PRIVACY MANAGEMENT IN FINANCIAL DATA: STRATEGIES FOR SECURING BIG DATA IN THE BANKING SECTOR

• Mr. Ahmed Raza

  Data Privacy Specialist, State Bank of Pakistan.

In an era of rapid digital transformation, the banking sector is facing increasing challenges in managing and securing vast amounts of financial data. The emergence of big data technologies has enabled financial institutions to enhance their services, improve operational efficiency, and provide personalized experiences. However, these advancements have also introduced significant privacy concerns. This article explores the strategies and technologies employed in managing privacy risks associated with big data in the banking sector. It examines the role of encryption, access control mechanisms, and emerging privacy-preserving technologies like differential privacy and blockchain.The paper highlights the regulatory landscape, focusing on the impact of frameworks such as GDPR and local data protection laws. The aim is to provide a comprehensive review of current privacy management practices and propose future directions for safeguarding financial data.

Sohail, N., Haque, A., & Suki, A. B. A. (2022). The influence of knowledge, innovation compatibility and social influence on adoption of Halal cosmetics: An empirical evidence from Pakistan. *International Journal of Innovative Research and Publications, 2*(5), 1–17. https://doi.org/10.51430/IJIRP.2022.25.001

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