Data security will be a major consideration for financial technology companies moving forward, according to the Government Accountability Office’s recent study on the fintech industry.
The study, which identifies four subsectors for the industry — marketplace lenders, mobile payments, digital wealth platforms and distributed ledger technology — and the risks involved with each, comes one year after Congress requested an update from the Government Accountability Office on the fintech industry. The GAO last released a report on fintech in 2011, but legislators last year asked for updated guidance, since the industry was largely made up of peer-to-peer lending in 2011 and has since expanded greatly.
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