Enhancing data management and security protocols in financial sector projects
1 Independent Researcher, UK.
2 Independent Researcher, Irving TX, USA.
3 Independent Researcher, Bonny Island, Nigeria.
4 Reeks Corporate Services, Lagos, Nigeria.
5 Montclair State University, Montclair, New Jersey, USA.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 2655-2666
Publication history:
Received on 26 January 2024; revised on 16 March 2024; accepted on 19 March 2024
Abstract:
In an era where data is paramount to the operations of the financial sector, the enhancement of data management and security protocols has become a critical focus for financial institutions. As financial sector projects increasingly rely on vast amounts of sensitive and personal data, robust data management and security measures are essential to protect against breaches, ensure regulatory compliance, and maintain client trust. This paper explores the key strategies and technologies employed to enhance data management and security in financial sector projects. Effective data management begins with a comprehensive framework that includes data governance, data quality management, and data lifecycle management. Data governance establishes policies, standards, and procedures for data usage, ensuring that data is accurate, consistent, and used ethically. Data quality management focuses on maintaining high data standards through continuous monitoring and cleansing processes, while data lifecycle management oversees the data from creation to deletion, ensuring proper handling at every stage. Security protocols in the financial sector must address a wide range of threats, from cyber-attacks to internal fraud. Advanced encryption techniques are employed to safeguard data both in transit and at rest, preventing unauthorized access. Multi-factor authentication (MFA) and biometric verification add additional layers of security, making it more difficult for malicious actors to breach systems. Network security is bolstered by the use of firewalls, intrusion detection systems (IDS), and regular security audits to identify and mitigate vulnerabilities. Emerging technologies such as blockchain and artificial intelligence (AI) are also playing a significant role in enhancing data management and security. Blockchain technology offers a decentralized and immutable ledger that ensures data integrity and transparency, making it ideal for transactions and records management. AI and machine learning algorithms are used to detect unusual patterns and predict potential security breaches, enabling proactive defense measures. Regulatory compliance is another critical aspect, with financial institutions required to adhere to stringent regulations such as GDPR, CCPA, and PCI DSS. These regulations mandate strict data protection measures and impose heavy penalties for non-compliance, driving financial institutions to continuously update their security protocols. In conclusion, enhancing data management and security protocols in financial sector projects involves a multi-faceted approach that integrates robust data management frameworks, advanced security technologies, and adherence to regulatory standards. This holistic approach is essential to safeguarding sensitive financial data, ensuring operational continuity, and maintaining the trust of clients and stakeholders.
Keywords:
Enhancing; Data Management; Security Protocols; Financial Sectors; Projects
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0