This week in Fintech: Chinese companies are dominating the fintech Risk board, while Western multinationals barely advance from the corners. Where are banks most vulnerable to cyberattacks? Fintech Awards finalists are announced, and the retail-ETF industry continues to grow.
Where Banks Are Most Vulnerable to Cyberattacks Now (American Banker)
Hacktivism and internal fraud are down in 2015, as motives for fraud become increasingly financial. The largest sources of fraud was through web applications, followed by denial-of-service attacks. The best defense? Two-factor authentication, since 63% of all data breaches involved weak, default or stolen passwords.
China’s fintech potential is not just about 1 billion plus population, it’s about the way companies like Alibaba are penetrating the Indian and African markets, and building a new framework for global trade with those markets. Furthermore, Chinese banks aren’t “slaves” to their IT departments, allowing them to respond nimbly to customer demands.
Four weeks until the Benzinga Fintech Awards… Check out the nominees this year for stock research, analysis, finding alpha, APIs, mobile innovation, educational tools, robo-advisors, trading platforms, and more!
ETF Industry Assets Grow in Q1 2016 (Finance Magnates)
Largely fueled by more interest from retail investors, ETF assets climbed 2.4% QoQ during Q1 of 2016, climbing to $2.3 Trillion total. Analysts suggested that market volatility could have played in the switch, as investors sought safer vehicles to passively invest in.