Gartner forecasts end-user spending on public cloud services to reach $396 billion in 2021 and grow 21.7% to $482 billion in 2022. Additionally, the predictions say public cloud spending will exceed 45% of all enterprise IT spending, up from less than 17% in 2021. Fintech companies are continuing to invest in technology to run businesses. Now they are layering more systems into their IT networks to support remote work and enhance the customer. Fintech revolves around cloud, blockchain, AI, and mobile devices used for financial transaction payments, cryptocurrencies, money transfers, trading, and regulatory compliance. With increasing monetary value associated with all these technologies, perpetrators are always attracted to breach security by exploiting vulnerabilities existing in these technologies and posing risks to Fintech. A recent survey on cyber resilience by the institute of international finance and McKinsey found that 33 percent of financial services firms need proper vendor remote access management with multifactor authentication controls. While implementing tech innovation in your Fintech organization, have you considered these cybersecurity challenges? For more detail visit-https://47billion.com/finance-industry/

1. in Fintech companies
CYBER SECURITY
CHALLENGES

2. 1 DATA UBIQUITY
With the expansion of digital financial services,
enterprises can gather massive heaps of
consumer data that consists of confidential
information. Protecting this data and providing it
to customers and third parties pose a challenge
for the industry

3. 2
CLOUD
SECURITY RISK
Companies sometimes tie-up with inefficient and
unreliable cloud solutions and lead to significant
data losses

4. 3
CROSS-PLATFORM
MALWARE CONTAMINATION
The increased integration of systems in the
financial services sector has created prospects of
malware propagation that infect multiple
platforms

5. Let's discuss the possible solutions -
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Have you considered any
of these challenges