Cyber Security Challenges by Fin tech<\/h1>\n
cyber Security Challenges Fintech. This era of digitization and digitization, where every segment of businesses is using technology to provide services to customers, banking and financial industry has transformed their services by financial technology- FinTech.<\/p>\n
Fin Tech were providing their services in the form of e-wallets, online and mobile payment systems (Paytm,PayPal, Apple Pay), virtual buying of stocks, etc. But the recent times did bring a bunch of new disruptors that will displace traditional e-commerce providers.Such new FinTechstart-ups are offering more efficient services, seamless customer\u2019s experience, and free person-to-person payments.<\/p>\n
FinTechs business can increase profitability and enhance a company\u2019s performance while helping them improve customer service. FinTech also provide an opportunity for companies to expand their portfolio online while solving industry issues such as credit card processing, money transfers, or processing a loan.<\/p>\n
But everything is not so smooth with Fintech business. There are few cyber security challenges and risk associated with Fintech business, which every FintechStatups shall be aware of.<\/p>\n<\/div>\n
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WHAT IS FIN TECH?<\/strong><\/h3>\nFin Tech is the abbreviation used for Financial Technology which aims to compete with traditional method of finance. There are many financial institutions consider this term as backend of their business and sometimes regular banking apps are included in this term.<\/p>\n
Fintech business includes mobile payments, money transfers, loans, crowd funding, asset management and many other things.<\/p>\n
In simple words-FinTechis the implementation of modern technology in traditional financial services and in the management of financial aspects in various companies and business. Anything from the financial mobile apps and new software installed, processing the money transactions and calculating business models.<\/p>\n
Risk in Financial Sector:<\/strong><\/p>\nEven, in general ,every individual and organisation ,\u00a0 are worried about information and cyber security , conditions in financial sector is more critical\u00a0 and fin tech business take the issues more seriously. Some of the recent studies shows that banks are investing a large amount of their funds in designing and implementing security to safeguard themselves from cybercriminals<\/p>\n
Few more areas of concern includes cloud based technologies, mobile updates and system upgrades. These findings show that cyber security is the most important risk which the Fin Tech companies are facing.<\/p>\n
CYBERCRIME AND CYBER SECURITY IN FINTECH LANDSCAPE<\/strong><\/h3>\nAs FinTech start-ups and companies continue to disrupt the global financial landscape, a peculiar feature and perhaps their biggest advantage is that they are not held back or burdened by law, regulations, or existing systems. Also, they are more aggressive, more agile, and more willing to explore and make risky choices. But this total dependence on technology and adventurous attitude to aid financial services delivery may also be their greatest weaknesses.<\/p>\n
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FINTECH FIRMS ARE FACING CYBER SECURITY CHALLENGES \u00a0IN FOLLOWING AREAS<\/strong><\/h3>\n
Even, in general ,every individual and organisation ,\u00a0 are worried about information and cyber security , conditions in financial sector is more critical\u00a0 and fin tech business take the issues more seriously. Some of the recent studies shows that banks are investing a large amount of their funds in designing and implementing security to safeguard themselves from cybercriminals<\/p>\n
Few more areas of concern includes cloud based technologies, mobile updates and system upgrades. These findings show that cyber security is the most important risk which the Fin Tech companies are facing.<\/p>\n