Regulation Cybersecurity in Financial Technology: Insight into Challenges, Compliance, and Best Practices

While the financial technology (FinTech) sector has revolutionized conventional banking services with technology-driven solutions, it also faces considerable cybersecurity hurdles to guard against data protection and sustain the overall financial performance. The main purpose of this paper is to identify the key cybersecurity challenges encountered by FinTech companies, such as data confidentiality concerns, complex cyber-attacks, difficulties with regulatory compliance and third-party risks or technological innovations. This also assesses the regulatory responses to those challenges, such as data privacy regulations, macroprudential regimes, industry-specific guidance and international regulatory cooperation. Through this analysis, the paper attempts to synthesize current state of cybersecurity domain within FinTech and provides suggestions for strengthening data shelter and financial stability by implementing best practices with regulatory strategies.