Snoop is a fintech start-up, established in spring of 2019 by a team of former senior managers at Virgin Money. Drawing on their heritage of building consumer champion brands and solutions, as well as the opportunities fostered by Open Banking, the co-founding group wanted to create an application which would deliver personalised advice to users across all of their spending – including direct debits and payment accounts.
Snoop enables users to connect all of their bank accounts, credit cards and payment cards to a single cloud-based platform, and then uses artificial intelligence to analyse their spending and transaction patterns. The powerful application then automatically identifies ways for users to ‘spend smarter, save smarter, live smarter’, using hyper-personalisation to provide them with a feed of ‘snoops’. These could include advice that a particular recurring payment is fluctuating, providing suggestions for recommended product switching, and tips to make a consumers money go further.
Whilst Snoop is not a bank, it does interface with systems that handle customers’ financial information and is regulated by the FCA and Open Banking regimes. As such, enterprise-grade cybersecurity services and a robust approach to identifying and managing cyber risk and compliance was critical from the outset. Partnering with third-party specialists who could provide this expertise from the beginning was vital.
SureCloud’s agile and flexible technology, as well as its broad expertise across cybersecurity and risk, made the company the perfect fit for advising Snoop as it builds its platform.
SureCloud partnered with Snoop in autumn 2019 and provided a range of risk advisory services, beginning with a holistic assessment of the cyber risk posture of Snoop that resulted in a prioritised roadmap of risk-based mitigation. This was complemented by traditional penetration testing across all aspects of Snoop’s website and mobile app and supplemented by ongoing cyber security expertise.
This combination of strategic advisory and tactical testing ensured that Snoop developed a Platform that incorporated true security-by-design and ensured a secure and compliant application from the outset, with risks prioritised and mitigated in a logical way. In addition, SureCloud is also supporting Snoop to understand how it needs to develop its internal capabilities to support these activities as the business grows.
“SureCloud’s services have helped us to build the most secure, robust and compliant app possible from day one, and are also helping us to develop our internal capability in line with our ongoing needs. SureCloud is more than a third-party supplier, it’s an integral partner for our team. Their expertise, responsiveness and flexibility enable us to meet our business and delivery objectives.”