Traditional financial institutions are currently transforming into a new era of innovation, introducing technology into the new field of financial services (Fintech). Fintech has grown rapidly since PayPal first became recognized. It brings numerous benefits for both startups and organizations. According to the president of Pintech, a Chinese fintech startup, Zhou Jing, said that China's industry is growing as people are addicted and rely on mobile phones and applications. In the past, people didn't have smartphones and didn't have access to readily available information or services if they lived far away. Today, without opening a bank branch, we can reach customers who live in distant places. People can now provide retail financial products to the majority of China's population at marginal, or close to zero, cost. However, the revolution in the financial and banking services sector comes with problems and disadvantages. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay First, companies are now facing more dangerous cybersecurity issues that could affect millions of users. Cyber ​​security is a technique for protecting networks, computers, programs and data from unauthorized access or attacks. Along with all the new technologies that have spurred the growth of today's diverse FinTech sector, the number of cyberattacks continues to increase since 2012. According to Equifax, over 143 million accounts were compromised in a massive data breach, in which hackers stole passwords, names and other important information from account holders in September 2017. While some larger financial institutions have the capabilities to secure their websites, smaller companies may not due to limited resources. Criminals are now experts at finding weak links in the security chain, and once inside, they can explore other weak points to increase their control. Furthermore, it allows them to have unrestricted access and attack without being detected. Many institutions have numerous security tools that add complexity rather than provide solutions. When these tools don't communicate effectively, they won't provide the visibility security teams need to establish holistic, continuous protection needed to stay ahead of today's threats. Distributed Denial of Service (DDoS) attacks occur when large volumes of traffic are harvested at a website to damage normal activity, typically by crashing the site for several hours. Such exploits achieved notoriety in the fall of 2012, when large banks were hit by a cyberterrorist group. According to Verisign's report, the number of attacks against the financial sector doubled in the fourth quarter of 2014, reaching 15%. Furthermore, 43% of banking targets were hit more than six times, as indicated in Neustar's report. “Cyber ​​security is not very good in China,” said Jim Fitzsimmons, director of the Singapore-based cyber consultancy team at Control Risks, which has helped mainland Chinese multinationals adapt to regulations. “A lot of information is bought, stolen and traded, so the government wanted to strengthen the system.” To the extent that FinTech activities are innovative and are not covered by existing legislation, legal and regulatory frameworks may need to be adapted. . With the growing number of FinTech startups, the government has increased regulations and many of these rules have implications for).