The Rise of FinTech and the Need for Robust Cybersecurity Measures
Keywords:
risks; technology; financial; vulnerabilities; confidentialityAbstract
The increasing use of financial technology (FinTech) has transformed the financial sector and has
provided consumers new and innovative products and services, whilst enhancing competition in the industry
and accelerating the race to digitization. However, the rapid growth of FinTech is also exposing individuals
and businesses alike to ever-increasing cyber security risks and challenges. Cyberattacks on financial and
banking institutions, as well as targeting of vulnerabilities in financial apps and products by threat actors are
becoming more frequent, sophisticated, and costly, with potentially devastating consequences for the integrity,
stability, and trust in the financial system. The purpose of this work is to review the current state of business,
the cyber security-related risks and challenges associated with this sector, the relevant regulations, and the best
practices in the Fintech industry. The study's findings are reflected in the presentation of several strong and
proactive cybersecurity measures aimed at reducing risks and guaranteeing the confidentiality and integrity of
financial transactions.
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