and his company's role within it.

You are no stranger to the finance industry; could you describe your background and experience with Easy Tech?

Coming from the financial services industry, I observed a lack of customization among Fintech industry technology providers. As such, I developed Easy Technologies, or Easy Tech for short - a technology supplier that stresses not just a good grasp of Fintech businesses, but also improved tailored approaches and targeted communication.

Easy Tech takes pride in the fact that our comprehensive turnkey solution for brokerages is personalized. With a specialized in-house CRM, trading platforms, and other tools, we market our products and services as business partners to prospective and existing customers.

This philosophy gives us an additional vested interest, which motivates us to continuously refine our products and seek improvements in an industry that is constantly changing and evolving.

Data security and privacy is crucial. Why is this the case, particularly within the Fintech industry? What are some common cyber-attack vectors faced by Fintech firms?

Financial service providers handle sensitive data such as client personal information, addresses, and payment information such as credit card numbers and banking information. As a result, they are obligated to safeguard their clients' data, which is frequently the most valuable aspect of their organization.

Today, the sector is seeing large spikes in threats including brute force, DDoS, and SQL injection. Therefore, we must be proactive in anticipating and preventing cyberattacks by taking the necessary precautions.

What are some of Easy Tech's security practices as a SaaS B2B firm? How does Easy Tech protect its platform and client’s data?

Easy Tech employs the newest and most advanced technology to protect its clients' information and make them feel comfortable.

We combine several security mechanisms to monitor, identify, and combat cyberattacks. Specifically, we deploy a multilayered security framework, which assures that even if one protection fails, other defenses will continue to protect and function normally, thereby decreasing attack surfaces.

In addition, to protect the data of our clients, we encrypt all traffic, data, and disks with SSL, WAF, and 2FA.

How long does Easy Tech save information? Does it have data retention schedules in place, in keeping with legal and regulatory compliance?

As Easy Tech is fully compliant with the GDPR, we store our clients' data in accordance with their standards. As part of the data subject's right of access (GDPR Article 15), we perform daily cold backups and replicate operational backups to a different data center.

This is to ensure that clients may acquire or even reinstate (closed their account but wish to reopen) their history with us. All such data retention and backup retention policies are preserved in accordance with our terms of service and are elaborated upon in each client's agreement.

What processes does Easy Tech apply to delete or destroy data if required to do so?

We comply with GDPR Article 17 or the right to be forgotten by storing our data in encrypted formats. As a result, we are able to prevent the complete recovery of data, as even if some data is recovered, it will only present a partial picture and inconsistent information. Additionally, all clusters of information are rewritten.

Has Easy Tech established the necessary incident management procedures to address a security event?

For handling security incidents, we have log monitoring and a detection system that we've developed ourselves. It enables us to react swiftly and resolve any event in the shortest time possible, guaranteeing that our consumers' data is completely secure.

Has Easy Tech ever encountered security difficulties, and if so, how did it address them?

As the hacking industry constantly evolves, mishaps occur. In many instances, security breaches result from client-side flaws. As such, we advise our clients on how to best safeguard their systems.

Additionally, we use the current best security practices on our end to prevent potential breaches, constantly explore and strive for updated and innovative security procedures, and even engage third parties to assist us in regularly evaluating the security of our systems.

What data security characteristics distinguish Easy Tech from its rivals?

By hosting them on separate instances, we deliberately segregate each client's data from our own and each other's systems, which is arguably our most distinctive security feature. In addition, each instance is a distinct system that does not share data with external services. By reducing entry points, this decreases our and our client's cyberattack surfaces.

Does the business intend to embrace additional security features? If so, which ones and why?

Similarly to Apple, we have developed a fully internal and closed system. By not relying on outside solutions and providers for our own network, we consequently decrease the number of entry points to our platforms. All of these measures make it more difficult for attackers to breach our systems.

In addition, we constantly watch security advances, and if we determine that a certain solution will enhance our system, we will incorporate it.

Where does the company envision itself in terms of security and in general in a few years?

Our organization aspires to advance and grow. We view ourselves in the future as a leader in balancing the product's protection and performance. In addition, our great customer service team regularly adapts our services, solutions, and products to meet the needs of our clients' businesses.