With so many digital wallet options, Fintech Cybersecurity Risks like fraudulent transactions, extortion, denial of service attacks, and credit card fraud have increased. These cyberattacks are powerful enough to put the financial sector at systemic risk. Some of the most well-known cyberattacks the financial sector has seen to date have impacted critical economic infrastructures. These cyberattacks have the potential to compromise important company data and intentionally destroy hardware, negatively affecting services. Cybersecurity threats affect nearly all elements of the FinTech ecosystem. They might expose different technologically savvy financial institutions, FinTech start-ups, and monetary clients within the FinTech ecosystem. Technology developers also need to be conscious of any cybersecurity issues that could exploit security vulnerabilities and flaws in the technology they are creating.
This blog reveals various cybersecurity risks faced by the FinTech industry and offers an in-depth analysis of the groups and individuals responsible for those risks.