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The rapid expansion of FinTech has heightened concerns about data privacy, breaches, and cybersecurity. This chapter explores the implications of the General Data Protection Regulation (GDPR) on FinTech firms, highlighting how privacy policies have become longer and more uniform, yet less comprehensible to users. This paradox undermines GDPR’s goal of transparent data processing. The chapter also examines the correlation between privacy policy content and specific FinTech factors, identifying a trend of mimicry among firms regarding data handling and transparency measures. Our findings underscore the necessity for meticulously crafted privacy regulations that balance consumer protection with the operational needs of FinTech companies.

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Concerns About the Rapid Growth of FinTech: Data Privacy, Breach, and Cybersecurity Issues and the Resulting Regulatory Reforms

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  • 发表日期：

    2025年

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  • XiaoDong Peng,
  • Larry Li

摘要

The rapid expansion of FinTech has heightened concerns about data privacy, breaches, and cybersecurity. This chapter explores the implications of the General Data Protection Regulation (GDPR) on FinTech firms, highlighting how privacy policies have become longer and more uniform, yet less comprehensible to users. This paradox undermines GDPR’s goal of transparent data processing. The chapter also examines the correlation between privacy policy content and specific FinTech factors, identifying a trend of mimicry among firms regarding data handling and transparency measures. Our findings underscore the necessity for meticulously crafted privacy regulations that balance consumer protection with the operational needs of FinTech companies.