According to KPMG, the global investment in fin-tech is about $13.8 billion, it is the new disruption and the future. Technologies like peer-to-peer lending, faster payments, robo-advisors would face severe consequences if security is not built in from the start. Along with new technology, new threats would arise. Companies like Bitcoin are under severe threat already. They are losing thousands of dollars to cybercrime. Tracking these attackers becomes difficult due to anonymity and lack of regulation. Also keeping customer information safe is also a major concern.
In the current world, cyber attacks have moved on from network attacks to application layer attacks. Fin-tech companies need to start working closely with real hackers and perform thorough application security assessment. It needs to be inculcated in the core design itself. They should consider this the same way they consider speed and trust with both users and regulators. Hence it is important to develop it as a part of the organisation culture. When it comes to cyber security, there is no one solution that solves all. Different companies would be targeted by different types of hackers for different needs. Investing in the hardware and software from the start, avoiding public cloud for confidential data, conducting regular audits and implement strict security protocols would be the most important tasks for a fin-tech to improve safety.
References:
https://centricdigital.com/blog/fintech/is-your-data-safe-fintech-security-challenges-and-solutions/
Agreed. But the thought of having a good security environment in place for any application needs to be a continuous one. Often the hackers build an equally high ladder to climb the wall of system vulnerability, no matter how high the level of system access protocol.