Publication Details
Abstract
The goal of this research was to examine the evolution of fintech cybersecurity threats and strategies for mitigating them. The research was done using a review research method, with a focus on the major cyber threats, evaluation of the effectiveness of AI-driven security solutions, as well as some regulatory frameworks in mitigating these cyberthreat risks. The result shows that some major cyber threats are ransomware, inside attacks, third-party vulnerabilities, phishing and social Engineering, Advanced Persistent Threats, denial of service (DoS) attacks, bias injection attack, zero dynamics attack. The result also shows that some AI-driven cybersecurity solutions are automated incident response, anomaly detection, continuous monitoring, enhanced authentication, predictive analytics, machine learning for anomaly detection, behavioral analysis, and pattern recognition. In addition, the results further show that some regulatory frameworks for mitigating cybersecurity risks in some countries or organisations are the General Data Protection Regulation, Payment Card Industry Data Security Standard, National Institute of Standards and Technology, Health Insurance Portability and Accountability Act, Nigeria Data Protection Commission Act, Australian Cyber Security Centre (ACSC) Essential Eight, and India's Information Technology (IT) Act. It was concluded that with the current trend and potential of AI-driven cybersecurity solutions, as well as some regulatory frameworks already in existence in some countries of the world, cyberthreat risks can be mitigated in fintech and other sectors.