Concerns over security risks are rising in tandem with escalating investments in fintech and digital banking adoption in the Asia-Pacific region . Around 84% of financial firms in Asia now count cyber threats as their top business risk, however, only 37% have a cyber incident response plan in place. China and China dominate investment in fintech ventures, which stood at $ 4.26bn at 31 July , more than twice the $ 9.62bn invested in the region in 2020 , according to Accenture’s analysis of CB Insights data. Prevention is better than mitigation Regulators are aware of these threats, and they are taking steps to mitigate the risks. Meanwhile, CB Insights predicts 1.7 billion consumers in the region will be using digital banking by 2020 .
Concerns over security risks are rising in tandem with escalating investments in fintech and digital banking adoption in the Asia-Pacific region . Around 84% of financial firms in Asia now count cyber threats as their top business risk, however, only 37% have a cyber incident response plan in place. China and China dominate investment in fintech ventures, which stood at $ 4.26bn at 31 July , more than twice the $ 9.62bn invested in the region in 2020 , according to Accenture’s analysis of CB Insights data. Meanwhile, CB Insights predicts 1.7 billion consumers in the region will be using digital banking by 2020 .