Cybersecurity strategies in fintech: safeguarding financial data and assets
1 College of Business, Auburn University, USA.
2 Department of Mathematics and Statistics, Washington State University, USA.
3 Department of Project Management, Northeastern University, Portland USA.
4 College of Business, Auburn University, USA.
5 University of Ilorin, Nigeria.
Review Article
GSC Advanced Research and Reviews, 2024, 20(01), 050–056.
Article DOI: 10.30574/gscarr.2024.20.1.0241
Publication history:
Received on 19 May 2024; revised on 29 June 2024; accepted on 02 July 2024
Abstract:
The financial technology (fintech) sector has witnessed remarkable expansion in recent years, fundamentally reshaping the landscape of financial services delivery and consumption. This growth is driven by new technologies such as mobile banking, digital wallets, blockchain and artificial intelligence Keenan the risk for fintech has increased. As pioneers in the use of technology to enhance financial transactions, Fintech has become an attractive target for cybercriminals looking to exploit weaknesses in digital infrastructure. The evolving nature and sophistication of cyber threats, including phishing attacks, ransomware, data breaches, and insider threats, pose significant risks to the integrity and security of financial data and assets. This paper aims to provide a comprehensive review of cybersecurity strategies implemented within the fintech industry to safeguard against these threats. It examines the current landscape of cyber risks facing fintech firms, highlighting the multifaceted challenges posed by malicious actors and technological vulnerabilities. Moreover, the paper evaluates the effectiveness of various cybersecurity measures adopted by fintech companies, such as encryption protocols, multi-factor authentication, AI-driven threat detection, and blockchain technology. Furthermore, the review discusses emerging trends and technologies poised to bolster cybersecurity in the fintech sector. These include advancements in quantum-resistant encryption, zero-trust architecture, regulatory compliance frameworks (e.g., GDPR, PCI DSS), and proactive incident response strategies. By exploring these innovative approaches, the paper seeks to illuminate proactive measures that can mitigate cyber risks and enhance resilience in fintech operations.
Keywords:
Fintech; Cybersecurity; Encryption; Block chain; Regulatory Compliance
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
