How to create a security strategy based on customer’s trust

Cyber security is no longer a concern reserved to the IT field. Financial institutions are embedding safety into the business.

Two mobiles with Nubank's app opened, unified by a green line. How to create a security strategy based on customer’s trust

Payment methods have the tendency to become fully digital. This brings up a topic that used to be seen as exclusive to the IT field not far from nowadays: cyber security. Safety concerns have already mobilized many tech professionals, product teams and executives from different areas for a few years. This new situation raises a contradiction: how do we keep the speed while having security as the priority?

I approach this topic by embedding security into the business. Do you want to know why? Keep reading the article!

Can Business Security Managers generate value?

Of course they can! In my opinion, creating a safety culture brings value to companies—especially when the main goal is to build high-impact initiatives. With Business Security Managers, we can combine different strengths in order to mitigate risks. 

Even though this may sound obvious for IT people, this new concept has just started to apply to hyper-growth companies such as Nubank. This initiative generates autonomy and creativity, simplifying security architectures. To illustrate, it becomes possible to grip the experiment without experimental penalties.

Business-security mindset: the icing on a company’s cake

A business-security mindset can also generate data to accelerate the go-to-market strategy, optimizing the risk evaluation. So, if the main goal is to decrease the risk, it’s natural for the Business Security Managers to facilitate the collaboration between security and product teams. If you leverage a Data Model, you can identify unintuitive single and multivariable correlations.

Without a doubt, security exerts a great influence on how companies operate. The Zero Trust concept is a good example: it means that any service, employee, partner or provider access must be validated no matter what. At Nubank, this mindset is a part of all our projects, because our main goal is to reduce exposure.

Customer Experience & Bug Bounties

The impact of security on customer experience is another high priority for the financial industry. The main factor is how customers interact with security processes. At Nubank, we’re being pushed forward by one particular challenge: combining better solutions with security thresholds to provide a good user experience.

Besides that, companies also need to understand how the fraud community behaves in order to improve their security practices. In that sense, Bug Bounty programs can work as a good strategy to detect potential loopholes and correct them. With this simple initiative, it is possible to increase the protection of websites and applications.

If you don’t have your customer’s trust, you have nothing

On top of all the security requirements for financial institutions, a final component is the captain of the team when it comes to protection: customer’s trust. At the end of the day, financial institutions manage the wealth of people who have worked hard for it, and they need to demonstrate how much they care through actions.

Certainly, trust is one of the most important assets that a company can own.

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