Steps To Ensure Cybersecurity In FinTech 2022 - PowerPoint PPT Presentation

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Steps To Ensure Cybersecurity In FinTech 2022

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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 2022. – PowerPoint PPT presentation

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Title: Steps To Ensure Cybersecurity In FinTech 2022


1
(No Transcript)
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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.

3
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.
4
Cybersecurity Challenges In FinTech
5
The Cyberattacks Are Evolving
6
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.

7
Overcoming Cyber Security Challenges in FinTech
in 2021
8
The Impact of the Cloud on Cybersecurity in
FinTech
9
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

10
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.

11
Thank You
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