FINTECH RESILIENCE: AN EXPLORATION OF SECURITY RISKS AND RISK MANAGEMENT STRATEGIES
Автор: Ali Mwase, Ernest Ketcha Ngassam, Shawren Singh
Организация: Makerere University Business School, University of South Africa
Категория:
Ключевые слова: Fintech, Security risks, Risk management, Cyber security, Risks
Аннотация. The rapid evolution of financial technology (Fintech) has brought about unprecedented opportunities and challenges, particularly in the realm of security. This research paper conducts a thorough exploration of the security landscape within the Fintech sector, with a focus on identifying and understanding the diverse risks that pose threats to the industry's resilience. The study delves into operational, technological, regulatory, and cybersecurity risks, unraveling their complexities and implications for the Fintech ecosystem.
The core of this research lies in the comprehensive examination of risk management strategies employed by Fintech entities to fortify their resilience against the identified security threats. By synthesizing current literature and industry practices, the paper provides valuable insights into innovative risk mitigation approaches, considering the dynamic nature of the Fintech environment. Special attention is given to the integration of advanced technologies, regulatory compliance, and collaborative frameworks that contribute to enhancing the sector's overall resilience.
Furthermore, the study proposes a Fintech Ecosystem Risk Management Metamodel to illustrate the practical application of risk management in addressing security challenges for the sector. The findings aim to equip industry practitioners, policymakers, and researchers with a nuanced understanding of the interconnected dynamics between security risks and effective risk management in the Fintech landscape. Ultimately, this study contributes to the ongoing discourse on fostering resilience within Fintech, ensuring the sustained growth and stability of this transformative sector.
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