The document discusses the importance of cybersecurity in the fintech industry, highlighting the increase in digital transactions and the corresponding rise in financial frauds. It emphasizes the need for fintech companies to adopt effective cybersecurity practices to protect sensitive data and maintain customer trust, while detailing various types of cyber attacks such as malware and phishing. Lastly, it underscores the significance of cyber resilience and a strong cybersecurity culture within organizations to combat these threats.

1. Cybersecurity In
FinTech
Detecting frauds and identifying security challenges to
develop a secure FinTech.

2. Table Of Contents
Overview
Importance of Cybersecurity in
FinTech
Impact on business and its
customers
Key to developing a secure
FinTech
Major security challenges in the
evolving FinTech landscape

3. Overview
The FinTech industry is driving the digital transformation among all the industries.
With a rise in digital transactions amongst private and public organizations,
financial frauds and scams have been keeping a solid pace too.
Since the financial industry is now more than ever, connected globally, the
complexity in tracking these frauds has also increased. Understanding the types of
threats to cybersecurity, the challenges in the ever-evolving FinTech space, and
learning about advanced ways of fraud-detection and scam investigation is the key
to finding solutions to protect against these malicious activities.

4. UNDERSTANDING THE IMPORTANCE OF
CYBERSECURITY IN FINTECH
According to a recent security research, most companies have
unprotected data and poor cybersecurity practices in place, making
them highly vulnerable to data loss. To successfully fight against
malicious intent, it’s imperative that fintech companies make
cybersecurity awareness, prevention and security best practices an
imperative part of their culture.
Because of the high amount of customers across the world that use
financial technologies nowadays, the amount of people at risk of data
breaches of sensitive information and other cyber scams is at a high
risk. This makes it crucial to ensure that fintech companies keep their
security up for both, their staff and customers’ safety, and the overall
wellbeing of the business.
This is where staying one step ahead of the cyber attackers and
spammers becomes imperative.

5. TYPES OF CYBER ATTACKS TO FINTECH
Malware Data Breach
Phishing
Unsecured
Cloud

6. CYBER ATTACKS IN NUMBERS
➢ According to a recent study, 94% of malware is delivered through emails.
➢ As per a study conducted by Cisco, about 60% of malicious domains are
associated with spam campaigns.
➢ Phishing attacks and frauds account for more than 80% of reported security
incidents.
➢ According to Symantec, after a decline in 2019, phishing increased in 2020 to
account for 1 in every 4,200 emails.
➢ 30% of data breaches involve internal actors.
➢ The average cost of a financial services data breach is $5.85 million USD.
➢ Cloud-based cyber attacks rose 630% between January and April 2020.
➢ Americans lost more than $97.39 million to COVID-19 and stimulus check
scams.

7. What do these attacks mean to the the business and
its customers?
● Loss of customer
trust
● Legal implications
● Increased risk of
exposure to
subsequent frauds
and scams
● Use of stolen data
in more financial
frauds
● Misuse of data
● Spamming and
infiltration of
other systems
BUSINESS CUSTOMERS

8. The Cybersecurity Framework
The key to developing a secure FinTech requires
cyber resilience, i.e; an entity’s ability to prepare
for, respond to, and recover from any kind of a
cyber attack.
An early detection of a spam can prevent any
company from falling prey to fraudsters and
scammers. The ability to do so majorly lies in the
company’s culture of cybersecurity - the use of
full suite of tools, excellent human resources to
lead the process, precise authentication
techniques, and more.

9. Thank you!
Prepared by Lakshay Mohanpuriya
Manager, Money 2.0 Conference
https://www.money2conf.com/