Background
Cybercrime poses a significant threat to the global economy, particularly to the financial services sector. This has made cybersecurity a crucial investment for banks, especially in the current landscape where ransomware attacks increased by 1300% in 2021. It is widely recognized that a systemic cyber-attack could pose significant material risks for any bank worldwide. In the financial services industry, Fintech has emerged as a highly talked-about phenomenon. Over the past ten years, startups specializing in financial technology have disrupted the market by gaining significant market share. Fintech companies were established in response to the tight grip that conventional financial institutions had on the sector, and have since gained traction through constant technological advancements. Today, Fintech firms are even more prevalent, diverse, and aspirational than ever before.
