Financial Firms Unprepared For Cyber Security Risks Leaves Room For Fintech Expansion

Most Financial Firms Are Underprepared For Cyber Security Risks and Fintech could be a big winner

The fragility of the world’s Internet ecosystem was exposed earlier this week when an outage at Amazon Web Services rippled across the World Wide Web, disrupting everything from question-and-answer site Quora, to bill splitting app Splitwise and the outage even reportedly disrupted IoT connected home devices such as Nest Thermostat and Amazon Echo. Even the US Securities and Exchange Commission was impacted with loading times increasing by up to 1165%. The infrastructure collapse was so bad even Amazon couldn’t update its own AWS status dashboard.

Initially thought to be a large-scale hack attack, it has since emerged that the outage was...