Fintech companies and startups offer more flexible products and services than banks because they are less regulated. It also offers shorter lead times, which is especially important from a business point of view. However, fast release cycles mean that fintech companies often simplify their products or skip certain features. As a result, fintech companies often completely ignore some security measures and only partially defend their solutions, especially when there is no added value to the business. Fintech startups may also reduce their non-functional data security requirements due to limited cybersecurity awareness and the false belief that full security products are not flexible enough from a business point of view. This often results in functional but insecure products, which can incur significant security costs when these products need to be scaled and properly secured or patched. In general, a fintech company's risk of a security breach may be higher than a highly regulated bank, but since both process the same data, the end result may be the same. Most common security breaches in this sector include Identity theft, which may lead to social engineering attacks or phishing, Money theft and laundering, Application breaches and data leaks, Spoofing, Malware attacks, etc.
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