Sivarethinamohan1, P. Aranganathan2, S.Sujatha3 and Siddhant Vinayak Agarwal4, 1, 4Symbiosis Centre for Management Studies, Bengaluru campus, Symbiosis International (Deemed University), Pune, India, 2Gnanam School of Business, Thanjavur, Tamilnadu, India, 3Department of Civil Engineering, K.Ramakrishnan College of Technology, Trichy, Tamilnadu, India
This paper establishes that nanomaterials appear to play a substantial role in the enhancement of cybersecurity in financial transactions. The finance industry increasingly depends on digital platforms to maintain sensitive data for storage on an encrypted cloud storage solution, such as a password manager. Arrays of nanomagnets could as well be utilized for ultra-high density data storage on a hard disk or for fast and dense nonvolatile solid memory. Besides, the unique properties of nanomaterials at the nanoscale are attractive to provide solutions to the existing challenges in cybersecurity. The paper engages specifically with nanomaterials for applications that include nanomaterial-based encryption, nanosensors for fraud detection, nanomaterials in biometric authentication, nanocoatings for secure data storage, and nanotechnology in secure hardware development. A brief about the prospects and advances in each of these fields is provided, along with case studies and research examples. The paper concludes by recognizing the limitations and challenges to implementing nanomaterials for improved cybersecurity in finance and elucidating newer trends and developments that may stand as future scope directions.
Fraud detection, Biometric authentication, Data storage, Secure hardware development, Nanosensors, Encryption, Regulatory compliance.
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