Cybersecurity in the Age of FinTech and Digital Business

Abstract

In 2016, the Cyber Security Experts Association of Nigeria (CSEAN) estimated that Nigeria loses N127,000,000,000 (One Hundred and Twenty Seven Billion Naira) annually to cyber-attacks. With the emergence of FinTech and Digital Businesses in Africa, the figure is bound to triple. Several FinTech and E-commerce startups overlook the importance of the position of a Chief Information Security Officer (CISO) in the early development stages. The concept of “waiting till there is a breach” can cripple businesses when a data breach finally occurs. Big companies strive to ensure that the private information of all its users are protected and these firms strive to be transparent on the information they access and how it is been used. The purpose of this Article is to throw into limelight the hurdles FinTech and Digital Business go through such as Regulations, Data protection, Cyber-security and cyber-attacks, and Intellectual Property thefts; and the best solutions to these hurdles.

Keywords: Cyber-security, FinTech, Digital Businesses, E-commerce, Data, Regulations, Cyber-attacks