The Impact of Digital Technologies on the Legal Regime for the Protection of Personal Data in Banking

Abstract

Introduction: currently, the information technologies are at a very high level, so there may be the situations of data leakage, thereby increasing the risk of obtaining information by third parties, moreover, the electronic format of information threatens personal information security, so it seems necessary to adapt the domestic legislation to the current processes of “digitalization” and create a system of comprehensive protection of personal data in banking, necessary in the transition to Industry 4.0. The purpose of the work is to study the impact of digital technologies on the legal regime for the protection of personal data in banking, to develop proposals for improving the legislation in this area, to identify the risks of unauthorized access to personal data in the context of digitalization. Methods: the methodological framework for the study consists of: the methods of scientific analysis, logical analysis and the dialectical method. Results: the result of the research is the development of proposals for improving the regulatory framework in the field of personal data protection in banking in the context of the active development of digital technologies. Conclusions: the conclusion is made about the advantages and disadvantages of using blockchain in the banking sector, the need to develop a regulatory framework that regulates the activities of entities using such technologies. The author draws attention to the existing payment systems that have proven their efficiency in the banking sector. In addition, in order to prevent cases of leaking personal information of the bank customers, it seems appropriate to eliminate the existing legal uncertainty and unify the rules governing the legal regime for the protection of personal data in banking, in particular, the author supports the idea of concluding an agreement on electronic information interaction between the Central Bank and the Ministry of Internal Affairs of Russia, so that the law enforcement agencies can quickly respond to fraudulent actions and prevent them.