Data security and privacy are vital for the digital transformation of the finance and banking sector, according to experts. As the government in Vietnam pushes forward with its digital transformation agenda, the banking industry and individual lenders are accelerating their own transformation efforts. Nguyễn Viết Hòa, head of community information at the Vietnam Blockchain Union, highlighted the crucial role that data security has played in protecting banking systems throughout their evolution. Banks in Vietnam have implemented various data security solutions, including fraud prevention, data risk control, network infrastructure security, phishing attack prevention, and preventing loss and unlawful interference of data. Furthermore, Vietnamese banks could adopt international standards to enhance risk control and information security.
Ensuring data privacy is equally important. Dr Huy Phạm, founder of RMIT Fintech-Crypto Hub, emphasized the need for financial institutions and banks to strengthen their control over the processing and storage of personal data. He raised concerns about possible violations of personal data protection, such as the unauthorized transmission of customer information. Dr Phạm also discussed the implications of artificial intelligence (AI) and its applications in the finance and banking sector. He questioned whether customers would have full control over their personal information if it was used in AI training and how they would be able to track such activities. Dr Phạm called for specific instructions and regulations on the use of personal data in AI training and encouraged the use of responsible and explainable AI models.
In conclusion, data security and privacy are crucial for the future of digital banking. Banks in Vietnam are implementing various solutions to protect against vulnerabilities and data breaches. Additionally, there is a need for stronger control over personal data to ensure compliance with regulations and prevent unauthorized use. The advancement of AI poses further challenges and calls for specific guidelines and responsible AI practices. By prioritizing data security and privacy, the finance and banking sector can navigate the digital transformation landscape effectively.
