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Mitigating Third-Party Risks: The Key to Preventing Nearly Half of Fintech Breaches
A 2025 report by SecurityScorecard highlights cybersecurity vulnerabilities in the fintech sector, revealing that 41.8% of breaches stem from third-party vendors. Analyzing 250 leading firms, it found 18.4% reported breaches, with many experiencing multiple incidents. Despite these risks, fintech companies scored well overall, achieving a median cybersecurity rating of 90, with 55.6% earning an “A.” Key weaknesses include application security and DNS health. Recommendations for improvement include enhancing vendor oversight, strengthening contractual protections, securing infrastructure, conducting regular audits, prioritizing application security, implementing multi-factor authentication, and monitoring high-risk vendors.
Mesh Secures $82 Million Series B Funding to Revolutionize Global Crypto Payments Network
Mesh, a San Francisco-based crypto payments network, has raised US$82 million in a Series B funding round, bringing its total funding to over US$120 million. The round, led by Paradigm with contributions from Consensys and others, prominently featured PayPal USD (PYUSD) for transactions. This funding will enhance Mesh’s stablecoin payment solutions, offering benefits like real-time processing and reduced fees. Strategic partnerships with firms like Shift4 and Revolut expand its reach to over 400 million users worldwide. CEO Bam Azizi envisions stablecoins transforming the payments industry, while Mesh’s SmartFunding technology allows seamless crypto transactions for merchants.
Axoflow Secures $7M Seed Funding for Cybersecurity Innovation, Led by EBRD
Axoflow, a cybersecurity startup, has secured $7 million in seed funding, led by EBRD Venture Capital, to improve the quality and accessibility of security data for enterprises. Existing investors, including Credo Ventures and e2vc, have also increased their stakes. Axoflow focuses on automating security data management, enhancing threat detection, integrating AI, and supporting compliance. The new funding will advance its security data pipeline, reducing data volume by over 50% and lowering operational costs. As cyber threats grow increasingly complex, Axoflow aims to empower cybersecurity professionals with better control and visibility, strengthening overall security posture.
OCC Affirms Legality of Cryptocurrency Operations for U.S. Banks: A New Era for Digital Finance
The Office of the Comptroller of the Currency (OCC) has updated regulations for cryptocurrency activities in the US banking system through Interpretive Letter 1183. It allows national banks and federal savings associations to participate in crypto-asset custody and certain stablecoin activities without needing prior supervisory non-objection. Acting Comptroller Rodney E. Hood emphasized the importance of strong risk management while reducing burdens on banks engaged in crypto. The OCC also retracted previous statements about crypto-related risks, marking a significant shift in the regulatory landscape for cryptocurrency within the banking sector. For further details, visit the OCC’s official website.
Insurity and InsCipher Join Forces to Simplify Surplus Lines Tax Compliance
Insurity, a cloud-based software provider for the insurance sector, has partnered with InsCipher to improve tax compliance and operational efficiency for insurers. This collaboration aims to automate surplus lines tax filing, ensuring compliance with state regulations and enhancing reporting accuracy. The integration will connect Insurity’s policy administration systems with InsCipher’s automated tax processing software, reducing manual workloads and minimizing errors. Both companies aim to streamline the historically complex surplus lines tax management process, ultimately benefiting insurers by saving time and lowering transaction costs. This partnership reflects Insurity’s commitment to delivering innovative solutions for its clients.
