Fintech, Risk-Based Thinking and Cyber Risk

ABSTRACT

[...]the paper looks at cyber risk in the Fintech landscape as the latest and potentially greatest threat springing from these turbulent and uncertain times. [...]many people are concerned about privacy issues, the trustworthiness of the systems, cybersecurity and any potential exposure to cyberattacks. The Financial Stability Board (FSB, n.d.) defines Fintech as "technologically enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services". [...]despite the beneficial sides of Fintech and its contribution to financial inclusion, there are risks that go hand in hand with digital financial innovations and they require careful attention by regulators, providers and consumers.