FinTech Security Needs To Be Taken More Seriously Than It Is

The financial sector has always been a target due to the types of data it collects about its customers. This year, the sector is the favorite playground of financially motivated bad actors, just as it was in 2019. The most common threats fintech companies face are phishing attacks and data breaches, as well as cloud and application security breaches. The average cost per breach is $5.85 million, which is nearly $2 million more than the global average for all industries, according to Ponemon and IBM 2020 Cost of a Data Breach Report.