Piloting Cybersecure FinTech
In this article, we continue our blog series on recent advances in cybersecurity, focusing on the Cyber Resilience Act (CRA) and the EU-funded CyberFort project.
Pilots: Laying the Groundwork for Innovation
In general, pilot studies are essential in R&D projects as they test the feasibility of the underlying ideas, often on a small scale, helping identify and resolve potential issues early. They reduce risks and optimize resources, increasing the likelihood of success in a full-scale project. Furthermore, pilot results can build stakeholder confidence. The core of the CyberFort project is centered around several pilots across various sectors including maritime, finance, and energy. Specifically, by testing the CyberFort platform under real-world conditions and collecting feedback, the project consortium aims to gain meaningful insights into its practical utility and effectiveness in relation to the CRA.
Transport Layer Security (TLS)
Within this context, and driven by the relevant considerations, Dealio is taking the lead in conducting the pilot study in the finance sector. This effort focuses on mission-critical needs encountered in day-to-day risk management operations—an essential element embedded in Dealio’s core identity. Following a thorough analysis and drawing on our broad and multi-disciplinary experience, Transport Layer Security (TLS) was identified as a horizontal, foundational requirement for the pilot. It spans several critical areas of our infrastructure and workflow, ensuring secure and resilient operations.
In general, TLS secures communication between two endpoints by encrypting the data transmitted between them. TLS is important because it ensures that data exchanged between endpoints remains confidential, tamper-proof, and authenticated. For example, HTTPS (HTTP over TLS), it protects web browsing by encrypting data exchanged between your browser and websites—safeguarding sensitive information like passwords, credit card numbers, and personal details from being intercepted. Similarly, in SMTPS (SMTP over TLS), TLS ensures that emails are securely transmitted from the sender’s client to the mail server, reducing the risk of message tampering or eavesdropping during transit. Without TLS, attackers on the same network or along the communication path could easily intercept, read, or alter this data.
Why TLS Matters in FinTech Risk Management
In fintech, TLS plays a crucial role in securing the exchange of sensitive financial data between systems used for risk management, such as transaction monitoring and fraud detection, among others. These systems often communicate across multiple platforms and third-party services, making encrypted transmission essential. TLS ensures that sensitive data remains confidential and unaltered during transit by authenticating endpoints and encrypting traffic.
CyberFort Platform in Our Pilot and CRA Alignment
The deployment of Dealio’s pilot study will be made possible through the utilization of the CyberFort platform, which constitutes one of the main outcomes of the project. The platform will provide a holistic framework for conducting insightful analysis. In this context, indicators are expected to be made available to the platform users, enabling a comprehensive analysis with respect to CRA. This is especially important for Dealio’s activities in the finance sector where a rich infrastructure in terms of data exchange is involved. Furthermore, the consideration of TLS is in direct alignment with the CRA. Specifically, the need for data encryption is articulated in “Annex I – Essential Cybersecurity Requirements” of CRA.
Stay Connected and Get Involved
We invite you to stay tuned as the CYBERFORT project continues to evolve, bringing you updates on Dealio’s pilot study and highlights from other sector-specific pilots. For this purpose, we warmly encourage you to check the project website regularly. To receive more frequent updates, please follow the project on LinkedIn.
If you work in the FinTech sector and are interested in participating or simply want to learn more about our pilot, you are welcome to reach out. Your collaboration could make a real impact.
