Companies already paid €2,720,000,000 in GDPR fines. Per our research, 80% of the sites have broken privacy controls.
As fintech startups strive to build innovative and secure solutions for their customers, data privacy and security become critical concerns. The need to safeguard customer secrets, including Personally Identifiable Information (PII) and sensitive financial data, is paramount. This blog post introduces Databunker, an open-source solution designed to help fintech companies fortify their data security and comply with regulations like GDPR, SOC2, HIPAA, and ISO 27001. Let’s explore 8 essential steps that fintech startups can take to protect customer secrets and build trust with their users using Databunker.
Databunker acts as a fortified encrypted vault, enabling fintech startups to securely store sensitive customer data, including PII and financial records. By implementing robust encryption measures, Databunker ensures that data is shielded from unauthorized access and potential data breaches.
With Databunker, fintech startups can employ pseudonymization techniques to protect customer secrets. Databunker generates random user tokens that replace direct user identities, making it difficult to link personal data back to specific individuals. This ensures an added layer of anonymity and aligns with GDPR’s recommendations for pseudonymizing personal data.
Databunker offers a user-friendly interface that empowers customers to access and review their personal data. Fintech startups can facilitate data modifications and updates requested by users, complying with GDPR’s individual rights provisions, including the right to access and rectification.
Databunker’s forget-me operation empowers users to request the permanent deletion of their personal data. By promptly fulfilling these requests, fintech startups can uphold GDPR’s right to erasure, enhancing customer trust and demonstrating their commitment to data privacy.
Databunker automatically generates audit trails and logging features, allowing fintech startups to track and monitor data access and activities. These comprehensive logs enable organizations to maintain compliance with regulations such as SOC2 and provide valuable insights in the event of security incidents.
To safeguard customer secrets during data transmission, Databunker extends encryption measures to data exchanged between systems. Encrypting data in transit bolsters data integrity and confidentiality, addressing requirements set forth by SOC2 and other relevant frameworks.
Databunker is designed with privacy by design principles, ensuring that privacy considerations are integrated into the fintech startup’s data handling processes from the outset. This adherence to privacy by design aligns with GDPR’s requirements and strengthens data protection efforts.
By implementing Databunker’s technical and organizational measures, such as access controls and encryption, fintech startups can fulfill ISO 27001 requirements for appropriate security measures. These measures help prevent data breaches and secure sensitive customer information.
In today’s fast-evolving fintech landscape, ensuring the protection of customer secrets is a fundamental responsibility for startups. By following these 8 steps and leveraging the power of Databunker, fintech companies can fortify their data security practices, adhere to industry regulations, and build lasting trust with their customers. Safeguarding customer secrets not only strengthens the company’s reputation but also sets the stage for sustainable growth and success in the competitive fintech market.