Cybersecurity has become a hot topic in recent times, no thanks to the activities of hackers and other unscrupulous individuals looking to gain access to the information of businesses and individuals. Over the years, several solutions have been developed to help protect organizations, individuals, and other categories of internet users from the antics of cybercriminals.
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What is Cybersecurity?
Cybersecurity is defined as the protection of systems connected to the internet from cyber threats. The practice aims to protect hardware, data, and software to guard against unauthorized access and prevent the compromise of information. Otherwise known as computer security or IT security, cybersecurity basically protects computer systems and networks from information disclosure, damage, or theft of hardware, software, or electronic data while preventing disruption and misdirection.
Overview of the Cybersecurity Market
A recent report published by Grand View Research put the size of the global cyber security market at $197.36 billion in 2020. The market size is also projected to be in excess of $478 billion by 2030, driven by a steady increase in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD as well as the emergence of solutions in response to the increasing sophistication of cybercriminals. In a related development, the fintech industry has been consistently expanding, with the scope extending to the field of cybersecurity.
Relationship between Cybersecurity and Fintech
Financial Technology is the use and involvement of software and technology in the finance sector, including mobile transfers, end-to-end user systems and electronic payment systems. A study conducted by PwC in 2017 stated that 82% of financial institutions expect to partner with FinTech firms within the next five years, indicating an expansive growth in the need for cybersecurity in this sector. According to the Aite-Novarica Group, 47% of Americans experienced financial identity theft in 2020 and the number is increasing by more than 40% yearly. Juniper Research also recently reported that online sellers will lose $130bn to internet payment fraud between 2018 and 2023. The figures substantiate the importance of cybersecurity in the fintech world, particularly as fintech cyberattacks are more impactful than just money, as they also lead to compliance breach.
Private cloud storage
Cloud storage is becoming increasingly popular as an everyday toll for businesses and individuals, allowing them to keep their information securely. Fintech companies are beginning to develop their private cloud to enable better control access, with some even creating multiple clouds for layered access and security.
Blockchain systems
Fintech companies are also leveraging blockchain and its inherent features to avoid main servers that are otherwise susceptible to the activities of hackers. Blockchain systems have been used by fintech companies with a network of computers, public and private security keys, and cryptographic requirements to secure each transaction.
Regulatory technologies (regtech)
Regulatory technologies, popularly known as regtech, are designed to ensure fintech companies comply with laws and standards, particularly as they relate to encryption and privacy protections, providing them with important standardized safeguards.
AI and machine learning
Machine learning (ML) and artificial intelligence (AI) have been used to identify authorized users by their behavior and subsequently intercept unauthorized users, with fast processing of large data.
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