Fintech compliance is an increasingly important aspect of the financial industry. As the fintech industry continues to grow and evolve, so does the need for regulatory compliance. Fintech companies were initially under-regulated in many countries, but regulations have been adapted to cater to their unique needs as they became more mainstream. However, with fintech typically operating across multiple jurisdictions and subject to the same intense regulation...
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Cyber security challenges in FinTech are potent enough to pose a systematic risk to the sector, as evidenced by some of the most high-profile cyber attacks that have impacted critical economic infrastructures. As a result, important company data may be compromised, hardware may be intentionally destroyed, and services may be adversely affected. From October 2021 to September 2022, financial and insurance organizations were most frequently targeted...
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All businesses operate within a dynamic and complex environment that exposes them to various risks, which, if not well-managed, can lead to failure. Therefore, a risk management framework is essential to any company’s success. A risk management framework allows companies to identify, assess, and prioritize potential risks and take measures to minimize or eliminate them. It enables businesses to balance taking risks and avoiding business...
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As businesses and organizations become increasingly reliant on technology, the risks posed by cybercriminals grow more significant by the day. Unfortunately, the truth is that the most significant threat to cyber security is not just from external factors but also from within the organization. Human error has become one of the biggest contributing factors to cyber security breaches, and it is not just limited to...
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Uber, the ride-hailing giant, is again in the news for all the wrong reasons. The company had fallen victim to a data breach for the third time. This time, a private driver's data was hacked from a third-party firm, Genevo Burns, New Jersey. The law firm, specializing in employment and labor law, notified the affected drivers that their confidential information, including social security and tax identification...
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While security and compliance are both essential aspects of cyber security, some experts use these terms interchangeably, leading to confusion. Organizations must realize that compliance is not the same as security. Being compliant does not necessarily equate to being secure. However, security plays a critical role in achieving compliance. The modern era has been a concerning time for businesses of various industries as cyber security has...
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