The Importance

of Cybersecurity
in FinTech
Andri Myftari
 Background/Overview Table of Contents
01 A brief background on the connection
between cybersecurity and FinTech.

Evidence of Problem
02 Direct data that is establishing a trend of
cybersecurity dilemmas within FinTech.

Who is Being Affected?

03 Who is most at risk for issues in
Cybersecurity and what is at stake?

Conclusion/Next Steps
04 What needs to be done next for
cybersecurity to advance?
 01
Background/
Overview
 The Recent Rise of FinTech
• The pandemic has induced further investment into FinTech
• FinTech, or Financial Technology, represents the usage of technology to
improve the capabilities of the financial services industry
• Examples include digital banking such as the Chase App or Venmo
• Although it is an exciting time for consumers, the rise in FinTech is
continuing to create a larger problem within Cybersecurity
 02
Evidence of
Problem
 The Importance of Cybersecurity
• For many executives, ransomware attacks and data breaches
have been a more worrisome consequence from the pandemic
than supply chain disruption
• Ransomware, a type of software used by cybercriminals to
block access to computer systems until a ransom is paid, cost
the world $20 billion in 2021
• Expected to rise to $265 billion by 2031
• 2021 has also experienced the highest average cost of a data
breach in the last two decades with it costing $4.24 million
• Increased relevancy of Cryptocrime, crime related to the
buying and selling of cryptocurrencies, which is expected to
exceed $30 billion by 2025
 03
Who is Being
Affected?
 Who is Being Affected?
Major Financial Providers Consumers
• Users of these FinTech
• Flagstar Bank suffered
applications are having
a recent data breach in
important data leaked and
June 2022 leaking the
creating even more mistrust
social security numbers
for FinTech companies and
of 1.5 million customers
their services.
Small and Medium Businesses Cybersecurity Insurance Providers
• 83% of small and • Cybersecurity insurance premiums
medium-sized businesses have increased an average of 28%
are not financially in the first quarter of 2022, making
prepared to recover from it even more difficult for
a cyber attack. companies to invest
 04
Conclusion/
Next Steps
 Conclusion/Next Steps

01
Growth of FinTech
With increasing growth in
FinTech, cybersecurity
must be a top priority for
companies.
02
Reinvest in Cybersecurity
FinTech companies must
look to reinvest revenue
into buying coverage for
cybersecurity issues.

03
Reinforce Cybersecurity Workforce
It is estimated that there will be 3.5
million unfulfilled cybersecurity
jobs by the end of 2025. Firms can
spend more time encouraging
graduates to apply for roles.
Thank
you!
References
Brooks, Chuck. “Cybersecurity in 2022 – a Fresh Look at Some Very Alarming Stats.”
Forbes, Forbes Magazine, 12 Oct. 2022,
https://www.forbes.com/sites/chuckbrooks/2022/01/21/cybersecurity-in-2022--a-
fresh-look-at-some-very-alarming-stats/?sh=1bb73af26b61.
Kost, Edward. “10 Biggest Data Breaches in Finance [Updated August 2022]: Upguard.”
RSS, https://www.upguard.com/blog/biggest-data-breaches-financial-services.
Singh, Nishant. “Data Security and a FinTech State of Mind.” Fortanix,
https://www.fortanix.com/blog/2022/02/data-security-and-a-fintech-state-of-
mind.
Violino, Bob. “Rising Premiums, More Restricted Cyber Insurance Coverage Poses Big
Risk for Companies.” CNBC, CNBC, 11 Oct. 2022,
https://www.cnbc.com/2022/10/11/companies-are-finding-it-harder-to-get-cyber-
insurance-.html.