Fintech has become one of the most talked about subjects in recent times, with countless entrepreneurs eager to exploit the lucrative and fast growing industry. This is good news for the financial services sector, which will no doubt benefit from exciting new technological developments. There are, however, numerous legal implications which accompany fintech, so here are some of the main ones to consider.
Companies which operate in the fintech sector will be used to collecting masses of client data which is stored on their private systems. Much of this data is sensitive, and as such needs to be effectively protected with the necessary level of security.
The UK government recently announced that firms which fail to protect their data from cyber-attacks could faces fines of up to £17m or 4% of their overall turnover. This shows how seriously fintech firms need to take data protection, and ensure that their security systems are up to date and resilient to the growing threat of advanced cyber-attacks.