A Review of Research on Financial Data Security Regulation
Ruohao Chen, Ye Ju · Frontiers in Humanities and Social Sciences · 2024
This paper presents a comprehensive overview of the research advancements in financial data security regulation in China, with a particular emphasis on issues pertaining to financial data security and the protection of personal financial information. The study delineates several strategies for ensuring financial data security, including the establishment of a robust security protection framework, the implementation of a "sophisticated regulation" approach, the enhancement of risk prevention measures, the creation of a comprehensive financial data classification system, and the safeguarding of financial data throughout its lifecycle. Scholars have proposed a variety of specific measures, such as the utilization of trust models and authentication technologies to bolster data security, the establishment of monitoring mechanisms for third-party data trust institutions, the adoption of technology-driven regulatory methodologies, and the improvement of cross-border financial data flow management. Furthermore, considerations regarding data quality, management challenges, the application of innovative technologies, and the competitive landscape of data sharing are critical for the standardization of financial data. Despite notable progress in both domestic and international financial data governance and regulation, several key areas remain inadequately addressed, including the establishment of uniform standards for cross-border data flows, the coordination among international regulatory bodies, and the integration of emerging technologies. Future research should adopt a more comprehensive and in-depth approach to develop an inclusive, adaptive, and forward-looking global financial data governance and regulatory framework. Such efforts are essential for promoting global financial stability and innovation while safeguarding consumer data rights and enhancing transparency and equity in financial markets.