Cybersecurity Challenges in FinTech – Identifying Threats and Proposing Robust Defences

Abstract

The rapid growth of the "Smart-everything" movement, alongside advancements in Artificial Intelligence (AI), has ushered in an era of highly sophisticated cyber threats. Unfortunately, traditional security measures often struggle to keep pace with these emerging challenges. This issue is particularly concerning in the realm of financial technology (FinTech), which relies heavily on data and operates around the clock. In this paper, we introduce a fresh and refined classification of security threats specific to FinTech. By highlighting the differences from existing frameworks, we aim to emphasize the novelty of our approach. Additionally, we conduct a thorough systematic review of the strategies currently employed to counter these threats. Using the PRISMA methodology and topic modeling, we identified key cyber threats discussed in recent research and paired them with the most effective defense strategies. Our review offers valuable insights for various stakeholders ranging from financial institutions to global regulators and sheds light on both the challenges facing FinTech today and the countermeasures available, while suggesting directions for future research.