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P2P Lending Platform

Security Process Streamlined through ATO

ATO-based Security Enhancement

Situation

As a fintech company, the client provides a peer-to-peer lending platform that serves as an alternative to traditional lending institutions, allowing borrowers to access financing directly from investors. As the client was in charge of managing confidential user data, it was imperative to guarantee maximum security of their application to protect the platform’s users and their assets.

The client recognized that traditional security measures such as firewalls, antivirus software, and intrusion detection systems were no longer sufficient in today’s digital landscape. The client wanted to adopt more advanced security to meet ATO standards.

Impact

Without enhanced security measures:

  • The application was at a higher risk of security breaches, fraud and unauthorized access to sensitive information
  • There was a risk of loss of confidential information, financial losses, and damage to the platform’s reputation

Resolution

Due to our experience in ensuring the highest level of security for platforms, the fintech company turned to us. We conducted a comprehensive security assessment of the platform and its processes, including evaluating the current infrastructure and controls, identifying potential risks and vulnerabilities, and implementing measures to mitigate those risks. This included software upgrades, implementing MFA, and strengthening encryption at rest and in transit.

As security threats and requirements evolve over time, these security measures are a continuous process. By taking a proactive approach to security and regularly reassessing the platform’s security posture, the client can continue to operate the platform with confidence and minimize the impact of security incidents.

We helped the client achieve:

  • A more secure AWS environment with reduced attack surfaces for potential threats

  • Encryption of data at rest and in transit

  • An established backup schedule

  • An established web application firewall to protect the application at Layer 7

  • Enhanced logging and monitoring for better debugging, troubleshooting, and detecting security threats

  • A comprehensive assessment of the application, identifying code vulnerabilities and ensuring their timely resolution

  • An upgrade from DevOps to DevSecOps

  • Stringent security standards for the platform

  • Monitoring and mitigation of issues before they impact customers

  • The ability to maintain a bird’s-eye view of each change

  • Reduced security operation management costs

  • A dashboard view of the cloud security posture

  • An environment ready for compliance audits

  • A separate blockchain VPC secured by stringent security measures

Outcomes

For a P2P lending platform that manages confidential user data and financial transactions, we enabled:

  • Reduction in the likelihood of costly fines and legal penalties
  • Reduction in the risk of security breaches, fraud and unauthorized access to sensitive data
  • Streamlined security processes and reduced costs
  • A boost in customer confidence
  • Improved security measures, ensuring that the platform complies with security and privacy regulations
  • Horizontal and vertical scalability of the application