In Q1 of 2022, fintech companies experienced 2.5 times more attacks than in the two previous years. The growing rate of cybercrime has added to the market unrest and questioned fintech preparedness; some claimed that the industry players are more susceptible to virtual threats than traditional banking, with greater resources at their disposal.
Thibaud Catry, Head of Compliance at ConnectPay, said that claims about diminishing fintech security are far-fetched, although he encouraged ramping up defenses due to rising cyber threats.
