$525B+
in consumer applications for financial services
Security
Mitch Zahler
2021-06-11
Security Starts At The Top: How The CISO Evolved The C-Suite
Even has recently completed its SOC 2 Type II certification. In light of this new benchmark, it’s important to understand our information security protocol as a whole — what the biggest risks are and how we protect against them.
Throughout my career in the field of information security, I’ve worked at companies both large and small. With that, I’ve encountered many different philosophies on handling security, as far as the resources put in place, the speed at which controls are implemented, and how risk is categorically assessed.
Coming from the world of big banks and into the fintech space in particular, I experienced a real cultural shift, as one would expect. While they may operate in different ways, the goal of security at all companies remains the same ― to protect the confidentiality, integrity, and availability of data. And not just of our organizations, but our consumers as well. To do so, everyone needs to buy in, and that starts at the top. However, it wasn’t always seen that way.
I had the pleasure of witnessing firsthand how the CISO (Chief Information Security Officer) role came to be. It was back in the mid 1990s, when a big bank was hit by hackers. Customers began pulling their money out, because they didn’t trust that the bank could protect their assets. It wasn’t until an information security executive joined the bank and became the first-ever CISO that risk was properly assessed and mitigated. By elevating security to the C-suite, it finally had a seat at the table and was able to evolve from a responsive support function to a strategic imperative.
When I joined Even Financial, I found myself surrounded by a team of talented colleagues who were constantly collaborating with each other across departments. There was also a commitment to security, which is not always common at fintech startups where people with technical backgrounds can be found at every level.
At many fintechs, the goal is to get projects off the ground and solutions up and running as quickly as possible. Conversely, no matter how many innovative products we are working on at Even, integrating the highest standard of security controls behind them is always paramount.
One of our main areas of emphasis, by the very nature of what we do at Even, is protecting private data, whether it's for our partners or end users. To this end, we have recently achieved SOC 2 Type II compliance, certifying our ability to implement and execute security protocols at the highest industry standard. In addition to that, we are constantly working on new ways to protect our organization and every third party involved with our business.
Going forward, in light of how the pandemic changed the work model for Even and every company that was forced into remote settings, we know there is a lot of work to be done as far as securing our expanding perimeter. It’s no longer just the office, but anywhere in the world where remote employees are located, which in turn increases the attack surface. Along with an uptick in more sophisticated attacks, we have to be more vigilant than ever.
That’s where having a seat at the table becomes crucial. Through my role, and in collaboration with the rest of the executive team, we are committed to remediating risk wherever possible. For me, that means educating my colleagues about different security concerns and protocols, and doing so in a way that is as easy to understand and implement as possible.
Thankfully, with the team we have in place, my job is made all the more easy by people who willingly engage in these discussions, no matter if it’s an executive-level employee, member of the product team, or anyone else with an ear for knowledge. Security starts at the top at Even, but it doesn’t end there.
Throughout my career in the field of information security, I’ve worked at companies both large and small. With that, I’ve encountered many different philosophies on handling security, as far as the resources put in place, the speed at which controls are implemented, and how risk is categorically assessed.
Coming from the world of big banks and into the fintech space in particular, I experienced a real cultural shift, as one would expect. While they may operate in different ways, the goal of security at all companies remains the same ― to protect the confidentiality, integrity, and availability of data. And not just of our organizations, but our consumers as well. To do so, everyone needs to buy in, and that starts at the top. However, it wasn’t always seen that way.
I had the pleasure of witnessing firsthand how the CISO (Chief Information Security Officer) role came to be. It was back in the mid 1990s, when a big bank was hit by hackers. Customers began pulling their money out, because they didn’t trust that the bank could protect their assets. It wasn’t until an information security executive joined the bank and became the first-ever CISO that risk was properly assessed and mitigated. By elevating security to the C-suite, it finally had a seat at the table and was able to evolve from a responsive support function to a strategic imperative.
When I joined Even Financial, I found myself surrounded by a team of talented colleagues who were constantly collaborating with each other across departments. There was also a commitment to security, which is not always common at fintech startups where people with technical backgrounds can be found at every level.
At many fintechs, the goal is to get projects off the ground and solutions up and running as quickly as possible. Conversely, no matter how many innovative products we are working on at Even, integrating the highest standard of security controls behind them is always paramount.
One of our main areas of emphasis, by the very nature of what we do at Even, is protecting private data, whether it's for our partners or end users. To this end, we have recently achieved SOC 2 Type II compliance, certifying our ability to implement and execute security protocols at the highest industry standard. In addition to that, we are constantly working on new ways to protect our organization and every third party involved with our business.
Going forward, in light of how the pandemic changed the work model for Even and every company that was forced into remote settings, we know there is a lot of work to be done as far as securing our expanding perimeter. It’s no longer just the office, but anywhere in the world where remote employees are located, which in turn increases the attack surface. Along with an uptick in more sophisticated attacks, we have to be more vigilant than ever.
That’s where having a seat at the table becomes crucial. Through my role, and in collaboration with the rest of the executive team, we are committed to remediating risk wherever possible. For me, that means educating my colleagues about different security concerns and protocols, and doing so in a way that is as easy to understand and implement as possible.
Thankfully, with the team we have in place, my job is made all the more easy by people who willingly engage in these discussions, no matter if it’s an executive-level employee, member of the product team, or anyone else with an ear for knowledge. Security starts at the top at Even, but it doesn’t end there.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content
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"... generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month."
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EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.
Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.
Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”
Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”
Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.
The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.
“Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.
Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.
About Even Financial
Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.
About Figure
Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.
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PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.
Click below to read more at PYMNTS.com.