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Analysis Study Research Paper | Computer Science and Information Technology | United States of America | Volume 13 Issue 7, July 2024 | Rating: 4.3 / 10
The Future of Cybersecurity in Fintech: Challenges, Trends and Best Practices
Abstract: The fintech sector is broadening its scope and pushing new boundaries all the time; hence, it must take into account cyber security concerns, which are considered a critical aspect of this industry. In other words, this paper looks at the emerging trends as well as discusses the most serious challenges concerning fintech cybersecurity that will help financial institutions protect their valuable information. It includes hacking, which occurs frequently on third-party vendors? sites or through employee mistakes; criminal data breaches; non-compliance with regulatory frameworks imposed by central banks, governments and regulators across the world; and vulnerability from third-party vendors. To resolve these difficulties, the paper suggests having a strong framework that combines AI-driven detection of threats, blockchain for transaction protection, and quantum-resistant encryption, among others. Again, the article suggests that ethical considerations must be made when setting up measures for cyber security in order to balance between enhancing safety protocols and users? privacy and rights. Finally, this overall analysis presents effective strategies that can be adopted by fintech companies to strengthen their cyber security shields as well as future changes that could redefine standards for financial security. Let?s get started!
Keywords: Cybersecurity, Fintech Data, Breaches, AI-Driven Detection, Blockchain, Quantum, Encryption, Regulatory Compliance, Third-Party Vendors, Insider Threats
Edition: Volume 13 Issue 7, July 2024,
Pages: 1509 - 1515