Research on Legal Regulation of Data Security in the Context of Financial Data Sharing

Abstract

Financial data sharing can improve risk analysis, reduce information asymmetry, and enhance the efficiency of financial services, but it may also give rise to risks such as personal financial information leakage, superficial user authorization, excessive data sharing, unclear third-party responsibilities, algorithmic discrimination, and cross-border compliance risks. The existing legal system has established a basic protection framework through rules on personal information protection, data security, cybersecurity, and financial regulation. However, there remain significant challenges in financial data sharing, such as insufficient rule agreements, blurred sharing boundaries, unclear responsibility allocation, and inadequate technology governance. Based on the main scenarios and risk structures of financial data sharing, as well as recent research on open banking, financial privacy, digital lending, and financial security, this paper proposes that legal regulation should be built on classification and grading, substantive consent, accountability, security assessment, algorithmic governance, and cross-border governance. This paper argues that financial data-sharing regulation should shift from post-event accountability to full-process, scenario-based, and risk-driven governance, so as to balance data security, financial innovation, and consumer rights.