Steps To Ensure Cybersecurity In FinTech 2022

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Introduction

• Digital transformation across the financial
  landscape is moving at a quick pace for the past
  few years. Such an evolving environment makes it
  essential for banking and finance companies to
  maintain high standards and keep their
  technological infrastructure up to date to be
  compliant to the next level of standards for
  cybersecurity in FinTech.
• Accentures 2019 Ninth Annual Cost of Cybercrime
  report stated that financial services had the
  highest share in cybercrime among all the
  industries across the world In 2018.

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In the report, Accenture explained that as the
industries go more digital and disrupt the
existing environment, the threats will
dramatically expand and become more complex. This
increasing complexity will require innovative
security procedures to protect companies digital
ecosystem. Subsequently, the cost to build such
security solutions will also be substantial and
growing.
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Cybersecurity Challenges In FinTech
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The Cyberattacks Are Evolving
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One of the most prominent cybersecurity cases in
FinTech

• The largest finance industry data breach happened
  in September 2017 when one of the three largest
  consumer credit reporting agencies, Equifax,
  exposed 147 million customers personal data.
• An unpatched Apache Struts vulnerability caused
  the data breach. Apache Struts was the framework
  for Equifaxs US-based web apps. The breached
  exposed customer names, date of birth, social
  security numbers, and other personal information.
  Due to the breach, several members of Equifaxs
  C-suite stepped down.
• There were other incidents of cyberattacks in
  FinTech. In fact, after Equifax, several other
  data breaches in FinTech saw as many as 130
  million, 90 million, and 76 million people
  affected.

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Overcoming Cyber Security Challenges in FinTech
in 2021
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The Impact of the Cloud on Cybersecurity in
FinTech
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How to overcome Cloud Security Challenges?

• Banking and Financial institutions migration to
  the cloud necessitates changes in the way they
  govern and manage their IT environments from two
  perspectives

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Conclusion

• Although not many FinTechs have invested heavily
  in security within the past few years, expanding
  the digital landscape, especially to the cloud
  environment, asks for an increase in
  cybersecurity investments. Cybersecurity must
  never be an afterthought for FinTech businesses
  in 2021.

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Thank You

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