Concerns About the Rapid Growth of FinTech: Data Privacy, Breach, and Cybersecurity Issues and the Resulting Regulatory Reforms

XiaoDong Peng () and Larry Li ()
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XiaoDong Peng: ZiiTech New Zealand Ltd
Larry Li: RMIT University

Chapter Chapter 33 in The Palgrave Handbook of Breakthrough Technologies in Contemporary Organisations, 2025, pp 431-444 from Springer

Abstract: Abstract The rapid expansion of FinTech has heightened concerns about data privacy, breaches, and cybersecurity. This chapter explores the implications of the General Data Protection Regulation (GDPR) on FinTech firms, highlighting how privacy policies have become longer and more uniform, yet less comprehensible to users. This paradox undermines GDPR’s goal of transparent data processing. The chapter also examines the correlation between privacy policy content and specific FinTech factors, identifying a trend of mimicry among firms regarding data handling and transparency measures. Our findings underscore the necessity for meticulously crafted privacy regulations that balance consumer protection with the operational needs of FinTech companies.

Keywords: Cybersecurity; Data privacy; FinTech; GDPR; Privacy policies; Regulatory reforms (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-96-2516-1_33

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DOI: 10.1007/978-981-96-2516-1_33

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