
10 Ways To Protect Fintech Data Security And Regulate Compliance
The rise of fintech has brought about numerous opportunities for financial innovation, but it has also introduced a higher risk related to data security and regulatory compliance. Business leaders within these organizations must not only foster growth and agility but also implement effective strategies to ensure their companies adhere to strict data protection laws and financial regulations.
Below, Forbes Business Development Council members share their best practices to ensure compliance and data security are maintained within their fintech organizations.
Fintech leaders must ensure compliance and data security with solid governance, technology and corporate culture. Define clear policies (GDPR, PSD2), invest in cybersecurity (encryption, RBAC), train employees, conduct regular audits and manage suppliers with strict standards. This mitigates risks, protects trust and ensures compliance. - Davide Sartini, G.Mondini SpA
Fintech teams stay ahead on compliance and security by creating a true urgency and priority within their businesses. In addition to setting clear policies, leaders must train their teams regularly and invest in the right tech. Think about encryption, AI-driven fraud detection and secure cloud solutions. There are so many checkboxes for IT today, that you cannot let the table stakes go overlooked or assumed. - Aaron Biggs, Summit
I embedded compliance into ops reviews—linking KPIs to data integrity and audit readiness. My advice: Make security a shared responsibility, not just IT's job. Tie it to performance metrics to drive accountability. - Vivek Vishal, Honeywell
Business leaders can safeguard compliance and data security by implementing robust cybersecurity protocols alongside systematic policy reviews and risk assessments. By analyzing pertinent case studies to benchmark best practices, they ensure that policies are continually refined to address evolving regulatory requirements and emerging threats. - Suhail Syed, Vesper Telecom
Companies should consider implementing robust encryption, multifactor authentication and real-time fraud detection. Regular audits, adherence to industry regulations (e.g., GDPR, PCI-DSS), and employee training on security best practices are crucial. Partnering with trusted verification providers and continuously updating protocols against emerging threats further strengthens compliance. - Luke Boddis, Checkout.com
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Leaders can ensure compliance and data security by adhering to regulations, implementing cybersecurity measures, training staff and deploying AI systems for fraud detection. Disaster recovery and business continuity plans are also essential. - Umberto Cavallaro, AscoService
Establishing a robust organizational-level policy with well-defined processes and controls is crucial to ensuring compliance and data security. Collaborating closely with banking partners is equally important as a strategic approach. Additionally, maintaining oversight of software vendors (ISVs and SaaS providers) and their compliance programs helps mitigate counterparty risk. - Srinivas Vadhri, Kestone Integrated Marketing Solutions
It starts with the regulations and policies agreed upon by the company and its employees. That is where the first layer of the compliance pyramid is formed—through moral responsibility. The second layer is ongoing security training, which keeps awareness high. The third layer involves adding extra security software and establishing dedicated security teams to strengthen protection even further. - Dima Raketa, Reputation House
Fintech organizations require a holistic and proactive compliance and data security approach due to the sensitive nature of financial data and the highly regulated environment. Apply a strong compliance and data security framework. Leverage AI-driven tools to identify anomalies and predict potential security risks. Subscribe to threat intelligence feeds to stay ahead of emerging threats. - Salice Thomas, Wipro Limited
Embed security into every process, not just IT. Fintech leaders must integrate compliance and data security into daily workflows, using real-time visibility, automated risk alerts and encryption by design. Equip teams with real-time dashboards and ongoing training to stay ahead of threats. Proactive security isn't a one-time fix—it's a living strategy that evolves with the industry. - Michael Fritsch, Smarter Operations
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