Cybersecurity and the Development of the FinTech Sector in European Union Countries

Łukasz Gibowski; Krzysztof Łusiakowski

doi:10.67033/JMET-2026-4

Authors

Łukasz Gibowski Kielce University of Technology
Krzysztof Łusiakowski Kielce University of Technology

DOI:

https://doi.org/10.67033/JMET-2026-4

Keywords:

financial technologies, transformation of financial systems, risk, cybersecurity

Abstract

Research background: The dynamic growth of the FinTech sector in recent years has significantly influenced the transformation of financial systems in European Union (EU) countries. However, due to the digital nature of their operations and the processing of sensitive financial data, companies in the FinTech sector are particularly vulnerable to breaches of the integrity, confidentiality and availability of information.

Purpose: The main aim of the study is to assess the relationship between the level of cybersecurity and the degree of development of the FinTech sector in EU countries.

Methodology: Qualitative and quantitative methods were used to achieve the research objective. In particular, a review of the relevant literature and desk research were conducted. Spearman’s rank correlation coefficient was used to determine the relationship between the level of cybersecurity and the degree of development of the FinTech sector in EU countries.

Findings: The analysis did not reveal a clear relationship between the level of cybersecurity and the degree of development of the FinTech sector in EU countries in 2020 and 2024. The observed variation between countries indicates that this relationship is complex and shaped by a range of co-occurring factors, which justifies the need for a multidimensional analysis.

Practical implications: The results point to the need to continuously take cybersecurity risks into account in management and supervisory processes within the FinTech sector. In the context of EU countries, this also suggests the necessity of accounting for variations in cybersecurity levels when shaping policy for the development of the FinTech sector.

Originality / value: This study provides an integrated approach to cybersecurity risks in the context of the FinTech sector’s development. It combines theoretical analysis with an empirical assessment of the relationship between cybersecurity levels and advancement of financial technologies in EU countries.