BIG DATA PRIVACY MANAGEMENT IN THE FINANCIAL SECTOR: ENSURING DATA SECURITY AND USER TRUST

• Dr. Naila Tariq

  Head of Data Privacy and Security, Pakistan Security Institute, Pakistan.

The proliferation of big data in the financial sector has significantly transformed how institutions manage customer data, improve services, and forecast market trends. However, the complexity and volume of this data also raise substantial privacy concerns. This paper explores the challenges and solutions in managing data privacy in the financial sector, emphasizing the need for effective privacy management frameworks, data protection strategies, and the balance between innovation and user trust. The study investigates current privacy risks, emerging technologies, and regulatory frameworks that are shaping the financial industry's approach to big data privacy. Key strategies such as encryption, anonymization, and compliance with global privacy laws like GDPR are critically assessed for their efficacy in safeguarding sensitive financial data. By reviewing various privacy-preserving mechanisms and their implementation in financial institutions, this paper aims to provide a comprehensive understanding of big data privacy management, offering actionable insights for practitioners and policymakers.

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