Banks Scramble to Protect Against GDPR Data Breach Fines
Concurrent with—yet seemingly in conflict with—KYC initiatives is the EU’s General Data Protection Regulation, which will upend how banks treat customer data, and will levy steep fines against those who fail to comply or suffer data breaches. Alina Haritonova examines the impact of the new rule, which could cost the largest banks “hundreds of millions” to implement.
Under the EU’s forthcoming General Data Protection Regulation (GDPR), due to take effect in May 2018, banks face fines of up to 4 percent of their global turnover if they suffer a serious data breach. To put that in context, had the GDPR been in place when cyber criminals stole some £2.5 million ($3.1 million) from Tesco Bank customers’ accounts in early November 2016, the bank would have been hit with an estimated £1.9 billion fine—not to mention a raft of potential new avenues for customers to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Experts say HKEX’s plan for T+1 in 2025 is ‘sensible’
The exchange will continue providing core post-trade processing through CCASS but will engage with market participants on the service’s future as HKEX rolls out new OCP features.
No, no, no, and no: Overnight trading fails in SIP votes
The CTA and UTP operating committees voted yesterday on proposals from US exchanges to expand their trading hours and could not reach unanimous consensus.
Big xyt exploring bid to provide EU equities CT
So far, only one group, a consortium of the major European exchanges, has formally kept its hat in the ring to provide Europe’s consolidated tape for equities.
Jump Trading CIO: 24/7 trading ‘inevitable’
Execs from Jump, JP Morgan, Goldman Sachs, and the DTCC say round-the-clock trading—whether five or seven days a week—is the future, but tech and data hurdles still exist.
Pisces season: Platform providers feed UK plan for private stock market
Several companies in the US and the UK are considering participating in a UK program to build a private stock market composed of separate trading platforms.
How to navigate regional nuances that complicate T+1 in Europe
European and UK firms face unique challenges in moving to T+1 settlement, writes Broadridge’s Carl Bennett, and they will need to follow a series of steps to ensure successful adoption by 2027.
Nasdaq leads push to reform options regulatory fee
A proposed rule change would pare costs for traders, raise them for banks, and defund smaller venues.
The CAT declawed as Citadel’s case reaches end game
The SEC reduced the CAT’s capacity to collect information on investors, in a move that will have knock-on effects for its ongoing funding model case with Citadel.
