Personal Financial Information Research Articles

The potential of Blockchain in improving the security of Websites

With digital transformation and the rise of cyber threats, website security has become a vital part of the Internet. Websites contain a large amount of sensitive information, such as user personal data, financial information and trade secrets. Criminals are constantly looking for vulnerabilities to attack and steal data, which can lead to serious consequences for users and website owners. This study provides an extensive analysis and comparative study of the effectiveness of blockchain technology compared to traditional website security methods. The main focus of the study is on evaluating key parameters such as decision accuracy, query processing speed, and overall system reliability. During the study, the influence of the number of blocks in the blockchain chain and the quality of encryption on the accuracy of decision-making was revealed. The ability of the system to effectively contain potential threats was analyzed. The speed of processing requests was evaluated taking into account the possible impact of increasing the number of blocks and the complexity of encryption on system performance. A comprehensive formula for assessing the overall reliability of the system has been developed, which combines the positive and negative aspects of blockchain technologies. The obtained results indicate that by integrating factors of accuracy and speed of processing into a comprehensive assessment of system reliability, the use of blockchain allows to increase the overall reliability of the website protection system.

Research on Cross-Border Protection of Personal Financial Information from the Perspective of China Civil Code

Research on Cross-Border Protection of Personal Financial Information from the Perspective of China Civil Code

The Modeling of the Probable Behaviour of Insider Cyber Fraudsters in Banks

Insider cyber fraud in the banking sector is a serious and complex issue for financial institutions. This form of cyber fraud is particularly insidious due to insiders’ inherent access and knowledge, necessitating banks to implement comprehensive strategies for detecting, preventing, and responding to these internal threats. The aim of this study is to develop a scientific and methodological approach to model the probable behaviour of insider cyber fraudsters in banks based on a complex combination of principal component analysis, k-means clustering, and associative analysis. During the analysis of current challenges in the financial sector regarding the evolution of cyber fraud and its implications, the systematization of existing theoretical approaches concerning the examination of cyber fraud in banks was performed. Its result revealed a positive trend in the dynamics of the number of published materials in conferences and articles using keywords “cyber” and “frauds” in the Scopus database from 2000 to 2023. Additionally, utilizing the VOSviewer software facilitated the systematization of keyword combinations used in scholarly publications on the chosen topic, forming clusters to visualize and organize vectors of scientific research. Analytical data from Google Trends on critical issues related to cyber fraud were chosen as input data. Twenty variables were formed, which are the results of search queries, characterizing cyberattacks and decreased trust in financial institutions. The principal components method was used to reduce the dimensionality of the input data array, making it possible to select the nine most significant for the study. Conducting a cluster analysis using the k-means method made it possible to form 3 main groups of search queries, which included 12 of the selected variables. The results of the performed procedures contributed to the implementation of associative analysis for three sets of variables. It has been found that what intrigues potential insider cybercriminals in banks the most is the personal financial information of the client, access to the client’s profile in online banking and gaining access to his phone data. The obtained results can be utilized by commercial banks for identifying potential insider cyber fraudsters and ensuring a higher level of client protection against the actions of insider cyber fraudsters, by bank clients for analysing and mitigating potential threats from insider cyber fraudsters, and by law enforcement agencies for prompt responses to potential threats posed by insider cyber fraudsters in banks.

APLIKASI TOKO ALAT MUSIK DENGAN KEAMANAN PASSWORD KRIPTOGRAPI KODE GESER

This encryption technique is used to secure customer data by shifting the characters in the message. This technique is used in musical instrument store applications to ensure the security of customer information such as personal details and financial information. This application was made to make it easier for users to find and buy the desired musical instrument online. Users can create accounts, enter personal information, and generate passwords that are encrypted with slide code cryptography. Customer information will be stored securely on the application server, only to be accessed with the correct password. Password security is very important to protect customer personal data and prevent unauthorized access by unauthorized parties. By implementing a sliding code cryptographic password security system, this musical instrument store application can provide additional security for users and protect their personal information from cyber threats. In conclusion, the sliding code cryptographic password security application is an effective solution to ensure customer data security and makes it easier for users to search and buy musical instruments online.

An Analysis of Cyber Breaches and Effects on Shareholder Wealth

Cyber data breaches are an evolving risk facing all firms and threatens their ability to conduct business activity. Due to a lack of available information, very little is known about the frequency and severity of data breaches and the financial markets’ responses to them. This study uses a unique proprietary data set that includes cyber data breach information for 3,992 publicly traded firms during the 1990 to 2019 period. We find cyber breaches vary with time and cyber criminals focus on particular industries, types of information, access sources, and countries. We find significant short run negative abnormal returns around the announcement of cyber events and larger negative returns in industries with higher frequencies of attacks and attacks involving personal financial information. Additionally, we find increasing negative cumulative abnormal returns up to 250 days after the announcement.

Legal Principles, Difficulties and System Construction of Personal Financial Information Protection

The characteristics of personal financial information are different from general personal information. In order to ensure the healthy and orderly development of China’s financial industry in the era of digital economy, a special personal financial information protection law should be formulated. In the context of the digital economy, there are two major problems in the protection of personal financial information: uncertainty of partial concepts and difficulties in private law relief. The scope of personal financial information, the subject of processing, and the criteria for judging financial privacy should be clarified in personal financial information protection legislation; and the private law relief system should be improved in terms of establishing risk civil liability and related causality.

Assessing the Impact and Effectiveness of Cybersecurity Measures in e-Learning on Students and Educators: A Case Study

As e-learning has become increasingly prevalent, cyber security has become a major concern. e-Learning platforms collect and store large amounts of sensitive information, such as personal data and financial information, making them attractive targets for cybercriminals. To address these challenges and concerns, e-learning platforms must implement a comprehensive cyber security strategy that includes strong access controls, data encryption, regular software updates, and student training to help them identify and prevent insider threats. This research aims at investigating and determine how satisfied students are with e-learning security and privacy, as well as whether these concerns affect the overall standard of education. A sample study is presented to assess both the impact of the security framework on students' academic achievements and the student’s satisfaction with the security countermeasures in an e-learning system. Statistical analysis showed that the use of security and cyber security countermeasures had a significant effect on the frequent use and participation of students in the contents of the system. Furthermore, encouraging feedback and communication from students about their e-learning experience to share their concerns, questions, and suggestions can help in addressing any security issues or concerns, as well as increasing students’ participation in the e-learning content.

Quantitative Research on the Policy Text of Provincial Personal Financial Information Protection in China from the Perspective of Policy Instruments

Quantitative Research on the Policy Text of Provincial Personal Financial Information Protection in China from the Perspective of Policy Instruments

Legal Thoughts of Personal Financial Information Security in the Digital Economy

Legal Thoughts of Personal Financial Information Security in the Digital Economy

A customer satisfaction centric food delivery system based on blockchain and smart contract

ABSTRACT Food delivery systems are gaining popularity recently due to the expansion of internet connectivity and for the increasing availability of devices. The growing popularity of such systems has raised concerns regarding (i) Information security, (ii) Business to business (B2B) deep discounting race, and (iii) Strict policy enforcement. Sensitive personal data and financial information of the users must be safeguarded. Additionally, in pursuit of gaining profit, the restaurants tend to offer deep discounts resulting in a higher volume of orders than usual. Therefore, the restaurants and the delivery persons fail to maintain the delivery time and often impair the food quality. In this paper, we have proposed a blockchain and smart contract-based food delivery system to address these issues. The main goal is to remove commission schemes and decrease service delays caused by a high volume of orders. The protocols have been deployed and tested on the Ethereum test network. The simulation manifests a successful implementation of our desired system; with the payment being controlled by our system. The actors (restaurant, delivery-person or consumer) are bound to be compliant with the policies or penalized otherwise.

Mobile Apps and Financial Decision Making

We exploit the release of a mobile application for a financial aggregation platform to analyze how technology adoption changes consumer financial decision making. The app reduced the cost of accessing personal financial information, and we find that this led to a drop in non-sufficient fund fees. Because of the manner in which these fees are incurred, this represents an unambiguous welfare improvement for users of the platform. The leading explanation for this result appears to be mistake avoidance due to easier access to information.

CYBERTHREATS IN HIGHER EDUCATION

As a result of the transition to distance and hybrid learning, first due to the COVID-19 pandemic and then due to the Russian attack and large-scale war, the education sector has faced a wide range of cyber threats. Awareness of these threats can help universities and their staff protect themselves and their students from these vulnerabilities. Large amounts of personal data and financial information about students, faculty and staff, as well as information about research circulate in higher education institutions. It makes them an attractive target for cybercriminals. The article analyzes cyber threats in the higher education sector. The classification of the most common cyber threats in the higher education sector is offered. The basis of most successfully implemented cyber attacks is the human factor, ie the mistakes of staff or students due to ignorance or disregard for the basic rules of cyber hygiene. A study of the signs of cyber threats in the field of education made it possible to divide them according to nine criteria: threats to IoT devices, threats due to human factors, identity theft, ransomware or malicious software, financial gain, espionage, phishing, DDoS attacks, threats to CMS. The implemented classification of cybersecurity threats in the field of higher education will contribute to their clear understanding and specifics on one or another basis. Knowledge of the main threats to educational networks and systems, understanding of common ways of hacking and leaking confidential data of students, teachers and other staff will allow educational institutions to choose and apply the most effective tools and strategies at all levels of cybersecurity. Cybersecurity is a shared responsibility for everyone, and its success depends on being aware of the motives and methods of attackers, maintaining good cyber hygiene by everyone, and monitoring compliance.

Trumped: Constitutional Issues in the Trump Tax Return Cases

Since the beginning of his candidacy, there have been demands for President Donald J. Trump’s tax returns. Since his election, there have been non-stop court battles over his refusal to release personal financial information. Several House Committees have sought President Trump’s personal information on multiple different grounds, each claiming a valid legislative purpose for needing the information. President Trump argues the subpoenas do not serve a valid legislative purpose and that the House Committees are seeking this information to release to the public. The various sides have been locked in legal battles for years, with no end in sight. While the House Committees seek President Trump’s personal financial information, the District Attorney’s Office of New York also seeks to subpoena the same information for a grand jury investigation into possible wrongdoing by President Trump in his business matters. Recently, the Supreme Court addressed each case in turn. The Court heard concerns ranging from the Supremacy Clause and separation of powers to whether a state may investigate a sitting President, and, if so, must the seeking party show a heightened showing of need. However, despite the recent Supreme Court decisions, further disputes involving President Trump’s release of personal financial information to both the House Committees and the District Attorney’s Office of New York are anticipated.

THE IMPACT OF DIGITALIZATION ON FINANCIAL TECHNOLOGY DEVELOPMENT

The rapid growth of digital technologies, increasing Internet coverage and improving its quality is the basis of the Industry 4.0, which permeates the financial system. The emergence of new entrants to the financial services market enhances market competition and the search for innovative ways to meet customer needs. The article is devoted to the impact digital technologies on the financial technologies, as well as the analysis of the main trends in the development of the financial technology market in Ukraine and the world. The article highlights and substantiates the main drivers of finance digitalization. The authors of the article analyze the impact of new technologies (blockchain, big data, cloud technologies, artificial intelligence and machine learning, biometric technologies, virtual reality technologies) on the transformation of such areas of financial relations as payments and remittances, financing and lending, wealth management, insurance, communication with clients of financial institutions, as well as security and protection. The COVID-19 pandemic has also made adjustments to the financial systems around the world, including the provision of digital financial services and the organization of the FinTech market. On the one hand, the demand for digital financial products has almost doubled, and on the other hand, the volume of investments in the fintech industry in the world in 2020 has decreased by a third. The authors of the article pay special attention to cyber-fraud as one of the key threats to digitalization, which have negative consequences for the stable functioning of financial service providers and their consumers, namely: loss of information, lack of access, unauthorized interference in corporate information systems, dissemination of personal financial information about customers, etc. The results of this study can be useful for regulators and supervisors of financial institutions in decision-making to stimulate the development of FinTech-solutions, as well as financial companies in improving their strategy in the transition to the digital development model.

A “Public” Journey Through COVID-19: Donald Trump, Twitter, and the Secrecy of U.S. Presidents’ Health

Donald Trump ignored numerous governance norms in his one term as U.S. President, especially those that prescribe disclosure of official and personal financial information. His brief period of illness from COVID-19, which he broadcast to the world via his Twitter account, revealed the complexity of Trump’s relationship to the concept and norms of transparency that presume information’s necessity for a functional and accountable state. At the same time that Trump offered little in the way of coherent and authoritative information about his health, he also provided an enormous amount of seemingly “inside” and direct accounts of the progress of his illness—indeed, much more than tradition and law appeared to require. This incident epitomized both Trump’s distinct, populist approach to transparency and transparency’s limitations as a concept of democratic governance.

Mind the App: Mobile Access to Financial Information and Consumer Behavior

We use transaction data from an account aggregation company to study the impact of access to personal financial information from mobile devices on consumer behavior. We study consumers who installed the mobile app after using the app on a PC for several months. We utilize the gradual release of the apps on different devices (iPhone, iPad, and Android) to establish a causal relationship conditional on the adoption of a mobile app. Consistent with rational inattention models, consumers increase their login frequency, especially during retail peak hours. Consistent with costly self-control and reference-dependent utility models, we find that consumers decrease their discretionary spending, and these effects are stronger among lower-income and high-spending-to-income consumers.

Risk management, firm reputation, and the impact of successful cyberattacks on target firms

We develop a model where a firm has an optimal exposure to cyber risk. With rational, fully informed agents and with no hysteresis, a successful cyberattack should have no impact on a financially unconstrained target's reputation and post-attack policies. In contrast, when a successful attack involves the loss of personal financial information, there is a significant shareholder wealth loss, which is much larger than the attack's out-of-pocket costs. This excess loss is higher when the attack decreases sales growth more and lower when the board pays more attention to risk management before the attack. Further, an attack decreases a firm's risk appetite, as it beefs up its risk management and information technology and decreases the risk-taking incentives of management. Finally, successful cyberattacks adversely affect the stock price of firms in the target's industry. These results imply that successful attacks with personal financial information loss provide adverse information about cyber risk to target firms, their stakeholders, and their competitors.

Health Consumers' Daily Habit of Internet Banking Use as a Proxy for Understanding Health Information Sharing Behavior: Quasi-Experimental Approach.

BackgroundAs the US health care system is embracing data-driven care, personal health information (PHI) has become a valuable resource for various health care stakeholders. In particularly, health consumers are expected to autonomously manage and share PHI with their health care partners. To date, there have been mixed views on the factors influencing individuals’ health data–sharing behaviors.ObjectiveThis study aimed to identify a key factor to better understand health information sharing behavior from a health consumer’s perspective. We focused on daily settings, wherein health data–sharing behavior becomes a part of individuals’ daily information management activities. Considering the similarity between health and finance information management, we explicitly examined whether health consumers’ daily habit of similar data sharing from the financial domain affects their PHI-sharing behaviors in various scenarios.MethodsA Web-based survey was administered to US health consumers who have access to and experience in using the internet. We collected individual health consumers’ intention to share PHI under varying contexts, habit of financial information management (operationalized as internet banking [IB] use in this paper), and the demographic information from the cross-sectional Web-based survey. To isolate the effect of daily IB on PHI-sharing behaviors in everyday contexts, propensity score matching was used to estimate the average treatment effect (ATE) and average treatment effect on the treated (ATET) regarding IB use. We balanced the treatment and control groups using caliper matching based on the observed confounding variables (ie, gender, income, health status, and access to primary care provider), all of which resulted in a minimal level of bias between unmatched and matched samples (bias <5%).ResultsA total of 339 responses were obtained from a cross-sectional Web-based survey. The ATET results showed that in terms of sharing contents, those who used IB daily were more likely to share general information (P=.01), current information (P=.003), and entire data (P=.04). Regarding occasions for sharing occasions, IB users were prone to share their information in all cases (P=.02). With regard to sharing recipients, daily IB users were more willing to share their personal health data with stakeholders who were not directly involved in their care, such as health administrators (P=.05). These results were qualitatively similar to the ATE results.ConclusionsThis study examined whether daily management of similar information (ie, personal financial information) changes health consumers’ PHI-sharing behavior under varying sharing conditions. We demonstrated that daily financial information management can encourage health information sharing to a much broader extent, in several instances, and with many stakeholders. We call for more attention to this unobserved daily habit driven by the use of various nonhealth technologies, all of which can implicitly affect patterns and the extent of individuals’ PHI-sharing behaviors.

A Comprehensive Analysis of Cyber Data Breaches and Their Resulting Effects on Shareholder Wealth

Cyber Security data breaches are an evolving major risk that corporations, public and private alike, have to contend with as part of their risk management scenarios. Historically, studies evaluating shareholder ramifications of cyber data breaches have been limited by the lack of data available to the public regarding company specific cyber attack details. The few studies that have been done have been mainly limited to sample sizes of only 100 to 200 companies over various time frames with hand collected data. This study uses a comprehensive proprietary data set developed by Advisen Ltd., the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, to develop a representative sample of almost four thousand separate cases of public companies from all over the world experiencing cyber data breaches during the period 1990 to 2019. Using events study methodology, our results analyze both short term and long term shareholder cumulative abnormal returns around the public first notice date. The results, using the overall sample, do support smaller studies that show significantly negative short run returns for event windows that range from -1 up to 5 days after announcement date. However, our results are lower than many of the original studies that find much higher negative returns with smaller data sets. Segmenting the sample by industry and type of data breach shows a mixture of short run negative results for industries like the highly targeted service companies, while finance companies show an over correction, which result in significant positive short run, returns for investors by day 3 and 5. Returns associated with cyber attacks involving either Personal Financial Information (PFI) or Personal Identity Information (PII) support short run negative returns that are significant, but data related to Personal Health Information (PHI) show a significant overcorrection of short run excess returns. Long term results of the entire sample show significantly negative results for up to 250 trading days from announcement date of up to -7.46%.

Subject Review:Authentication Techniques for Smartphone

The rapid development of smart phone devices and users' satisfaction with them, also have storage and accounting capabilities that compete with computers. Smart phones carry a lot of personal information and important financial information, so they are vulnerable to theft or access by unauthorized persons to that information. Increased need for ways to protect that information. Smartphones have several built-in sensors that facilitate the capture of biometrics and behavioral traits This paper reviews the authentication techniques for mobile, as it covers a comprehensive survey on authentication methods and comparison between these techniques.