SOC Rentals in FinTech: Ensuring Compliance and Security

With the fast growth of the FinTech space, SOC leases are keeping businesses ahead of the curve by ensuring that they remain compliant with major regulations such as PCI DSS and PSD2. Here are just a few of the reasons renting firewalls, servers and routers can offer you greater flexibility, cost savings and security specifically designed for financial services. Now, let’s dissect how SOC necessities relate directly to FinTech and explore how renting your infrastructure can lead to simplified and more robust compliance.

Regulatory Landscape

FinTech organizations need to negotiate numerous and intricate regulations that are in place to safeguard confidentiality of financial information and to establish conditions for secure transactions. There are two big frameworks here.

• PCI DSS (Payment Card Industry Data Security Standard): Aimed to protect cardholder data.
• PSD (Payment Services Directive 2): Covers secure payments services and strong customers authentication services across Europe.

Both need strong security controls along with ongoing monitoring – hence SOC compliance is a must-have. For FinTechs, remaining a compliant SOC is about mitigating risk that relates to data breaches, identity theft, and unauthorized transactions.

Why rent SOC infrastructure?

• Simple to configure and easy to customize.
• Current Hardware and Software with no capital outlay.
• Ability to Scale such resources to accommodate increasing numbers of transactions.

Renting Firewalls, Servers, and Routers for SOC Solutions

The best thing about renting firewalls, servers, and routers is that it will eliminate the hassle of maintaining the infrastructure and helps in complying with strict regulatory standards. It guarantees proper security controls are established without initial capital outlays.

Log Retention

For SOC operations, log data is crucial especially under PCI and PSD2 compliance. And here’s the reason you care about how to keep logs the right way:

• Records each access and transaction for an audit trail.
• Can spot aberrant activities that might indicate fraud or breaches.
• For incident management forensic analysis support.

Remarks for log retention in FinTech SOC

Key aspects in log retention for FinTech SOC:

• Keep logs for at least 1 year and ensure last 3 months are ready for access straight away.
• Secure, tamper-proof storage solution – renting reliable servers can offset this.
• Have detailed timestamps, originating IP, user ID and transaction info in you logs.
• Reduce the risk of human error by automating collection and monitoring of logs.

If in doubt about how sensitive data should be handled, rent hardware specifically designed for log management and process large amounts of data in a secure way, in compliance with PCI DSS and PSD2.

Fraud Monitoring

Credits – Fraud detection is a core concept in FinTech security. SOC leases featuring robust firewalls and routers establish the platform for real time fraud detection and response.

Here’s a checklist of fraud monitoring basics to think about:

• Use firewalls with deep packet inspection to inspect traffic to a granular level.
• Employ routers that enable segmentation of the network to prevent lateral movement of attackers.
• Activate SOC bundled anomaly detection tools.
• Periodically update the firmware and security policies to counter new threats, on leased appliances.

Hiring out the infrastructure with the security features already pre-configured speeds up detection of the fraud, rather than rolling a brand new complex application.

Audit Proofing

Getting ready for PCI DSS and PSD2 audits can be scary. A cloud compliant SOC, backed by rented firewalls, servers and routers, helps to simplify the process.

Audit proofing tips include:

• Document in detail all SOC documentation and procedures.
• Employ rented servers with secure data storage and access control settings.
• Test firewall and router configuration periodically to verify compliance.
• Automatically produce compliance reports to provide auditors with documentation of controls.

But the fact is that as a user of rented Outposts infrastructure you get on the hook vendor, industry standard hardware and software (unlike the often-bespoke internal infrastructure you run in your datacenter) by being certified – making your audit readiness requirement that much lighter.

In Conclusion

For FinTech companies, SOC rentals presents a tactical solution to meeting PCI and PSD2 compliance regulations. Renting firewalls, servers and routers optimized to meet high financial services demands also assists with log retention, fraud watching and audit proof. The adaptable, safe, and expandable SOC-as-a-service empowers FinTechs to do what they do best – and accomplish it securely.

If you want to keep up with PCI DSS SOC challenges and prepare your company for PSD2 compliance, the use of SOC rentals will give you a competitive edge in the compliance and technology space, and keep that FinTech environment safe and secure.