Investors’ fears over the Federal Reserve’s aggressive monetary policy tightening to tame the surging inflation, the possibility of a recession, rising energy and commodity prices, and the continued supply disruptions have kept the stock market under pressure. The market sell-off did not spare fintech stocks, and many have retreated significantly.
The fintech industry has become extremely popular as it has helped improve payments processing, insurance, lending, wealth management, etc. Fintech companies have facilitated access to easy credit, money management, and simplicity in making payments. However, mounting data security concerns are plaguing the industry. With rising cyberattacks, consumers are wary of using fintech solutions. According to FS-ISAC’s Navigating Cyber 2022 report, third-party risk, zero-day vulnerabilities, and ransomware groups are likely to adapt to the changing cyber environment and continue to increase in 2022.
