With the rapid growth of digital financial platforms, data security and privacy (DSP) protection have become the focus of industry attention. This paper delves into the challenges faced by digital financial platforms in DSP protection, and proposes corresponding technical research and practical methods. First, this paper introduces the background of the growth of digital financial platforms, points out the importance of DSP protection and the challenges it faces. Then, by combing the related literature, this paper analyzes the shortcomings of current research in DSP protection. Then, this paper describes the proposed data encryption and access control methods in detail and conducts experimental verification. Finally, this paper summarizes the experimental results that the hybrid encryption scheme performs well in handling large amounts of data, and its encryption time is reduced by about 30% compared with the single encryption scheme. Meanwhile, in terms of access control, the adoption of a role-based access control model effectively reduces about 20% of illegal access attempts, thus achieving significant performance improvements in several key aspects such as data encryption, access control and anonymization.