Overview
ISO/IEC 27562:2024 - Information technology - Security techniques - Privacy guidelines for fintech services provides targeted privacy guidance for financial technology (fintech) ecosystems. The standard maps fintech business models and stakeholder roles (consumers, service providers, financial companies, regulators), identifies privacy risks and requirements, and prescribes specific privacy controls and guidelines to manage personally identifiable information (PII) across consumer-to-business and business-to-business relationships. It is applicable to regulators, financial institutions, fintech service and product providers, and other organizations operating in the fintech environment.
Key topics and technical requirements
ISO/IEC 27562:2024 organizes practical privacy measures around actors and risk treatment. Key technical topics include:
- Stakeholders & business models: classification of actors and roles relevant to fintech privacy (consumers, PII controllers, PII processors, regulators).
- Privacy principles & general considerations: foundational privacy concepts tailored to fintech services.
- Privacy risks: catalog of threats and risks to each actor (service providers as controllers/processors, customers, financial companies).
- Privacy controls: specific controls and requirements such as:
- Consent and purpose limitation (requests for permission, legitimate purpose)
- Authentication mechanisms and access controls
- Automated decision making and explainability (explainable/analysable automated decisions)
- De-identification, re-identification controls, anonymization
- Encryption, backup, recovery, logging and monitoring
- PII transfer management across jurisdictions
- Malware, breach management and notification procedures
- Contracts, non-disclosure and processor obligations
- Risk management and governance aligned with ISO 31000
- Privacy impact assessment (PIA) guidance (aligned with ISO/IEC 29134) and AI-related PII processing characteristics (Annex F).
- Supporting material: annexes with use cases, open platform examples, common vulnerabilities and lists of international/regional regulations.
Practical applications - who should use it
ISO/IEC 27562:2024 is intended for:
- Fintech startups and platform providers designing privacy-aware services
- Banks, insurers and financial companies integrating fintech partnerships
- Cloud and payments service providers acting as PII controllers or PII processors
- Regulators and compliance teams shaping fintech privacy policy
- Security, privacy and legal teams conducting Privacy Impact Assessments and vendor due diligence
Use the standard to build privacy-by-design fintech products, define contractual obligations for processors, perform PIAs, and align operational controls with regulatory requirements and enterprise risk management.
Related standards
ISO/IEC 27562:2024 is based on and complements:
Keywords: ISO/IEC 27562:2024, privacy guidelines for fintech services, fintech privacy, privacy controls, PII controller, PII processor, privacy impact assessment, risk management.