Traditional financial institutions are currently transforming into a new era of innovation, which is introducing technology to the new field of financial services (Fintech). Fintech has been growing rapidly since PayPal was first recognized. This brings many benefits to startups as well as organizations. According to the president of Pintech, Zhou Jing, a Chinese financial technology startup, said that the Chinese industry is growing as people become addicted and dependent on mobile phones and applications. In the past, people didn't have smartphones and didn't have access to easily accessible information or services if they lived far away. Today, without opening a bank branch, we can reach customers who live in distant countries. People can now offer retail financial products to the majority of China's population at marginal or near-zero cost. However, the revolution in the financial and banking services sector comes with problems and drawbacks. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay First, businesses are now facing more dangerous cybersecurity issues that could affect millions of users. Cybersecurity is a technique for protecting networks, computers, programs and data from unauthorized access or attack. Along with all the new technologies that have driven the growth of today's diverse FinTech sector, the number of cyberattacks has been steadily increasing since 2012. According to Equifax, more than 143 million accounts have been compromised in a massive data breach, in which hackers stole passwords, names and other important information from account holders in September 2017. Although some large financial institutions have the ability to secure their websites, smaller ones Companies cannot do this due to limited resources. Criminals are now adept at detecting weak links in the security chain, and once they do, they can explore other weaknesses to increase their control. Additionally, it allows them to have unlimited access and attacks without being detected. Many institutions have numerous security tools that add complexity rather than solutions. When these tools don't communicate effectively, they don't provide the visibility security teams need to establish the seamless, comprehensive protection needed to address today's threats. Distributed denial of service (DDoS) attacks occur when large volumes of traffic are gathered on a website to interfere with normal activity, typically blocking the site for several hours. Such exploits became notorious in the fall of 2012, when major banks were attacked by a cyberterrorist group. According to the Verisign report, the number of attacks on the financial sector doubled to 15% in the fourth quarter of 2014. Apart from this, 43% of banking targets were hit more than six times, as noted in the Verisign report. Neustar. “Cybersecurity is not very good in China,” said Jim Fitzsimmons, director of the Singapore-based cyber consulting team at Control Risks, which helps multinational companies on the Chinese mainland adapt to regulations. . “A lot of information is bought, stolen and exchanged, which is why the government wanted to tighten these rules. » To the extent that the).