About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

General Data Protection Regulation Calls for Increased Investment in Data Security and Governance

Subscribe to our newsletter

Paul Nemitz, the director for fundamental rights in the justice directorate of the European Commission, has warned companies operating in the EU that they must invest in data security to ensure they can demonstrate compliance with the data privacy by design and security elements of the General Data Protection Regulation (GDPR) and thus reduce potential fines for breaches.

Speaking at a recent conference in Brussels, Nemitz said GDPR will require many companies to increase investment in data security, which will not only lead to compliance, but also competitive gains in the market.

GDPR comes into force on May 25, 2018 and is designed to harmonise data privacy laws across Europe, protect EU citizens’ data privacy and reshape the way organisations across the region approach data privacy. While the regulation sustains the key principles of data privacy established in a 1995 directive, it extends many of these and clarifies ambiguous territorial applicability by stating that it applies to all companies processing personal data of data subjects residing in the EU regardless of company location.

The impact of GDPR on financial services firms will be significant, requiring firms to reconsider how they build data management systems and manage personal data. Those that do this well and take a proactive approach to compliance should benefit from improved customer communication, strategic data management and a higher level of trust in the market. For those that breach compliance, the stakes are high – reputational damage and fines of up to 4% of annual turnover or €20 million – making it essential that companies respond to GDPR with a data governance framework that can support effective design and also provide evidence of the organisation’s commitment to privacy by design and default.

To find out more about approaches to GDPR compliance, join A-Team Group’s webinar, GDPR: How to build a data protection framework, on October 18, 2016. The webinar will be hosted by A-Team editor Sarah Underwood and joined by Koen Van Duyse, subject matter expert on regulatory compliance at Collibra, and Dennis Slattery, designer of the Data Management Agenda for Privacy at EDMworks.

The webinar will discuss:

  • Requirements of GDPR
  • Challenges of implementation
  • How to build a data protection framework
  • Tools to support data governance
  • How to ensure ongoing compliance
Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: ESG: A Growth Opportunity and a Regulatory Challenge

ESG investing, regulation and compliance are central concerns for financial institutions, although not all jurisdictions are equal. In the US, ESG has become a partisan issue making SEC regulation uncertain; the EU is on good form and has already implemented multiple regulations; and Asia Pacific is advancing as regulators and exchanges deploy ESG rules. Greenwashing...

BLOG

SimCorp Integrates Clarity AI Sustainability Data into Investment Management Platform

SimCorp, currently the subject of an all-cash offer from Deutsche Börse, has integrated Clarity AI’s sustainability datasets into its investment management platform providing institutional investors with access to AI-powered datasets that will help them align with EU sustainable finance regulations and execute impact investing strategies. Clarity AI uses machine learning and big data to deliver...

EVENT

TradingTech Briefing New York

The TradingTech Briefing New York will explore how trading firms are innovating and leveraging technology as a differentiator in today’s cloud and digital based environment.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...