Security Challenges in FinTech Integration with Legacy Systems

Authors

Ajay Benadict Antony Raju

Abstract

The unique evolution of financial technology or better known as FinTech has turned the wheel of the financial services and transformed them into more efficient, customer centric and innovative. However, there are conflicts which arise when implementing FinTech solutions with traditional systems in place, primarily being the security issues that threaten these advantages. These are systems developed several years back and cannot meet today’s IT security measures since they were programmed with inadequate security measures. These open doors for developers during integration, which can result in data leakage, cyber-attacks and financial fraud among others. In addition, socializing new more flexible innovative technologies with traditional monolithic systems increases risks concerning data and identity, as well as meeting new and newly updated regulation requirements. This abstract aims at discussing the major concerns concerning security in the integration process and the importance of encryption, well-protected APIS, and taking security risks. It also explains why the cooperation between it technical teams and cybersecurity specialists must be established to minimize these threats and transition to a more developed financial environment.

Keywords

FinTech, Legacy Systems, Security Challenges, Cybersecurity, Integration, Vulnerabilities

Security Challenges in FinTech Integration with Legacy Systems. Ajay Benadict Antony Raju. 2023. IJIRCT, Volume 9, Issue 5. Pages 1-5. https://www.ijirct.org/viewPaper.php?paperId=2411110