Online lending raises new issues related to the protection of personal data, Expert of the Association of Cybersecurity Organizations of Azerbaijan (AKTA) Farid Mirzayev said at the 12th Investment and Sustainable Growth in Microfinance Conference organized by the Azerbaijan Micro-finance Association (AMFA) in Baku, Report informs.
According to him, digitalization requires financial organizations to balance service development, information security, and regulatory compliance.
Mirzayev drew attention to the fact that with remote lending, clients sign agreements via video link and transfer their data to financial institutions. In this regard, natural questions arise about the place, method, and duration of storage and protection of this information.
He emphasized that to protect information in digital systems, physical security measures, technical and administrative control, as well as the practical application of regulatory requirements are necessary.