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Risk rise in pandemic-hit fintech sector
Monday, December 21, 2020
But the most pressing risk is cyber attacks. If there is one issue that strikes at the heart of all firms having custody client funds, it’s security of client’s money, identity and other personal details.
As Mastercard reports, fintech is the biggest target of cyber attacks after healthcare. And too many fintech firms are vulnerable. Research by ImmuniWeb, an application security group, has found that 98 percent of the biggest global fintech startups are vulnerable to major cyber attacks. In 2019 the industry saw a 480 percent increase in the number of cyber attacks on regulated financial services companies, according to the Financial Conduct Authority (FCA), most of them from phishing, ransomware and data leakage. Read Full Article
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