Implementing Effective Data Security Measures in Fintech Applications: Address the importance of and approaches to securing sensitive financial data

Dharika Kapil

doi:10.20944/preprints202404.1920.v1

Preprint Review Version 1 Preserved in Portico This version is not peer-reviewed

Version 1 : Received: 28 April 2024 / Approved: 29 April 2024 / Online: 29 April 2024 (11:55:23 CEST)

In this research paper, we address the critical role of data security in the rapidly evolving FinTech sector. We explore the challenges and strategies for establishing robust data security systems, emphasizing the consequences of data breaches and common vulnerabilities. The paper highlights the efficacy of technologies like encryption, blockchain, and cloud security, supported by real-world case studies from leading FinTech companies. Additionally, we examine regulatory frameworks and standards essential for maintaining data security. Concluding with the proposal of an integrated security system model, the paper underscores the synergy between technological innovation, regulatory compliance, and proactive risk management in the FinTech industry

Data Security in FinTech; Financial Technology Data Protection; Encryption Technologies in Finance; Blockchain for Financial Security; Cloud Security in FinTech; Regulatory; Frameworks in Finance; Cybersecurity Threats in FinTech; AI in Financial Security; Technological Solutions for Data Protection; FinTech Compliance and Standards; Secure Financial Transaction Methods

Business, Economics and Management, Finance

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Implementing Effective Data Security Measures in Fintech Applications: Address the importance of and approaches to securing sensitive financial data

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