Addressing advanced cybersecurity measures for protecting personal data in online financial transactions
1 Zenith General Insurance Company Limited, Nigeria.
2 Zenith Pensions Custodian Ltd, Nigeria.
3 Department of Agriculture Economics, Anambra State Polytechnic, Mgbakwu, Nigeria.
Review
World Journal of Engineering and Technology Research, 2024, 03(01), 029–037.
Article DOI: 10.53346/wjetr.2024.3.1.0052
Publication history:
Received on 01 July 2024; revised on 10 August 2024; accepted on 13 August 2024
Abstract:
This review paper examines the imperative of advanced cybersecurity measures for protecting personal data in online financial transactions. The discussion encompasses a comprehensive analysis of current cyber threats, including phishing, malware, and ransomware, and their impact on financial transactions. Key technologies such as encryption, multi-factor authentication (MFA), and artificial intelligence (AI) are explored for their roles in enhancing cybersecurity resilience. Regulatory frameworks like GDPR and CCPA are scrutinized for their influence on cybersecurity practices in financial institutions. Best practices for individuals and institutions are outlined to mitigate risks and foster a secure digital financial ecosystem. Looking forward, future trends in cybersecurity, including AI-driven threat detection and quantum-resistant cryptography, are highlighted for their potential to shape the future of secure online transactions.'
Keywords:
Cybersecurity; Online financial transactions; Encryption; Multi-factor authentication; Regulatory compliance; Artificial intelligence
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Copyright information:
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