Securing financial data storage: A review of cybersecurity challenges and solutions

Chinwe Chinazo Okoye 1, Ekene Ezinwa Nwankwo 2, *, Favour Oluwadamilare Usman 3, Noluthando Zamanjomane Mhlongo 4, Olubusola Odeyemi 5 and Chinedu Ugochukwu Ike 6

1 Access Bank Plc, Awka, Nigeria.
2 Department of Business Administration and Management, Anambra State polytechnic, Mgbakwu, Nigeria.
3 Hult International Business School, USA.
4 City Power Johannesburg, South Africa
5 Independent Researcher Nashville, Tennessee USA.
6 Independent Researcher, Anambra State, Nigeria.
 
Review
International Journal of Science and Research Archive, 2024, 11(01), 1968–1983.
Article DOI: 10.30574/ijsra.2024.11.1.0267
Publication history: 
Received on 30 December 2023; revised on 09 February 2024; accepted on 11 February 2024
 
Abstract: 
In an era where the digital transformation of the financial sector has become both a boon and a battleground, this paper delves into the intricate dynamics of cybersecurity within financial data storage. With the relentless advancement of technology and the concomitant rise in cyber threats, the safeguarding of financial data emerges as a paramount concern. This study sets out with the aim to dissect the current cybersecurity challenges, scrutinize the effectiveness of existing protective measures, and explore the potential of emerging technologies in fortifying financial data against cyber incursions. Employing a qualitative analysis that draws upon a wide array of scholarly contributions, the paper meticulously evaluates the landscape of cybersecurity threats, regulatory frameworks, and the transformative impact of technological innovations like artificial intelligence on financial data security.
The findings reveal a significant gap between the sophistication of cyber threats and the current cybersecurity measures, underscoring the urgent need for financial institutions to adopt more robust and advanced defensive strategies. The study further highlights the critical role of regulatory bodies in shaping a resilient cybersecurity framework that not only addresses current vulnerabilities but is also adaptable to future challenges.
Conclusively, the paper advocates for a collaborative approach towards cybersecurity, emphasizing the synergy between financial institutions, technology firms, and regulatory agencies in crafting a secure financial ecosystem. Recommendations include the adoption of cutting-edge technologies, the formulation of dynamic regulatory policies, and the fostering of a culture of continuous learning and adaptation to emerging cyber threats. This comprehensive exploration aims to serve as a beacon for stakeholders in the financial sector, guiding them towards a more secure and trustworthy digital future.
 
Keywords: 
Cybersecurity; Financial Data Storage; Regulatory Frameworks; Emerging Technologies; Collaborative Efforts; Digital Transformation.
 
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