Borro understands that privacy and security of your personal financial data is of the utmost importance. Hence, our lending service has made security a crucial matter, combining cutting-edge technologies and procedures to protect you from any kind of potential data breach or fraud. We have also taken into account the upcoming EU General Data Protection Regulation (GDPR) to make sure that our systems are following the most current regulations.
1.1 Bank-level security
“Bank–level” security means that Borro adheres to the same security encryption standards as your bank. We routinely run security audits to ensure that we are meeting these standards at all times. Borro protects your data 24 hours a day, 7 days a week. The Borro platform runs on our own state-of-the-art private cloud hosted in a UK based Tier 4 datacentre with firewalls, redundant hardware, redundant power sources, redundant battery backups, redundant cooling, redundant cabling, and video surveillance. The redundancies ensure that there is no single point of failure in our hardware.
1.2 Asymmetric Encryption
Borro uses an asymmetric Class 3 EV 2048 bit encryption algorithm. This guarantees the security of the data you send over the Internet through our service. Such an algorithm allows us to hide sensitive data so that outside sources can’t visualize or manipulate it. Asymmetric encryption algorithms are fundamental security ingredients in banking systems, web-applications and protocols. It has been estimated that it would take a desktop computer 6.4 quadrillion years to crack 2048 bit encryption.
1.3 Advanced Monitoring and Constant Updates
Borro’s engine implements industry best practices, providing rigorous risk management processes. The Borro platform delivers a secure environment by separating production, staging, and development zones. Each stage is covered by a broad testing program to ensure the highest security and performance standards. All data sources, quality, and operations are constantly monitored. Specialized operations personnel address data source and data quality issues quickly in case a data source becomes unavailable.
1.4 Security Audit
Borro performs routine security audits to ensure that all data and assets are protected. First, the audit’s scope is decided by taking into account all company assets related to information security, including computer equipment, phones, network, email, data and any access-related items, such as cards, tokens and passwords. Then, past and potential future asset threats are reviewed.
Symantec, the global leader in cyber security, continuously conducts vulnerability scans to test Borro’s security with the latest hacker tools and techniques.
Like anyone in the information security field, Borro stays informed of new trends, as well as security measures taken by other companies. There is an established plan and controls for maintaining business operations after a threat has occurred, which is called an intrusion prevention system.
Evaluating and implementing business needs are top priorities in the audit process that Borro performs.
1.5 24 x 7 Access
Designed for Financial Management of your online accounts, the Borro platform provides 24 x 7 access to your account allowing you to manage lending, view balances, and make payments anytime you want.
Borro’s systems are designed to maximize ease of use for clients without ever sacrificing data security. Doing this requires extensive work behind the scenes that users will never notice. Data protection and fraud prevention requires round the clock monitoring, and Borro works with a range of partners to ensure our internal systems are adequately maintained. For client facing sections, Borro’s Tech team integrates the latest cyber-security practices, software, and design principles into our platform to ensure your experience is the best and most secure one possible.
About the Author
Paul Duncan is Borro’s Chief Technology Officer