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Cybersecurity Risk in FinTech

In: Understanding Cybersecurity Management in FinTech

Author

Listed:
  • Gurdip Kaur

    (University of New Brunswick, Canadian Institute for Cybersecurity (CIC), Faculty of Computer Science)

  • Ziba Habibi Lashkari

    (Escuela Técnica Superior de Ingenieros Informáticos, Universidad Politécnica De Madrid)

  • Arash Habibi Lashkari

    (University of New Brunswick, Canadian Institute for Cybersecurity (CIC), Faculty of Computer Science)

Abstract

Cybersecurity threats exploit cybersecurity vulnerabilities that pose cybersecurity risks. Cyber risks are combated with safeguards that are used to protect assets and finally, assets are prone to cybersecurity threats. The represents a cyber risk life cycle. This chapter provides a comprehensive introduction to cyber risks in FinTech institutions. It provides a cyber risk taxonomy to assess, analyze, mitigate, and monitor cyber risks in a financial institution. Various risk assessment methods, risk analysis strategies, and risk mitigation measures are discussed. It proposes cyber threats and corresponding risk mitigation measures that may prove beneficial to prevent, avoid, detect, and deny cyber risks. Further, the challenges faced by FinTech risk management are listed. There are some uncertainties in FinTech risk management which are discussed in this chapter. The important means to handle the uncertainties are also introduced toward the end of the chapter.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-030-79915-1_6
DOI: 10.1007/978-3-030-79915-1_6
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