HÀ NỘI — Protecting data is not just a technological requirement, it is the foundation for a secure, transparent and sustainable financial system.

In the data-centric economy era, the finance and banking sector is one of the most profoundly affected by the global shift to data-driven operational models.

Data is no longer just a decision-making tool, it has become a strategic asset–key to shaping business models, competitiveness and innovation capacity for financial organisations.

Modern banks use AI as a core driver in their digital transformation processes. Every operation, from credit risk management, fraud detection, to personalised customer experience, relies on the quality, integrity and authenticity of data.

In other words, the strength of AI is directly proportional to the safety and reliability of data.

According to Vietnam Report 2024, 100 per cent of domestic banks have intensified investments in digital technologies and big data applications.

Exploiting big data helps enhance credit analysis, fraud detection, personalise customer services and reduce credit risks.

However, as data becomes the 'digital gold', the risks to security increase exponentially.

The Đầu tư chứng khoán (Stock Investment) online newspaper quoted Đặng Minh Đức, head of security solutions at MK Group, as saying that data security was shifting from the 'firewall-building' mindset to 'protecting data from within', in line with global trends.

In Việt Nam, especially in the finance and banking sector, data is not only stored at data centres but moved across hundreds of channels, from AI systems to end-user devices, according to Đức.

The most important thing now is controlling the journey and value of data, not just controlling access.

In the data collection phase, the challenge is no longer “collect as much as possible,” but to collect intelligently, selectively, and reliably.

Input data is the foundation for all AI decision-making models, therefore, the accuracy and legality of the data are critical.

Instead of relying solely on raw data from cameras or electronic forms, the current trend is integrating Edge AI, edge computing technology based on artificial intelligence, according to Đức.

Combining electronic identification and biometrics in user data collection–via chip-based ID cards and Matching-on-Card (MoC) technology, ensures authenticity, creating 'clean and living' data for AI models and big data databases.

Automatic data encryption solutions (Data Encryption at Rest) are implemented uniformly across on-premise infrastructure, the cloud, and endpoints, ensuring that stolen data remains useless without the correct key.

HSM (Hardware Security Module), referred to as a 'digital safe', is a core technology to protect encryption keys, digital certificates and cryptographic assets.

Cold wallets, used for storing secret keys or offline digital assets, are applied in digital payments and investment banking to eliminate the risk of breaches from the internet.

In preparation for the Post-Quantum Era, global tech giants like IBM, Google, and Microsoft have integrated Post-Quantum Cryptography (PQC) algorithms to address the risk of quantum computers breaking RSA and ECC encryption algorithms.

Việt Nam was also joining this trend, said Đức, adding investing in new encryption technology would determine the long-term ability to protect valuable data from credit records to customer information.

This would also present a significant opportunity for Vietnamese tech companies with core technology in data processing algorithms, encryption, HSM and PQC to participate more deeply in the global data security value chain, he added. — VNS