Transcript
We’re going to explore a really interesting part of FinTech that frequently ends up in news reports, cyber-security and digital crimes. The ubiquity of technology and our reliance on it in daily life makes cybersecurity an important topic.
I’m sure you’ve seen reports of hacks and the personal information of millions being exposed, perhaps you’ve been a victim of cyber theft or other digital crime yourself. As devices, accounts, and other aspects of our everyday lives become more interconnected, the convenience we gain is also balanced by the necessity for cybersecurity. For many institutions, cybersecurity is like Sisyphus in Greek mythology. Sisyphus was sentenced to roll a large rock up a hill that would roll back down after it got to the top, forcing him to start over again. Similarly, institutions are under attack by cybercriminals with new threats always appearing. Who is responsible for thwarting these threats and protecting user data?
And for all the benefits we believe FinTech’s rise will create, FinTech’s potential for good is also tempered by the potential for it to be used for illicit purposes. Given that, it’s important to consider these risks through the principles of trust, accountability, proximity, privacy, and cultural lag that have served as touchstones in the book. So, in this chapter, we want to explore the topics of cybersecurity and crimes and their importance in considering FinTech through some movie-like, true stories.
