Speaking on a panel at the AustCyber (formerly the Australian Cyber Security Growth Network) National Fintech Cyber Security Summit in Sydney yesterday, fintech leaders argued they need time to earn the public’s trust, and that being transparent was a good way to do so.

“Number one is definitely transparency,” said Damir Cuca, founder and CEO of Basiq, a Westpac and NAB backed aggregation platform for banking data.

“Making sure you’re clear about the measures you’re taking to protect data. Two is by having strong authentication and policies and engaging the customer on that – giving them control so they can revoke access as well.”

Cuca went on to suggest that the technology architecture of fintechs could help them match the banks for cyber security.

"One of the things with fintech – we have at our disposal is these great cloud providers that are investing so much in security. And there are a lot of great architectural models that fintechs can adopt where they don’t have to host their own servers, they don’t have to host their own databases. Therefore they minimise their security exposure," he said.

"And I think that there's a lot of that they can already leverage that I would argue is probably better than some banks."

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