Security and Privacy in FinTech: A Policy Enforcement Framework

Security and Privacy in FinTech: A Policy Enforcement Framework

Muzammil Hussain (University of Management and Technology, Pakistan), Muhammad Waqas Nadeem (University of Management and Technology, Pakistan), S. Iqbal (University of Management and Technology, Pakistan), Sobia Mehrban (University of Management and Technology, Pakistan), Syeda Nisar Fatima (University of Management and Technology, Pakistan), Owais Hakeem (University of Management and Technology, Pakistan) and Ghulam Mustafa (University of Management and Technology, Pakistan)
Copyright: © 2019 |Pages: 17
DOI: 10.4018/978-1-5225-7805-5.ch005

Abstract

Financial technology (FinTech) has dramatically changed the way of banking and financial services. Computer programs and other technology which used to provide and enable financial services is named as FinTech. However, these services face several security and privacy issues while providing financial services to the users. These services and applications must be secured to enhance the acceptance and usability of these services among the users. The main aim of this research is to provide a policy framework to ensure the security and privacy of user information in financial technology, since FinTech applications and services carry quite sensitive data of its users. This policy framework provides a comprehensive set of policies to secure FinTech services. These policies must be implemented in each organization providing FinTech services.
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Background

There are many researches who has given their data on the efficacy of preventing specific information from a cyber-risk. Gartner’s research (Morgan, 2015) shows the importance of security in financial institutes. Moreover, in another survey by silicon bank only 35% of companies are confident of their information security (“SVB: Cybersecurity report 2015,” 2015). There should be awareness regarding security breach of information system by different malwares and anticipated cyber risks (Gai, Qiu, Sun, et al., 2016).

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