Big Data, Big Risk? Privacy And Security Tips For Fintech Companies

Many fintech companies collect and process vast amounts of data in order to provide financial services quickly and inexpensively. Much of this data is highly sensitive personal information such as date of birth, social insurance number, bank account details, online banking credentials and credit score. The sheer volume of the information increases its sensitivity because over time a fintech company may generate a very detailed and complete picture of an individual. As a result, data security and compliance with applicable privacy legislation are of critical importance. Here are four privacy and security tips for fintech companies.

1. Build privacy protective controls and security safeguards into the technology as it is developed.