Success Story: IT security for BaFin-compliant crypto custody 

SECURITY INSIGHTS | 16 May 2022

IT security, data protection and comprehensive compliance are critical for financial firms. Especially in the still young industry for crypto-assets and blockchain technology, financial institutions cannot afford any mistakes - regulatory-compliant processes and systems matter. Custody specialist Finoa knows this, too. The institution relies on Myra's protection services to secure its platform comprehensively and in line with compliance at the application level.

Finoa operates as a cryptocurrency financial institution in a highly regulated environment that demands absolute security. Crypto assets are a coveted prey for cybercriminals. Therefore, Finoa clients' accounts must be consistently protected from unauthorized access, sabotage, and tampering. Myra ensures these requirements through a fully automated application-level protection concept built on DDoS Protection in combination with Myra Hyperscale WAF and Deep Bot Management. Myra hides Finoa's sensitive systems from attackers behind a three-layer filter system that only allows valid access.

"In Myra, we have found a service provider that not only has the necessary technical expertise to secure our platform, but also actively supports us in compliance matters. This support helps us enormously in complying with increasingly stringent regulatory requirements."

Michael Heinks, Chief Risk & Compliance Officer at Finoa

To ensure the smoothest possible provision of the required protection services, Myra has a prefabricated set of contracts specifically for financial industry customers, which are drawn up by legal compliance experts and continuously adapted to the applicable financial regulations. This eliminates administrative hurdles upfront and saves valuable resources for both parties to the contract - a service that also benefits Finoa.