Why Fintechs Should Focus on Adopting Cybersecurity Solutions?

Fintech has succeeded in attracting companies focused on banking and money, asset and wealth management, insurance, and transfer of funds and payments.

Fremont, CA: Fintech firms are booming at a dramatic pace. Although conventional establishments are struggling to meet growing demands, emerging technology and attract customers, Fintech startups have proved to be a better alternative. This is because, unlike traditional firms, they also have features such as cryptocurrency, online loans, and Robo-advisors. They also have more convenience, more advanced services, and a better user experience. It can boost the efficiency of an organization and also increase profitability. Fintech has succeeded in attracting companies focused on banking and money, asset and wealth management, insurance, and transfer of funds and payments. In the meantime, the payment and lending industry has already begun to migrate to digital platforms. But regardless of the type of business or service, Fintech startups and conventional businesses who are also pursuing various digital platforms to deliver improved customer experience face a similar challenge: cyber protection. And cybersecurity threats have increased a great deal since the COVID-19 pandemic.

In a recent security survey of 2,000 US professionals, the company found that 80 percent of subjects had never or seldom worked from home, and 50 percent said they were concerned about cyber threats. The surprising result was that 52 percent of professionals said they were using their personal laptops to work remotely, even without additional security software installed, and 45 percent said they had no previous training to work remotely securely. The situation in the Fintech industry is also bleak. Rising threats from cybercriminals will shift the course of this industry that is currently undergoing a huge uptick. In short, the future depends on how stable the architecture of cybersecurity is.

Check out: Top Cyber Security Solution Companies