2024 | Uchenna Joseph Umoga, Enoch Oluwadamilade Sodiya, Olukunle Oladipupo Amoo and Akoh Atadoga
This review article examines the emerging cybersecurity threats in financial technologies (FinTech), highlighting the challenges and vulnerabilities faced by financial institutions in an increasingly digitalized environment. The paper analyzes a range of cyber threats, from traditional ones like phishing and malware to more advanced and evolving threats such as ransomware, supply chain attacks, and AI-driven cyber threats. It emphasizes the interconnectedness of FinTech platforms, which makes them susceptible to systemic risks and cascading failures. The study also evaluates the impact of regulatory frameworks and compliance measures on mitigating cybersecurity risks in the FinTech domain, assessing the effectiveness of current strategies and suggesting potential improvements. A significant portion of the review focuses on the role of human factors in cybersecurity, emphasizing the need for robust training and awareness programs to empower financial professionals and users. Social engineering attacks, insider threats, and the exploitation of human vulnerabilities are discussed in detail, underscoring the importance of a holistic approach to cybersecurity. The paper contributes to the ongoing discourse on safeguarding the integrity and security of financial technologies. As the financial industry continues to embrace technological innovations, a proactive and adaptive cybersecurity strategy is essential to ensure the resilience of the financial ecosystem in the face of evolving cyber threats. The review also discusses the importance of regulatory frameworks and compliance in ensuring the security and integrity of FinTech. It highlights the need for robust data protection measures, the importance of user awareness, and the role of human factors in cybersecurity. The paper concludes that a comprehensive approach to cybersecurity is necessary to address the dynamic nature of cyber threats in the FinTech sector. Future research should focus on areas such as quantum-safe cryptography, blockchain security, and regulatory frameworks to ensure the continued security and stability of financial technologies.This review article examines the emerging cybersecurity threats in financial technologies (FinTech), highlighting the challenges and vulnerabilities faced by financial institutions in an increasingly digitalized environment. The paper analyzes a range of cyber threats, from traditional ones like phishing and malware to more advanced and evolving threats such as ransomware, supply chain attacks, and AI-driven cyber threats. It emphasizes the interconnectedness of FinTech platforms, which makes them susceptible to systemic risks and cascading failures. The study also evaluates the impact of regulatory frameworks and compliance measures on mitigating cybersecurity risks in the FinTech domain, assessing the effectiveness of current strategies and suggesting potential improvements. A significant portion of the review focuses on the role of human factors in cybersecurity, emphasizing the need for robust training and awareness programs to empower financial professionals and users. Social engineering attacks, insider threats, and the exploitation of human vulnerabilities are discussed in detail, underscoring the importance of a holistic approach to cybersecurity. The paper contributes to the ongoing discourse on safeguarding the integrity and security of financial technologies. As the financial industry continues to embrace technological innovations, a proactive and adaptive cybersecurity strategy is essential to ensure the resilience of the financial ecosystem in the face of evolving cyber threats. The review also discusses the importance of regulatory frameworks and compliance in ensuring the security and integrity of FinTech. It highlights the need for robust data protection measures, the importance of user awareness, and the role of human factors in cybersecurity. The paper concludes that a comprehensive approach to cybersecurity is necessary to address the dynamic nature of cyber threats in the FinTech sector. Future research should focus on areas such as quantum-safe cryptography, blockchain security, and regulatory frameworks to ensure the continued security and stability of financial technologies.