What you need to know about Cyber-security in the Fintech World

Thirty-one percent – that’s the increase in cyber security attacks within the past year. Per company, attacks increased to an average of 270 attacks per year. 

Keeping your sensitive data and systems safe is important for any industry, but some industries have their own cybersecurity challenges. Fintech security is one such industry.

When you’re dealing with around-the-clock financial transactions such as deposits, withdrawals, and payments, every transaction has to be secure and has to be trustworthy, otherwise, you risk losing money – and your customers’ trust. 

Not every hacker is an ethical hacker. Many see your vulnerabilities as their next big payday. 

So how does cybersecurity work when it comes to fintech products and services? Keep reading to learn more.

What Is Fintech?

Financial technology (fintech) is a broad term used to refer to financial services that use technology to provide financial services to customers. Originally the term was for traditional financial institutions like banks, but as technology evolved the term fintech changed to refer to technology that disrupts traditional financial services. 

Some examples of fintech include payment processing services like Stripe. It could also include a cryptocurrency app used for trading Bitcoin and other cryptocurrencies. Another example is investment apps like Robinhood.

Other examples of fintech include Robo advisors, peer-to-peer lending apps, and payment apps.

What Is Cybersecurity?

Cybersecurity, (also known as cyber security, computer security, or IT security) is the practice of protecting important and sensitive data. This could include computers, networks, mobile devices, and other hardware and software.

Cybersecurity has grown a lot, especially with the rise of smart devices and Web 3.0. In a connected world, everyone benefits from good cybersecurity.

The Importance of Cybersecurity for Fintech

When it comes to financial technology, cybersecurity is of utmost…