From tapping your phone to pay for coffee to managing investments online, technology underpins nearly every aspect of modern finance. While these innovations bring convenience and efficiency, they also expose financial systems to constant and evolving cyber threats.
To understand how cybersecurity is embedded into FinTech, CyNam visited Iress to speak with Chief Technology Officer Darryl Campbell-Blackwel and Global Chief Information Security Officer Ian McKenna. Our discussions uncovered the scale of cyber risks faced by the financial sector, how emerging technologies like AI and quantum computing are shaping the threat landscape, and why cyber resilience must be at the core of every financial service.
What is FinTech?
At its core, FinTech combines finance and technology to improve financial services. It powers everything from mortgages and pensions to market trading and wealth management.
“FinTech is basically bringing two words together—finance and technology—and it’s applying technology to help the financial services world,” explains Darryl Campbell-Blackwel. “It’s used in pretty much every financial product, from mortgages through protection, through life and pensions, and everything else.”
The industry has evolved significantly, moving from standalone desktop applications to fully integrated, cloud-based financial ecosystems that enable instant transactions and real-time data sharing. But this shift has also introduced new security challenges.
Cloud Migration
Over the last decade, FinTech has moved away from traditional data centres towards cloud computing, centralising services for scalability, efficiency, and AI-driven security.
“When I started, it was more about having laptops and desktops where you’d have the programs and software running on your machine,” says Darryl. “You’d lug a big laptop to a meeting, go see a client, talk about things, come back, and upload them.”
With cloud technology, data is now processed in real-time, improving security, efficiency, and customer experience. But this also means new cyber risks emerge, requiring robust protection.
“I ran a team that brought the cloud to Iress. We moved all of our products outside of traditional data centres and into the cloud,” Darryl explains. “With that, it opened up a whole wealth of opportunities in terms of AI and having everything centralised in one place.”
However, migrating financial data to the cloud has made the industry an even bigger target for cybercriminals.
The Growing Cyber Threat in FinTech
Cyber threats in financial services are not occasional incidents—they are a daily reality.
“It does vary, but it’s quite frightening—we get thousands of cyberattacks daily,” says Darryl. “And the attacks we see are getting more sophisticated. There’s a lot of use of AI being brought into some of the areas that you wouldn’t expect, to profile the company, scan websites, and probe endpoints for vulnerabilities.”
From AI-driven phishing scams to state-sponsored attacks on financial infrastructure, the sophistication of cyber threats is increasing.To combat this, financial firms must deploy defence-in-depth strategies, embedding security at every stage—from software development to real-time monitoring.
“Cyber is at the front of everything we do,” Darryl adds. “Right across the value chain, from where we manufacture products all the way through to operating them in data centres worldwide.”
At a time when cyber threats can disrupt economies, ensuring financial resilience is not just a company priority—it’s a global necessity.
Insights from a CISO: Strengthening Cyber Defences
To understand the strategic approach to tackling cyber threats, we spoke with Ian McKenna, Iress’ Global Chief Information Security Officer (CISO).
When Ian joined Iress, he refined their security approach to focus on consolidation, efficiency, and proactive defence.
“The very first thing I did in this business was to bring in a strategy of consolidate, secure, and defend,” Ian explains. “The consolidate part was to review each security tool, eliminate redundancies, and ensure full optimisation. Too much tooling can cause blind spots, so we refined our security investments to ensure maximum protection.”
One of the biggest challenges in cybersecurity is balancing security with accessibility. Customers demand instant access to their finances, but that must be done without compromising security.
Through a combination of:
- Advanced threat detection systems
- Multi-layered encryption protocol
- AI-driven security measures
Financial services providers are continuously fortifying defences to stay ahead of increasingly sophisticated cyber threats.
Future Threats: AI and Quantum Computing
As cyber threats evolve, emerging technologies will redefine the security landscape—for better and for worse.
AI is already widely used in financial technology, from fraud detection systems to personalised financial recommendations. But cybercriminals are also leveraging AI to automate attacks and bypass security systems.
“The industry keeps breathing in and out,” explains Darryl. “We’ve moved from large computers to decentralised laptops, and now we’re back to cloud-based systems where AI can analyse vast amounts of data in real-time.”
AI-powered security systems can:
- Detect fraudulent transactions instantly
- Analyse patterns to predict cyber threats
- Automate real-time security responses
One of the biggest cybersecurity concerns on the horizon is quantum decryption.
“With quantum computing, what would take years to decrypt with today’s technology could be done in minutes,” Darryl warns. “That presents a massive risk to the industry—not just FinTech but also to global cybersecurity.”
To counter this, financial institutions are exploring post-quantum encryption, which could protect transactions and data even against future quantum threats.
Security in FinTech’s Relevance
Cybersecurity in FinTech is not just a concern for banks and corporations—it affects every individual who uses digital finance.
“If you tap your phone to pay, access banking apps, or apply for a loan online, you’re using FinTech,” explains Darryl. “Behind every transaction, cybersecurity measures work to protect your data, prevent fraud, and ensure trust in the financial system.”
Financial technology has made banking faster, more personalised, and more efficient, but security must evolve at the same pace. As the industry innovates, cyber defences must be reinforced to protect the infrastructure that underpins global finance.
The Need for Collaboration in Financial Cybersecurity
Cybersecurity in FinTech cannot be tackled in isolation. It requires collaboration between financial institutions, cybersecurity experts, and regulatory bodies to stay ahead of emerging threats.
The future of financial security will be shaped by AI, quantum encryption, and regulatory advancements, but ultimately, it will be defined by our ability to adapt and collaborate.
As cyber threats become more advanced, partnerships between FinTech leaders, cybersecurity specialists, and policymakers will be essential to ensuring that financial services remain secure, accessible, and resilience.
This article is part of our Securing the Future of Technology series, developed in collaboration with Barclays Eagle Labs and Alice Violet Creative. To explore the full series, visit our YouTube channel.