A Review on Cybersecurity in Fintech: Threats, Solutions, and Future Trends

Abstract

The rapid growth in the fintech industry propels financial services into the digital era, bringing unprecedented convenience and efficiency. However, this transformation could be a smoother process; it faces difficulties, primarily in Cybersecurity. This comprehensive study explores the cybersecurity landscape in the fintech industry, including common threats, existing defensive measures, and innovative solutions that shape the future. Significant dangers, such as data breaches, phishing attacks, and malware complications, emphasize the need for strong cybersecurity strategies. Fintech firms address these concerns by employing various defensive measures, including encryption technology, robust multi-factor authentication, and strict compliance with legal frameworks. Examining prospects, the article explores emerging themes such as the mysterious domain of quantum-resistant cryptography, the mysterious frontier of behavioral analytics, and the shift toward decentralized identification solutions. These developments demonstrate a proactive shift in strategy, anticipating and preparing for potential hazards to prevent and minimize their impact. The conclusion presents important findings, drawing out their implications for the future and proposing sensible suggestions for further research and industrial practices. This research provides vital insights for stakeholders in the rapidly changing field of fintech, helping them navigate the complex intersection of finance and technology and guaranteeing a safe journey through unfamiliar areas.