Encryption techniques for financial data security in fintech applications

Omolara Patricia Olaiya 1, *, Temitayo Oluwadamilola Adesoga 1, Azeez Adekunle Adebayo 2, Fehintola
Moyosore Sotomi 3, Oluwaseun Aaron Adigun 4 and Paschal M Ezeliora 5
1College of Business, Auburn University, USA.
2 WorldQuant University, LA, USA.
3 Skillmatch Limited, Lagos, Nigeria.
4 Ecobank Nigeria Limited, Nigeria.
5 Marshall School of Business, USC, Los Angeles, USA.

International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

Publication history: Received on 20 May 2024; revised on 26 June 2024; accepted on 29 June 2024

Article DOI: https://doi.org/10.30574/ijsra.2024.12.1.1210

Abstract
In the dynamic world of financial technology (Fintech), securing financial data is a key priority. Increasing digital
connectivity, adoption of cloud-based services requiring complex measures to protect the integrity, privacy and
availability of sensitive information. Encryption techniques are emerging as a key tool to achieve these goals about itself
by converting plaintext into ciphertext, protected from unauthorized access and probability violations. This review
paper examines the various encryption techniques required to secure financial information in fintech applications. The
main methods described include symmetric encryption, asymmetric and hybrid encryption techniques. Additionally,
the function of end-to-end encryption (E2EE) is discussed in terms of protecting data privacy while it is being sent,
which is essential for safeguarding sensitive financial activities such as mobile banking and digital payments. With its
sophisticated method of permitting calculations on encrypted data without the need for decryption, homomorphic
encryption shows promise for facilitating safe data analysis in Fintech settings while preserving data confidentiality.
Each encryption method is scrutinized in terms of its strengths, weaknesses and practical applications in Fintech.
Considerations such as computing efficiency, scalability, and regulatory compliance are addressed to provide insights
for optimizing data protection strategies while adhering to industry standards and regulatory frameworks. The future
of Fintech security is expected to be shaped by new developments in encryption technology, including post-quantum
cryptography, artificial intelligence integration for adaptive security measures, and privacy-preserving solutions. The
goal of these advancements is to strengthen the robustness of financial data security techniques in an increasingly linked
digital world while mitigating changing cyber risks.

Keywords: Encryption; Fintech; Data security; Cryptography; Blockchain

1. Introduction
Financial technology (Fintech) has revolutionized the financial services landscape, providing unprecedented
convenience, accessibility and innovation through digital platforms and solutions. [1]. From mobile banking apps to
cryptocurrency exchanges, fintech applications have reshaped how individuals and businesses manage their finances,
communicate and invest in assets around the world. Digital transformation has not only democratized access to financial
services but has also created new challenges in terms of financial information and the need to protect against evolving
cyber threats.

One of the main concerns associated with the move to digital financial services is the possibility of financial data
breaches [2]. The prevalence of online financial transactions and the storage and transmission of sensitive data,
* Corresponding author: Omolara Patricia Olaiya
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0.
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

including payment details, personal identifiers, and transaction histories, increases the vulnerability of these data to
malicious actors attempting to gain unauthorized access. [3] [4]. Such breaches have serious repercussions, which might
include identity theft, money loss, deterioration of consumer confidence, and legal fines. As a result, Fintech businesses
have a strong incentive to have strong security measures in place to guarantee the privacy, availability, and integrity of
financial data [5].

The main objective of this research paper is to delve into the critical role of encryption techniques in improving the
security level of fintech applications. Encryption acts as a cornerstone in protecting financial information through
transparency readable which turns it into ciphertext encoded using sophisticated algorithms and cryptographic keys,
reducing the risks of interference, tampering and theft, thus promoting trust and confidence in digital financial
transactions [6].

Through a systematic review of various methods of privacy including symmetric encryption (e.g., AES), asymmetric
encryption (e.g., RSA), end-to-end encryption (E2EE), homomorphic encryption, and blockchain encryption which this
paper aims to develop an understanding of their strengths in fintech, limitations and practical applications. Each method
of encryption offers unique benefits tailored to the specific security requirements and business conditions in the digital
financial industry [7]. By carefully analyzing these options, fintech industry stakeholders can make informed decisions
on encryption strategies that not only strengthen security protection but also comply with legal and regulatory
compliance standards as well as meeting the user’s expectations regarding data privacy.

Additionally, as technological developments continue to shape the cybersecurity landscape, this paper will explore
emerging trends and innovations in encryption technology. These include the development of post-quantum
cryptography, the use of artificial intelligence for adaptive security measures, and advances in privacy protection
techniques aimed at strengthening the security of financial data against increasing cyber threats. [8]. As fintech
applications continue to evolve and expand, the importance of strong financial data security cannot be overstated.
Encryption techniques play an important role in protecting sensitive information, enabling secure digital transactions,
preserving the trust and confidence of stakeholders in the fintech ecosystem [9]. This review article aims to add to the
existing discussion on cybersecurity in Fintech by clarifying the nuances of encryption techniques and their
implementations. It also provides suggestions and insights to improve data protection policies in the face of a constantly
evolving technological environment. [10].

2. Types of Encryption Techniques

2.1. Symmetric Encryption

Symmetric encryption is a basic encryption technique in which the same key is used to encrypt and decrypt data. [11].
This approach ensures efficiency in processing large amounts of data while maintaining privacy. The concept revolves
around sharing a private key between sender and receiver, providing secure communication without the need for
complex key management algorithms. Common symmetric encryption algorithms include Advanced Encryption
Standard (AES) and Data Encryption Standard (DES). AES is widely accepted in fintech applications due to its effective
security features and high performance in encrypting sensitive financial information. [12] [13]. AES works in basic sizes
of 128, 192, or 256 bits and provides different security properties depending on the selected key length. Despite its
effectiveness, symmetric encryption faces significant classification and implementation challenges. Protecting the
confidentiality of the shared key is of utmost importance, as any compromise may result in unauthorized decryption of
the blocked password. Fundamental changes and secure storage methods are important practices to mitigate these risks
in fintech environments.

Symmetric encryption is essential for protecting data while it's in transit and at rest in the context of Fintech
applications [14]. It is used to encrypt sensitive financial documents that are sent across networks or kept on servers,
as well as payment information, user credentials, and transaction details. Symmetric encryption's efficiency and speed
make it ideal for secure data storage and real-time transaction processing in mobile payment apps and digital banking
systems. [15].

2.2. Asymmetric Encryption (Public-Key Encryption)

Asymmetric encryption, also known as public-key encryption, differs from symmetric encryption, it uses Key pair, a
public key for encryption and a private key for decryption. [16]. This two-key system provides secure communication
between the parties without the need to first exchange a shared private key. The public key is widely distributed and
can be shared freely, while the private key is secret and known only to the recipient.

2943
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

Leading asymmetric encryption techniques include RSA (Rivest-Shamir-Adleman), Elliptic Curve Cryptography (ECC),
and Diffie-Hellman key exchange. RSA is primarily known for its role in digital signatures and secure data
communications [17] [18]. ECC provides the same security in smaller key sizes, making it more suitable for
environments where high-volume applications such as mobile devices and Internet of Things (IoT) devices. Diffie-
Hellman Key Exchange facilitates the shared private key will be transferred securely between two parties on an
unsecured channel.

For securing financial transactions in Fintech, asymmetric encryption ensures confidentiality and integrity throughout
the transaction lifecycle. [19]. It enables secure communication channels, verifies digital signatures to authenticate
transaction participants, and facilitates key exchanges. The public key infrastructure (PKI) framework underpinning
asymmetric encryption provides a scalable mechanism for managing cryptographic key certificates, which is essential
for maintaining trust in digital financial transactions [20].

2.3. Hybrid Encryption

Hybrid encryption combines the strengths of symmetric and asymmetric encryption methods to achieve improved
security and performance in data protection. [21]. Hybrid encryption uses asymmetric encryption to effectively
exchange a randomly generated symmetric key, which is then used to encrypt more data using a symmetric encryption
algorithm such as AES. This method uses high-performance symmetric encryption to process large amounts of data, and
the secure key exchange and delivery capabilities of asymmetric encryption. Hybrid encryption is particularly useful in
situations that require secure, file transfer communication other secure, and encrypted data storage in cloud
environments.

An example of hybrid encryption techniques is to use RSA or ECC for key exchange followed by AES for data payload
encryption. [22]. This approach ensures that sensitive financial information remains secure during transmission and
storage and complies with legal requirements and privacy standards for Fintech applications.

Developing strong security architectures for Fintech requires an awareness of the subtleties and uses of symmetric,
asymmetric, and hybrid encryption (public-key encryption) [23]. Within the changing environment of digital financial
services, each encryption approach offers unique benefits suited to certain security requirements, operational settings,
and regulatory compliance concerns. [24]. Through the appropriate use of encryption techniques, Fintech companies
may enhance data security protocols, cultivate consumer confidence, and alleviate the hazards linked to cyberattacks
and data breaches [25].

3. Encryption in Fintech Applications

3.1. Secure Communication Channels

In Fintech, establishing secure communication channels between financial institutions and customers is of utmost
importance to protect sensitive information such as personal financial information, contact information and credentials.
Encryption plays an important role in ensuring that data exchanged in these channels remains confidential and
sensitive. [26] [27]. Encryption uses cryptographic algorithms and keys to convert plaintext data into ciphertext, making
it indecipherable by unauthorized persons during transmission. This process reduces the risks associated with data
collection, thereby preserving the confidentiality and integrity of financial transactions. To create secure
communication channels, fintech apps frequently use protocols like Secure Sockets Layer (SSL) and Transport Layer
Security (TLS)/HyperText Transfer Protocol Secure. By ensuring encrypted communication between web browsers and
servers, HTTPS guards against data manipulation and man-in-the-middle attacks, safeguarding financial APIs, payment
gateways, and online banking websites. [28]. Strong security protections against cyber threats are provided by TLS/SSL
protocols, which authenticate parties participating in the conversation and encrypt data sent over the network.

3.2. Data-at-Rest Encryption

Sensitive financial data must be securely maintained to prevent unwanted access and data breaches, whether it is kept
on mobile devices, cloud servers, or databases. Data-at-rest is frequently encrypted using methods like AES (Advanced
Encryption Standard). With keys of different lengths (e.g., 128-bit, 256-bit), AES encrypts data blocks to guarantee data
integrity and secrecy. [29] [30]. Encryption solutions are frequently integrated with cloud service provider tools in
cloud settings to encrypt data prior to storage, guaranteeing data integrity even when stored on distant servers. For
data-at-rest encryption to be safely stored and managed, key management procedures must be followed, risks related
to key exposure and illegal key access are reduced by key rotation, stringent access restrictions, and safe key storage in

2944
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

hardware security modules (HSMs). To restrict the amount of data exposed, access control techniques enforce the least
privilege principle by ensuring that only authorized users and apps may decrypt and access encrypted data [31].

3.3. End-to-End Encryption

End-to-end encryption (E2EE) is essential to ensure the privacy and confidentiality of data throughout its lifecycle from
sender to receiver without intermediaries decrypting its contents. [32]. In Fintech applications, E2EE protects sensitive
financial information such as transaction details, account details, and personal information. It prevents unauthorized
access when sending data, even if communication channels or intermediary servers are down. E2EE increases user
confidence by assuring that their financial information remains private and secure [33]. Implementing E2EE in Fintech
applications presents challenges such as key management, transaction costs, communication with legacy systems. Some
best practices include strong cryptographic algorithms (e.g., RSA, AES) will be used, encryption key maintenance, and
seamless integration of E2EE into the application system without compromising user experience or operational
efficiency [34]. Regulatory requirements (e.g., GDPR, PCIDSS) to be complied with when implementing E2EE to ensure
legal and regulatory compliance while protecting customer data privacy is also important.

4. Case Studies

4.1. Case Study: Blockchain and Cryptocurrencies

Blockchain technology has revolutionized the financial landscape by providing decentralized ledgers that ensure data
integrity, transparency and security through cryptographic principles. Blockchain ensures data integrity by linking
blocks in an immutable chain, each block contains a cryptographic hash of the preceding block, creating a secure and
unalterable connection between them [35]. Consensus techniques like Proof of Work (PoW) and Proof of Stake (PoS)
guarantee a safe, decentralized process for validating and appending transactions to the blockchain. Encryption
methods are used by cryptocurrencies such as Bitcoin and Ethereum to protect wallet addresses and transactions.
Cryptocurrency transactions are based on public-key cryptography, in which each user has a private key that is used to
sign transactions and a public key that serves as their wallet address [36]. These keys are used to encrypt transactions
so that money may only be accessed by the intended receiver. Furthermore, hashing methods for cryptography like
SHA-256 are used to generate digital signatures and verify transaction authenticity.

4.2. Case Study: Mobile Payment Apps

Mobile payment apps such as Apple Pay and Google Pay have gained wide acceptance, offering convenient and secure
alternatives to traditional payment methods. Strong encryption techniques are used by mobile payment applications to
safeguard private financial information while it is being sent. To safeguard payment information as it travels from the
user's device to the payment processor or financial institution, they usually employ end-to-end encryption, or E2EE
[37]. This reduces the possibility of interception or data breaches by ensuring that payment details, such as credit card
numbers and transaction amounts, are encrypted and decoded only by authorized parties. Mobile payment applications
are susceptible to phishing efforts, malware assaults, and the unsecure storage of sensitive data on user devices, even
with encryption in place. Enhancing E2EE protocols, putting multi-factor authentication (MFA) into place, and using
biometric authentication such as fingerprint or face recognition for extra security layers are some of the improvements
[38].

5. Challenges and Future Directions

Implementing encryption techniques in Fintech applications presents several challenges that must be carefully
managed to ensure effective data protection. Proper key management is essential for securing encrypted data. Ensuring
secure generation, storage, distribution of encryption keys is essential to preventing unauthorized access and data
breaches. Primary users must comply with industry standards and regulations to maintain data confidentiality and
integrity [39] [40]. Complex encryption algorithms often incur computational costs, which affect system performance
and responsiveness. Balancing encryption strength and operational efficiency is important, especially in the context of
real-time communication systems and data-rich nature of fintech applications. Fintech’s must comply with strict
regulatory frameworks (e.g., GDPR, PCI DSS) regarding data security and privacy. Using encryption techniques that
conform to regulatory requirements ensures compliance and reduces the potential for fines or penalties [24] [41].
Integrating encryption technology into existing Fintech infrastructures can be complex. Inconsistency issues, disruptive
collaboration, and simple migration strategies require careful design and implementation to minimize disruption and
ensure business continuity. Encryption should not degrade the user experience, balancing a strong security framework

2945
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

with a smooth and frictionless user interface is essential to maintain user trust and adoption of Fintech applications
[42].

5.1. Emerging Trends and Future Directions

The future of encryption in fintech is shaped by the emerging trend and advancements in cryptographic technology. The
advent of quantum computing poses a significant threat to current encryption standards [43] [44]. Quantum-secure
encryption algorithms, such as mesh-based cryptography and hash-based signatures, have been developed to withstand
quantum computing attacks. The use of quantum-security encryption ensures that financial data will have the security
and durability of the imminent threat [45]. To improve threat detection, anomaly detection, and adaptive security
measures, artificial intelligence (AI) and machine learning (ML) are being incorporated into encryption technologies
more and more. [46]. Artificial intelligence (AI)-powered encryption systems can instantly evaluate enormous volumes
of data, spot suspicious behavior trends, and dynamically modify security procedures to reduce threats [47].

New developments in privacy-preserving technologies, such as zero-knowledge proofs (ZKP) and secure multi-party
computing (MPC), allow for data analysis and cooperation without disclosing private information. [48]. These
technologies enable safe data sharing and processing while guaranteeing data confidentiality and supporting privacy-
enhancing features in Fintech apps. In addition to cryptocurrencies, blockchain technology continues to evolve in terms
of conceptualization methods, scalability solutions, and privacy enhancements (e.g. private transactions). Blockchain-
based encryption solutions for financial transactions, smart contracts and digital identities provide a decentralized and
indestructible platform, which increases transparency and trust in the Fintech ecosystem. [49]. Collaboration between
fintech companies, cybersecurity experts, academia and law enforcement are critical to innovate and establish best
practices in encryption. Sharing insights, collaborating on research, and exchanging knowledge provides a strategy to
address emerging cybersecurity challenges and improve encryption capabilities in Fintech. [50] [51] [52].

6. Conclusion
In conclusion, this study examined the important role of encryption techniques to protect financial information in
Fintech applications, and highlighted the importance of protecting privacy, integrity and availability. Encryption is a
foundational pillar of cybersecurity in fintech, reducing the dangers brought on by cyberattacks, illegal access, and data
breaches. AES is an example of symmetric encryption, which offers effective data protection appropriate for safe data
storage and real-time transaction processing. Secure communication channels, digital signatures, and key exchange
mechanisms are all essential for confirming identities and protecting financial transactions. These are supported by
asymmetric encryption, such as RSA and ECC, hybrid encryption techniques combine the strengths of symmetric and
asymmetric encryption for better security and efficiency in data encryption and transmission. These mechanisms help
protect sensitive financial information across various fintech platforms, including mobile payment apps, online banking
portals and cryptocurrency exchanges. The crucial role of encryption in fintech cannot be overstated. It not only protects
financial information from unauthorized access but also builds user confidence, enhances compliance, and supports
innovation in digital financial services. As fintech continues to evolve, collaboration between academia, industry
stakeholders and policymakers is essential for research, innovation and robust adoption of encryption standards.

In conclusion, encryption is necessary to protect financial information in fintech applications, and it is a set of
cybersecurity techniques aimed at protecting sensitive information, preserving privacy, and enabling innovation largely
in the rapidly evolving digital economy.

Compliance with ethical standards

Disclosure of conflict of interest

No conflict of interest to be disclosed.

References
[1] Jameaba MS. Digitization revolution, FinTech disruption, and financial stability: Using the case of Indonesian
banking ecosystem to highlight wide-ranging digitization opportunities and major challenges. FinTech
Disruption, and financial stability: Using the Case of Indonesian Banking Ecosystem to highlight wide-ranging
digitization opportunities and major challenges (July 16 2, 2020). 2020.

2946
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

[2] Lee J, de Guzman MC, Wang J, Gupta M, Rao HR. Investigating perceptions about risk of data breaches in financial
institutions: A routine activity-approach. Computers & Security. 2022 Oct 1; 121:102832.
[3] Ozkaya E, Aslaner M. Hands-On Cybersecurity for Finance: Identify vulnerabilities and secure your financial
services from security breaches. Packt Publishing Ltd; 2019 Jan 31.
[4] Toch E, Bettini C, Shmueli E, Radaelli L, Lanzi A, Riboni D, Lepri B. The privacy implications of cyber security
systems: A technological survey. ACM Computing Surveys (CSUR). 2018 Feb 20;51(2):1-27
[5] Ng AW, Kwok BK. Emergence of Fintech and cybersecurity in a global financial centre: Strategic approach by a
regulator. Journal of Financial Regulation and Compliance. 2017 Nov 13;25(4):422-34.
[6] Stephen M, Smith L. Evaluating Encryption Techniques in Cloud Computing for Enhanced Data Privacy.2022
[7] Kshetri N. Blockchain's roles in strengthening cybersecurity and protecting privacy. Telecommunications policy.
2017 Nov 1;41(10):1027-38.
[8] Althobaiti OS, Dohler M. Cybersecurity challenges associated with the internet of things in a post-quantum world.
Ieee Access. 2020 Aug 25; 8:157356-81.
[9] Aldboush HH, Ferdous M. Building Trust in Fintech: An Analysis of Ethical and Privacy Considerations in the
Intersection of Big Data, AI, and Customer Trust. International Journal of Financial Studies. 2023 Jul 10;11(3):90
[10] Bennett CJ. Regulating privacy: Data protection and public policy in Europe and the United States. Cornell
University Press; 1992
[11] Bokhari MU, Shallal QM. A review on symmetric key encryption techniques in cryptography. International journal
of computer applications. 2016 Jan 1;147(10).
[12] Sathya AR, Banik BG. A comprehensive study of blockchain services: future of cryptography. International journal
of Advanced Computer Science and Applications. 2020;11(10).
[13] Hassan MA, Shukur Z, Hasan MK. An efficient secure electronic payment system for e-commerce. computers. 2020
Aug 27;9(3):66.
[14] Lee DK, Lim J, Phoon KF, Wang Y, editors. Applications and Trends in Fintech II: Cloud Computing, Compliance,
and Global Fintech Trends. World Scientific; 2022 Jun 21.
[15] Zhu Y. A new architecture for secure two-party mobile payment transactions (Doctoral dissertation, Lethbridge,
Alta.: University of Lethbridge, Dept. of Mathematics and Computer Science, c2010).
[16] Chandra S, Paira S, Alam SS, Sanyal G. A comparative survey of symmetric and asymmetric key cryptography. In
2014 international conference on electronics, communication and computational engineering (ICECCE) 2014 Nov
17 (pp. 83-93). IEEE.
[17] Bevers J. The Study of Symmetric and Asymmetric Key Encryptions (Doctoral dissertation, University Honors
College, Middle Tennessee State University). 2021
[18] Karki A. A comparative analysis of public key cryptography. Int. J. Modern Comput. Sci. 2016; 4:30-5.
[19] Baliker C, Baza M, Alourani A, Alshehri A, Alshahrani H, Choo KK. On the applications of blockchain in FinTech:
advancements and opportunities. IEEE Transactions on Engineering Management. 2023 Feb 27
[20] Pham C. Overview of IoT Security Challenges, Authentication, Encryption and Blockchain Solution. 2019
[21] Sajay KR, Babu SS, Vijayalakshmi Y. Enhancing the security of cloud data using hybrid encryption algorithm.
Journal of Ambient Intelligence and Humanized Computing. 2019 Jul 20:1-0.
[22] Crockett E, Paquin C, Stebila D. Prototyping post-quantum and hybrid key exchange and authentication in TLS and
SSH. Cryptology ePrint Archive. 2019
[23] Schianchi A, Mantovi A. The Economics of Cryptocurrencies and Digital Money: A Monetary Framework with a
Game Theory Approach. Springer Nature; 2023 Nov 9.
[24] Naranjo Rico JL. Holistic business approach for the protection of sensitive data: study of legal requirements and
regulatory compliance at international level to define and implement data protection measures using encryption
techniques. 2018
[25] Karangara R, Manta O. Cybersecurity & Data Privacy in Fintech. 2024

2947
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

[26] Othman SB, Bahattab AA, Trad A, Youssef H. Confidentiality and integrity for data aggregation in WSN using
homomorphic encryption. Wireless Personal Communications. 2015 Jan; 80:867-89.
[27] Gupta H, Sharma VK. Role of multiple encryptions in secure electronic transaction. International Journal of
Network Security & Its Applications. 2011 Nov 1;3(6):89.
[28] Krombholz K, Busse K, Pfeffer K, Smith M, Von Zezschwitz E. " If HTTPS Were Secure, I Wouldn't Need 2FA"-End
User and Administrator Mental Models of HTTPS. In 2019 IEEE Symposium on Security and Privacy (SP) 2019 May
19 (pp. 246-263). IEEE.
[29] Hendi AY, Dwairi MO, Al-Qadi ZA, Soliman MS. A novel simple and highly secure method for data encryption-
decryption. International Journal of Communication Networks and Information Security. 2019 Apr 1;11(1):232-8.
[30] Abbasi F, Singh P. Cryptography: Security and integrity of data management. Journal of Management and Service
Science (JMSS). 2021 May 30;1(2):1-9.
[31] Zhang J, Chen B, Zhao Y, Cheng X, Hu F. Data security and privacy-preserving in edge computing paradigm: Survey
and open issues. IEEE access. 2018 Mar 28; 6:18209-37
[32] Kenney E, Tang Q, Wu C. Anonymous Traceback for End-to-End Encryption. In European Symposium on Research
in Computer Security 2022 Sep 22 (pp. 42-62). Cham: Springer Nature Switzerland.
[33] Boutaba R, Ishibashi B, Shihada B. A network management viewpoint on security in e-services. Certification and
Security in E-Services: From E-Government to E-Business. 2003:17-45.
[34] Ekwonwune EN, Enyinnaya VC. Design and implementation of end-to-end encrypted short message service
(SMS) using hybrid cipher algorithm. Journal of Software Engineering and Applications. 2020 Mar 31;13(3):25-
40.
[35] Hang L, Kim DH. Design and implementation of an integrated iot blockchain platform for sensing data integrity.
sensors. 2019 May 14;19(10):2228.
[36] Latifa ER, Omar A. Blockchain: Bitcoin wallet cryptography security, challenges and countermeasures. Journal of
Internet Banking and Commerce. 2017 Dec 1;22(3):1-29.
[37] Chase M, Deshpande A, Ghosh E, Malvai H. Seemless: Secure end-to-end encrypted messaging with less trust. In
Proceedings of the 2019 ACM SIGSAC conference on computer and communications security 2019 Nov 6 (pp. 1639-
1656).
[38] Howlader MM. User attribute aware multi-factor authentication framework for cloud-based systems.2018
[39] Chen D, Zhao H. Data security and privacy protection issues in cloud computing. In 2012 international conference
on computer science and electronics engineering 2012 Mar 23 (Vol. 1, pp. 647-651). IEEE.
[40] Breaux T, Antón A. Analyzing regulatory rules for privacy and security requirements. IEEE transactions on
software engineering. 2008 Jan 31;34(1):5-20.
[41] Mohammad N. Encryption Strategies for Protecting Data in SaaS Applications. Journal of Computer Engineering
and Technology (JCET). 2022 Jan;5(1).
[42] Bimpizas C. Contextualizing Business Model Innovation in sociotechnical transitions. A systemic understanding of
fintech disruption in the payment sector (Master's thesis) 2019.
[43] Pal P. The adoption of waves of digital technology as antecedents of digital transformation by financial services
institutions. Journal of Digital Banking. 2022 Jan 1;7(1):70-91.
[44] Neti H, Parte S. Riding the Tech Wave: Exploring Tomorrow's Landscape of Information Technology 2022.
[45] Brijwani GN, Ajmire PE, Thawani PV. Future of quantum computing in cyber security. In Handbook of Research
on Quantum Computing for Smart Environments 2023 (pp. 267-298). IGI Global.
[46] Mohanta BK, Jena D, Satapathy U, Patnaik S. Survey on IoT security: Challenges and solution using machine
learning, artificial intelligence and blockchain technology. Internet of Things. 2020 Sep 1; 11:100227.
[47] Manoharan A, Sarker M. Revolutionizing Cybersecurity: Unleashing the Power of Artificial Intelligence and
Machine Learning for Next-Generation Threat Detection. DOI: https://www. doi. org/10.56726/IRJMETS32644.
2023;1.
[48] Bernabe JB, Canovas JL, Hernandez-Ramos JL, Moreno RT, Skarmeta A. Privacy-preserving solutions for
blockchain: Review and challenges. IEEE Access. 2019 Oct 31; 7:164908-40.

2948
 International Journal of Science and Research Archive, 2024, 12(01), 2942–2949

[49] Maleh Y, Lakkineni S, Tawalbeh LA, AbdEl-Latif AA. Blockchain for cyber-physical systems: Challenges and
applications. Advances in blockchain technology for cyber physical systems. 2022 Apr 2:11-59.
[50] Chaudhary G, Manna F, Khalane MV, Muthukumar E. Cybersecurity Challenges In Fintech: Assessing Threats And
Mitigation Strategies For Financial Institutions. Educational Administration: Theory and Practice. 2024 May
4;30(5):1063-71.
[51] Kaur G, Lashkari ZH, Lashkari AH. Understanding Cybersecurity Management in FinTech. Springer International
Publishing; 2021
[52] Okoye CC, Nwankwo EE, Usman FO, Mhlongo NZ, Odeyemi O, Ike CU. Securing financial data storage: A review of
cybersecurity challenges and solutions. International Journal of Science and Research Archive. 2024;11(1):1968-
83.

2949