Data Privacy and System Security for Banking and Financial Services Industry based on Cloud Computing Infrastructure

© 2018 IEEE. Cloud computing architecture and infrastructure has received an acceptance from corporations and governments across the globe. Cloud computing helped to reduce cost of management of physical and technical infrastructure at the same time has made information systems available for locally globally deployed work force. Cloud computing infrastructure provides access to data and applications from any location and this has made organizations to keep evaluating privacy and security framework. Banking and financial services have data and applications which are internally developed to remain ahead of competition. This data and applications becomes the Intellectual Property (IP) that serves specific business processes and goals. When this data and applications can be accessed from remote locations, there may be a potential risks of data leakages and erosion of IP over a period of time. With an adoption of cloud computing, banking and financial services industry continues to be under strict regulatory and compliance framework to maintain privacy of data and security of systems. Privacy and security of cloud architecture infrastructure continues to be the challenge across the globe. In this paper, various aspects of cloud computing related to data privacy and system security for banking and financial services industry have been introduced

The Legal Regulation Model of Open Banking in China

Although open banking has been developed rapidly in China since 2018 there is not a clear legal regulatory framework Open banking can stimulate competition provide better services to customers and reduce the traditional screen-scrapping risk However it causes concerns over data security customer privacy data abuse and challenges to current Chinese regulatory system Therefore it is necessary to establish a better regulatory system for open banking in China Through learning from regulation forms in other jurisdiction it is found that active guidance regulation is more appropriate for China which requires government to provide standards for open banking but not force banks to share data Under the Active Guidance model it is necessary to improve current Chinese regulatory and legal regime including establishing feasible rules for data portability implementation constructing a multi-level regulatory system for data sharing as well as changing data privacy protection mode from Notice- Consent to Data Autonom

Verticalization of data sharing and the difficult path to eunnovation

Data sharing has been offered as a useful tool to open up impregnable markets to competition. EU law has a rich tradition in enabling business-to-business data sharing in a sector-specific (or vertical) fashion, which has formed the basis of the quest for an internal market where data flows freely. Two recent legislative instruments, the Digital Markets Act and the Data Act, contain industry- and actor-specific data sharing provisions. By unleashing troves of data hoarded by large incumbents, the Acts aspire to empower small and medium-sized enterprises, unlocking organic innovation. Notwithstanding the normative desirability of such a goal, it is unclear whether verticalized rules on data sharing can foster innovation by entrants and smaller undertakings. This Article legally and economically appraises the Acts to shed light on this issue. Read together, the data sharing provisions under the Digital Markets Act and the Data Act pursue the common aim of spurring disruptive (market creating) and complementary innovation. However, the Acts suffer from legal uncertainty and are liable to produce unintended economic consequences, such as diminishing the ability of complementors to satisfy consumers whilst simultaneously strengthening incumbent platform operators. The conclusions cast doubt on whether the vertical data sharing rules of the Acts can achieve their intended objectives, that is, ensuring the contestability of digital markets by promoting organic innovation by smaller scale firms

Social Engineering SWOT Analysis in Government-Owned Commercial Banks and National Private Commercial Banks

This research examines the phenomenon of social engineering at government-owned commercial banks and national private commercial banks. The research method used is descriptive qualitative with a literature study. The research results show the bank's strengths, weaknesses, opportunities, and threats. In addition, several strategies are recommended for banks to prevent social engineering attacks, namely building information technology in banking according to the standards and regulations of the Financial Service Authority (Otoritas Jasa Keuangan), utilizing social media as an educational tool, training employees, monitoring and optimizing data security and banking information technology networks, suppressing the circulation of social issues on behalf of banks that can trigger social engineering, increasing financial literacy and awareness of data security personal customers and employees. To prevent social engineering attacks, banks can implement strategies that are considered adequate

Financial Data Governance

Finance is one of the most digitalized, globalized, and regulated sectors of the global economy. Traditionally technology intensive, the financial industry has been at the forefront of digital transformation, starting with the dematerialization of financial assets in the 1960s and culminating in the post–2008 global financial crisis era with the fintech movement. Now, finance is data: financial transactions are transfers of data; financial infrastructures, such as stock exchanges and payment systems, are data networks; financial institutions are data processors, gathering, analyzing, and trading the data generated by their customers. Financial regulation has adapted to this fast-paced evolution both by implementing new regimes and by adapting existing ones. Concomitantly, general data governance frameworks to protect a broad spectrum of interests, from individual privacy to national security, have emerged. Though these areas of law intersect, their relationship often remains unclear. This Article sheds new light in this critical area, focusing on key challenges and providing viable solutions to address them. First, we define financial data governance as a heterogenous system of rules and principles concerned with financial data, digital finance, and related digital infrastructure. To explain how legal and regulatory regimes interact with the digitalization of finance, we consider the key emerging financial data governance styles in the European Union, People’s Republic of China, India, and the United States. Second, we examine the challenges affecting financial data governance. While finance is inextricably linked to data governance, the coalescence of financial regulation, new regulatory frameworks for digital finance, and general data governance regimes is not always harmonious. Conflicts arising from the intersection of different uncoordinated regimes threaten to frustrate core policy objectives of stability, integrity, and security, as well as the functioning of the global financial system. Addressing this requires a reconceptualization of the financial data centralization paradigm, both by regulators and by the financial industry

The future of Cybersecurity in Italy: Strategic focus area

This volume has been created as a continuation of the previous one, with the aim of outlining a set of focus areas and actions that the Italian Nation research community considers essential. The book touches many aspects of cyber security, ranging from the definition of the infrastructure and controls needed to organize cyberdefence to the actions and technologies to be developed to be better protected, from the identification of the main technologies to be defended to the proposal of a set of horizontal actions for training, awareness raising, and risk management

Evidence-informed regulatory practice: an adaptive response, 2005‑15

Overview: In this occasional paper, the ACMA reflects on its regulatory practice over the past 10 years; specifically, the role of research in evidence-informed decision-making and regulation. It looks at how the ACMA has used research in an environment of ongoing change to document and build evidence, inform public debate about regulation, and build capability among our stakeholders to make communications and media work in Australia’s national interest

A Review of Blockchain Technology Based Techniques to Preserve Privacy and to Secure for Electronic Health Records

Research has been done to broaden the block chain’s use cases outside of finance since Bitcoin introduced it. One sector where block chain is anticipated to have a big influence is healthcare. Researchers and practitioners in health informatics constantly struggle to keep up with the advancement of this field's new but quickly expanding body of research. This paper provides a thorough analysis of recent studies looking into the application of block chain based technology within the healthcare sector. Electronic health records (EHRs) are becoming a crucial tool for health care practitioners in achieving these objectives and providing high-quality treatment. Technology and regulatory barriers, such as concerns about results and privacy issues, make it difficult to use these technologies. Despite the fact that a variety of efforts have been introduced to focus on the specific privacy and security needs of future applications with functional parameters, there is still a need for research into the application, security and privacy complexities, and requirements of block chain based healthcare applications, as well as possible security threats and countermeasures. The primary objective of this article is to determine how to safeguard electronic health records (EHRs) using block chain technology in healthcare applications. It discusses contemporary HyperLedgerfabrics techniques, Interplanar file storage systems with block chain capabilities, privacy preservation techniques for EHRs, and recommender systems

Governance of Global Mobile Money Networks: The Role of Technical Standards

Mobile money has the potential to be an effective policy instrument for financial inclusion in developing countries, but it also has the potential to fuel money laundering and terrorist financing. The 2012 revised Financial Action Task Force standards attempt to strike a workable balance between the goals of financial inclusion and financial integrity in developing countries. Mobile money schemes are mostly based in national markets, however, and are not normally designed to address the need of poor migrants for cheap, effective cross-border remittance services. Demand for such cross-border remittance services may drive the development of technical standards to build global markets from national ones. As in other global governance contexts, regulatory competition among both developed and developing countries is likely to arise, and be shaped by network externalities, the economics of platform markets, and new governance institutions as well as national government strategies. If such standard-setting efforts treat compliance with AML/CTF as requirements, then the growth of global networks might promote both inclusion and the development of “integrity by design” in global mobile money technologies. Co-regulatory mechanisms already in place in the United States and European Union for managing the interface between technical standards and legislation might provide some helpful models for accomplishing this. Ensuring that the governance of global mobile money networks is effective, legitimate, and accountable from the perspective of stakeholders in both developed and developing economies will be difficult, however

Internet Predictions

More than a dozen leading experts give their opinions on where the Internet is headed and where it will be in the next decade in terms of technology, policy, and applications. They cover topics ranging from the Internet of Things to climate change to the digital storage of the future. A summary of the articles is available in the Web extras section