The penalties for non-compliance of GDPR are high: any breaches incur a maximum penalty of 4% of the organisation’s global annual turnover, or €20m, whichever is more. But many studies have shown that many organisations are not aware of the fines they could face after GDPR comes into effect, or lack the technology to allow for compliance.
So, with less than a year to go, how can financial professionals ensure they do not fall foul of the regulation? How might banking treasury systems, or corporate management systems, help treasurers comply with GDPR?
Dr Jamie Graves - CEO, ZoneFox
With the likes of MiFID II and Priips, the financial sector is well versed in the multitude of regulation that needs to be sorted and addressed each time they arrive. However, the impending GDPR (General Data Protection Regulation) is a very different proposition; one that will impact almost every corner of a business, whether you were aware they existed or not.
David Northmore - VP, EMEA, MarkLogic
The EU General Data Protection Regulation (GDPR) – which defines the rights of EU citizens around the privacy and protection of their personal data – is another ingredient for the compliance melting pot. And as almost all financial and banking data, from customer financials and account information to cardholder data and transactions, is potentially sensitive or private, GDPR spells double trouble indeed.
But there is a flipside to this compliance coin. By proactively preparing for the GDPR to mitigate risk and maintain compliance, the financial sector has a golden opportunity to profit from getting its data in better shape.
Jocelyn Kryslik - Product Marketing Manager, Stormshield
The data protection landscape has changed so much since early legislation was introduced, which means that cybersecurity, liability of data collection entities, and the new mandatory procedures are being regulated against the backdrop of digital transformation.
We now operate in largely paperless circumstances and this has a particular impact from a financial and legal perspective. But it is the evolution of the cybersecurity threat that has had the biggest impact on our personal data, and which the GDPR aims to combat through better data management.
Alex Hammond - Managing Editor, bobsguide
Bobsguide’s exclusive interview with Perivan Technology MD Nick Roi.