New Cybersecurity Challenges for FinTech Startups

FinTech startups are growing at a staggering rate. One of the reasons they are so successful is that they offer alternatives to conventional financial solutions. These alternatives provide more convenience, more advanced services, and improved user experience.

FinTechs can enhance a company's performance and increase profitability while helping them improve customer service. FinTech firms also provide an opportunity for companies to expand their portfolio online while solving industry issues such as credit card processing, money transfers, or processing a loan.

FinTech Companies and Data Security Breaches

However, with all the new technology that has fueled the growth of today's diverse FinTech sector, one common problem has also arisen – developers and companies are facing severe cybersecurity issues, including threats that could lead to massive breaches that affect millions of customers worldwide.

Back in July 2018, Equifax reported that over 143 million accounts were compromised in a massive data breach, in which hackers stole names, social security numbers, telephone numbers, and other vital information from account holders. Additionally, other FinTech compa ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.