International Cybersecurity Standards For Fintechs
• Cybersecurity is a global issue. There are international frameworks on cybersecurity.
• International Standards On Cybersecurity
• eIDAS Regulation– Electronic Identification And Trust Services
• This is a fully digital standard that allows a comprehensive AML and KYC compliance. This is applicable to fintechs with presence in the European Union, providing an utterly secure identification and authentication platform for Fintech and users.
• GDPR- General Data Protection Regulation
• Also, applicable to the EU countries. Here, the regulation essentially enforces compliance with the EU framework provisions on data security and privacy. Non compliance from member states of the EU will attract sanctions.
• PCI DSS- Payment Card Industry Data Security Standards
• This is one unique framework with a global standard. This is due to the universality of the usage of the card operators. Importantly, card brands like Visa, MasterCard are subject to these standards. Importantly, the standards imposed by this framework regulates the operations of these services in line with the original technical requirements and so ensure a unified standard for data security and privacy.
• Many of these international frameworks provide an international regulatory cover for cybersecurity threats. Fintechs with international operations must also get informed on the standards imposed by some of these international frameworks for maximum compliance.
Reference
1 How to Maintain Cybersecurity in Fintech Companies,available at https://www.analyticsinsight.net/how-to-maintain-cybersecurity-in-fintech-companies/ accessed on Feb 21 2023
2 https://www.salford.ac.uk/working-with-business/greater-manchester-cyber-foundry/looking-cybersecurity-framework-your-fintech accessed on Feb 21 2023
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