Cyber Security for FinTech (Financial Technology)

written by Jesse Muraya
Before we explore various security tools and tips for the fintech sector, let me start by describing Fintech (Financial Technology). Financial Technology (Fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers manage their processes, financial operations, and lives by utilizing special software and algorithms that are used on devices such as smartphones.

You may ask, why this is a relevant conversation right now…

Africa as a continent, is already the largest adopter of mobile money transfer systems globally. We have been able to leapfrog various financial technologies and go directly towards fintech, thus improving the continent’s financial access gap. However, like every fast-developing technology, innovation precedes regulation.

Fintech is a relatively new concept and therefore not regulated as much as the traditional Financial Services sector therefore opening room for bad actors. Fintech companies handle individuals’ money and personal data through services such as digital payments, mobile money transfer, mobile banking, insurance services, cryptocurrencies, etc. This combination of financial services on technology platforms makes it an attractive target for cyber criminals. There is therefore a critical need to place high value on data protection and information security in the sector.

cyber attack

For a Fintech based organization, there are various Cyber Security threats and challenges you need to look out for:

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