Financial technology, popularly known as fintech, is one of the fastest-growing areas of technological innovation, providing new, easier, and faster ways of banking and financial services to customers. Behind the convenience that the technology offers, several issues need to be concerned, one of them being data privacy and security. This is in line with the research results from the Indonesian Fintech Association (Aftech), which showed that 22% of payment fintech platforms and 18% of lending fintech had experienced cyberattacks. As many as 95% of 154 fintech admitted that less than 100 of their users experienced cyberattacks.

Fintech companies’ reliance on data usage raises peculiar security challenges and places them in a particularly challenging situation. The highly sensitive personal and financial users’ information that these fintech companies keep in their database and utilize to provide personalized, predictive, and seamless financial services to their customers puts them in a vulnerable position to data privacy and security issues. A survey conducted by the Indonesian Fintech Association (Aftech) shows data privacy and security become a concern for 89% of fintech customers.

Data privacy and security protection in fintech companies rely on the leverage of Data Science. In this session, Behind Data Protection: The Secret Of Overcoming Fintech’s Greatest Challenge, the audience will dive deeper into how Data Science helps fintech companies to improve their data protection.