Implementation of cybersecurity regulations for FinTech companies

This study sheds light on the challenges encountered by FinTech startups in Saudi Arabia when navigating the complex landscape of cybersecurity regulations enforced by the National Central Banks. While the study focuses on the Saudi context, the findings and methodologies may have broader applications across GCC countries. To explore this issue, we employ a qualitative research design, involving the collection of data through legally sound questionnaires distributed among diverse operational FinTech startups. The core problem addressed in this research pertains to the struggles faced by FinTech startups in Saudi Arabia when attempting to align with cybersecurity frameworks, particularly concerning the selection of relevant controls from the extensive array regulated by the Saudi Central Bank (SAMA). These challenges stem from the diversity within the FinTech sector, where some startups engage in high-risk activities such as actual money transactions, while others operate with a lower or medium risk profile, focusing on debt collection.