One security measure that we have found crucial when developing financial software is deploying a private cloud model for each client. In the private cloud model, there is less risk in that systems are separate for each client with their own security measures in place. They are also less of a target for bad actors who are looking to impact systems with many clients/users in order to inflict maximum damage. In the multi-tenanted cloud model that is commonly used by other providers, if security measures are breached in the main system then all clients are impacted resulting in a large business risk for end customers.
One critical security measure in developing financial software is implementing end-to-end encryption for all sensitive data. This ensures that customer data, from transaction details to personal information, is encrypted both in transit and at rest, making it unreadable to unauthorized parties. End-to-end encryption is essential in fintech because it builds user trust by safeguarding against data breaches, which can have severe financial and reputational consequences