Generally speaking, storing wealth – be it in electronic or physical form – will always attract illegal activities. The way to counter these is with effective law enforcement – white blood cells, if you like. Safety measures tend to imply further regulations. Regulations tend to generate costs. It is an obvious trade-off.
An area that is underdeveloped in my opinion in terms of risk analysis of non-bank finance is systemic risk. Systemic risk primarily relates to the impact that the collective behaviour of the sector can have on the financial system.