Companies in the financial services sector process a huge amount of personal data on a daily basis – a lot of which is confidential and sensitive. The risks around not being GDPR compliant and facing the fines are particularly strong in this sector so it’s really important to know the in’s and out’s of the rules and regulations.
Our GDPR blog contains actionable insights from our data and privacy experts for financial services companies to prepare and live with the European Union General Data Protection Regulation.
The general data protection regulation (GDPR) is creating challenges that require action from everyone in Financial Services. GDPR is more than a regulatory compliance issue — it fundamentally changes how financial institutions operate, recognising the importance of GDPR and acting on it is the need of the hour.22nd October 2018
The General Data Protection Regulation (GDPR) is an EU law with the objective of making privacy laws fit the needs of the 21st century. GDPR significantly impacts any organization that processes EU citizens’ data – even if the business isn’t located in the EU. Data protection breaches are regularly making headlines and privacy has taken23rd July 2018
The General Data Protection Regulation (GDPR) is expected to have a significant impact on the financial sector, however, investments in GDPR compliance could drive strategic and operational benefits. Financial services firms handle billions of financial records and personal data transactions. To protect customers’ interests while complying with GDPR requirements, businesses must develop and store more13th July 2018
Why do Financial Services Companies need to be GDPR compliant?
- Consent is everything when it comes to financial services and data. If it has been previously given, this consent may no longer suffice under GDPR and may have to be obtained again. You may be using pre-ticked boxes for email marketing and such alike, which are not GDPR compliant.
- Data subjects now have the ‘right to be forgotten’ and to withdraw their consent, so procedures must be in place for deleting their data.
- If you are found to be in breach of the new GDPR guidelines, you may be fined up to 4% of your turnover or 20 million euros.
Things financial companies need to know about GDPR
The dust from GDPR’s May 25th, 2018 date has not settled and the data protection community is now bracing itself for the new California Consumer Privacy Act (CCPA). Several states in the U.S are following the General Data Protection Regulation (GDPR) with similar privacy initiatives. On 28th June 2018, California passed a sweeping consumer privacy law:10th October 2018
The General Data Protection Regulation (GDPR) came into force on May 25th, 2018, the most expansive overhaul of privacy regulations in a generation. Within days, high-profile cases were launched against the likes of Google, Facebook, and Amazon. However, 4 months on why haven’t we seen a wave fines imposed on the thousands of complaints received10th October 2018