The importance of the financial system in the industry is not only related to the organization itself but also depends on the industry's network. Technological developments, growth in industry, and increasing use of new technology in human life have changed the organization's financial system. One of the most important factors in the necessity of financial development is the issue of network security, monetary systems, banking systems, and privacy of customers and users. For this purpose, it will be considered to improve the quality level and speed of this process to pursue financial claims. Along with the industrial developments of different generations and the continuous and universal use of Industry 4.0 technologies, the financial and banking system also needs to be updated and mastered to reduce cybercrime and prevent financial fraud and bank stolen. This chapter examines the financial system by analyzing the financial security criteria and achieving Financial Security 6.0.
Top1. Introduction
In the dynamic landscape of Industry 6.0, the incorporation of smart technologies and digital transformation has brought forth unparalleled opportunities and efficiencies in the financial sector. Nevertheless, with the increasing interconnectivity and reliance on advanced technologies, the significance of robust security criteria cannot be overstated. Consequently, it becomes crucial to establish and adhere to comprehensive security criteria to protect the integrity, confidentiality, and availability of financial data and transactions.
Throughout history, ensuring security has consistently remained a paramount concern as individuals constantly seek to find themselves in a secure environment. Moreover, the utilization of various tools empowers individuals to safeguard their well-being. Therefore, the emergence of novel technologies can significantly impact their lives. As a result, the advancement of technology can greatly enhance the overall quality of life. Consequently, people will attain a sense of security while simultaneously experiencing increased ease in their daily lives.
Additionally, Security holds utmost significance in the financial sector, particularly within the context of Industry 6.0, where technological advancements have revolutionized the operations of financial systems. With the increasing dependence of financial institutions on digital platforms and applications and interconnected networks, the need for robust security measures becomes even more critical.
Industry 6.0 encompasses the integration of cutting-edge technologies such as AI, IoT, blockchain, and cloud computing, which bring numerous benefits but also introduce new security challenges. It always happens that the generations of the industrial revelation can change concepts and generate tools for the new world. So, the concept of security is always affected by the new generation of industry.
In this era of Industry 6.0, financial systems face a wide range of threats, including cyberattacks, data breaches, identity theft, and fraud. These threats not only jeopardize the integrity and confidentiality of sensitive financial information but also pose significant risks to the stability and trustworthiness of the entire financial ecosystem. Therefore, it is essential to establish comprehensive security criteria to safeguard financial systems, protect customer data, and maintain the integrity of transactions (Nozari et al., 2024).
Industry 6.0 is an advanced context focused on security, privacy, and reducing human manipulation. Its goal is to establish a harmonious relationship between humans and machines. Careful consideration of robots and machines is crucial. I 6.0 has the potential to create intelligent, durable, and environmentally sustainable structures. It is forward-thinking and draws upon future insights. To understand Learning I 6.0, a futuristic approach to research is necessary.
The security criteria in financial systems within Industry 6.0 encompass various aspects, including network security, data encryption, access controls, authentication mechanisms, and incident response protocols. Also, all these concepts can be measured for modern financial systems.
These criteria aim to ensure the confidentiality, integrity, and availability of financial data, as well as the resilience of the systems against potential threats. Additionally, compliance with regulatory frameworks and industry standards is crucial to meet legal requirements and maintain public trust (Nozari et al., 2023).
The Global Financial Crisis (GFC), also known as the financial crisis of 2008, had its origins in the United States when the housing bubble burst. Due to the interconnected nature of the international financial system, the crisis quickly spread globally. This led to major institutions facing insolvency, prompting government interventions and bailouts to prevent a systemic collapse. In response to its aftermath, regulatory reforms were implemented to enhance financial stability and prevent the recurrence of such a devastating economic downturn.
Following the global financial crisis that occurred in 2008, the financial system has adopted a formidable facade. Banks have become even more crucial than before, as the interconnectivity between nations has intensified. This enhanced global integration has undeniably facilitated international business for countries worldwide. Consequently, the emergence of new generations has given rise to novel forms of business across the globe.