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17 - The New Systemic Risks

Cybersecurity and Data Risks

from Part IV - From FinTech to TechFin to BigTech to FinTech 4.0

Published online by Cambridge University Press:  09 November 2023

Ross P. Buckley ,
Douglas W. Arner  and
Dirk A. Zetzsche
Ross P. Buckley
Affiliation:
University of New South Wales, Sydney
Douglas W. Arner
Affiliation:
The University of Hong Kong
Dirk A. Zetzsche
Affiliation:
Université du Luxembourg
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Summary

Since the 1960s, finance has undergone a long process of digital transformation and is today probably the most globalised segment of the world’s economy and among the most digitised and datafied. This process is evident across four major axes: the emergence of global wholesale markets, an explosion of financial technology (FinTech) start-ups since 2008, an unprecedented digital financial transformation in developing countries (particularly China), and the increasing role of large technology companies (BigTechs) in financial services. This process of digital financial transformation brings structural changes with both benefits and risks. This chapter considers new risks, particularly new systemic risks which have emerged, focusing on cybersecurity and data.

Keywords

Systemic RiskTechRiskCybersecurityData Risk
Type
Chapter
Information
FinTech
Finance, Technology and Regulation
 , pp. 267 - 282
Publisher: Cambridge University Press
Print publication year: 2023

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