CFP CFP Cybersecurity & Data Privacy in Finance

Question 1

Which U.S. federal law primarily governs the privacy and security of consumer financial data held by financial institutions?

Accepted Answer

Gramm-Leach-Bliley Act (GLBA)

Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

Bank Secrecy Act

Question 2

What type of attack involves cybercriminals intercepting communication between a fintech app and its server to steal credentials?

Accepted Answer

Man-in-the-middle (MITM) attack

Answer

Phishing attack

Answer

SQL injection

Answer

Distributed denial-of-service (DDoS)

Question 3

Which security framework is most widely adopted by U.S. financial institutions to manage cybersecurity risk?

Accepted Answer

NIST Cybersecurity Framework

Answer

ISO 27001

Answer

SOC 2 Type II

Answer

PCI DSS

Question 4

What does 'data minimization' mean in the context of fintech data privacy?

Accepted Answer

Collecting only the data necessary for the specified purpose

Answer

Encrypting all stored data

Answer

Compressing data to reduce storage costs

Answer

Deleting data older than 12 months

Question 5

Which payment card data security standard must fintech companies handling card transactions comply with?

Accepted Answer

PCI DSS

Answer

ISO 20022

Answer

SWIFT CSCF

Answer

FFIEC CAT

Question 6

What is the purpose of multi-factor authentication (MFA) in fintech applications?

Accepted Answer

To verify user identity using two or more independent factors

Answer

To speed up login processes

Answer

To encrypt user passwords in the database

Answer

To monitor user behavior for fraud