Fintech is progressing rapidly as companies in the financial services sector require personal data for multiple purposes.

Consequently, the number of locations where the data is stored continues to grow, which, in turn, majorly elevates the level of exposure to a potential data breach at any of these entities.

Financial institutions, vendors, sub-contractors and third parties operating in this industry must take heed of this risk and comply with necessary security standards including employee awareness, network segmentation, encryption and data leakage.

Will the future of the sector be a face-off between AI cybercriminals and AI cybersecurity? If so, what are the implications for human agency in the field?

As technology advances, artificial intelligence will become more commonplace within our day-to-day activities and in parallel, cyber criminals will increasingly leverage it to perform more sophisticated attacks. To counter this, defensive cyber vendors are incorporating AI into their solutions which will require continual development as attacks evolve. Ultimately, the prevalence of AI will make life harder at both ends and accelerated growth in the cybersecurity workforce will be needed to enable organisations to cope with this evolving world.