Analysing the Cybersecurity Concerns Associated with Fintech Innovations. A Systematic Review

Abstract

This systematic review examines the cybersecurity challenges associated with fintech innovations, focusing on the rapid evolution of the fintech sector and the corresponding increase in cyber threats. The primary issues identified include data breaches, phishing attacks, malware infections, and insider threats. These challenges present substantial threats to financial entities and consumers alike, highlighting a pressing need for robust cybersecurity measures. The review employs the PRISMA framework, ensuring a rigorous and transparent methodology. Data was sourced from reputable databases, such as Google Scholar, Science Direct, Web of Science, IEEE Xplore, Research Gate, and Elyyon targeting peer-reviewed articles published between 2020 and 2024. This study critically assesses the impact of cybersecurity strategies and the regulatory frameworks governing fintech. Key findings suggest that while fintech innovations offer enhanced financial services, they also expand the attack surface for cybercriminals. The study underscores the importance of threat modelling and comprehensive risk management to mitigate these risks. Moreover, it underscores the importance of regulatory authorities in enforcing stringent cybersecurity standards to protect customers. This analysis adds to the ongoing discussion surrounding fintech cybersecurity, providing perspectives that can inform policymakers, practitioners, and academics in developing improved approaches for securing fintech ecosystems against evolving cyber threats.