International cybersecurity standards for fintechs outline a set of fintech security standards designed to ensure information safety. It provides frameworks and policies to help organizations worldwide develop and maintain secure data management systems.
List Of International Standards For Cybersecurity
1. eIDAS Regulation– Electronic Identification And Trust Services
This is a fully digital standard that allows comprehensive AML and KYC compliance. This applies to fintechs with a presence in the European Union, providing an utterly secure identification and authentication platform for Fintech and users.
2. 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.
3. 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, and MasterCard are subject to these standards. Importantly, the standards imposed by this framework regulate 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 be informed of the standards imposed by some of these international frameworks for maximum compliance.
References
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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