A Comprehensive review on cybersecurity issues and their mitigation measures in FinTech

Abstract

The fourth industrial revolution has seen the evolution and wide adoption of game-changing and disruptive innovation, "financial technologies (FinTech), around the globe. However, the security of FinTech systems and networks remains critical. This research paper comprehensively reviews cybersecurity issues and their mitigation measures in FinTech. Four independent researchers reviewed relevant literature from IEEE Xplore, ScienceDirect, Taylor & Francis, Emerald Insight, Springer, SAGE, WILEY, Hindawi, MDPI, ACM, and Google Scholar. The key findings of the analysis identified privacy issues, data breaches, malware attacks, hacking, insider threats, identity theft, social engineering attacks, distributed denial-of-service attacks, cryptojacking, supply chain attacks, advanced persistent threats, zero-day attacks, salami attacks, man-in-the-middle attacks, SQL injection, and brute-force attacks as some of the significant cybersecurity issues experienced by the FinTech industry. The review paper also suggested authentication and access control mechanisms, cryptography, regulatory compliance, intrusion detection and prevention systems, regular data backup, basic security training, big data analytics, use of artificial intelligence and machine learning, FinTech regulatory sandboxes, cloud computing technologies, blockchain technologies, and fraud detection and prevention systems as mitigation measures for cybersecurity issues. However, tackling cybersecurity issues will be paramount if FinTech is to realize its full potential. Ultimately, this research will help develop robust security mechanisms for FinTech systems and networks to achieve sustainable financial inclusion.