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How GDPR Influence Financial Service Industry?

· GDPR,Data Protection,GDPR for Finance,GDPR Consulting,Security Consulting

General Data Protection Regulation (GDPR) is seen as hope and despair simultaneously. It is a hope for many IT organizations and data security professional. On the other hand, it is creating many concerns among various public and private business organization.

The law will apply to all organizations handling the information of EU organizations and individuals. Every company is required to ensure GDPR compliance to save themselves from major fines and penalties.

Scope and Significance

General data protection regulation is expected to set a pathway for all organizations across the world to ensure data integrity. Not only this, the rights of consumers are going to be more standardized in the near future.

However, many organizations don't understand the legal clauses general data protection regulation imposing strict liability on the shoulders of organizations. Therefore, it is imperative to ensure proper GDPR consulting process to manage users’ data in a secure manner.

So, it’s better to hire professional cyber-security consultants to get proper guideline for a comprehensive approach towards general data protection regulation. It includes documentation and implementation of procedures and process to make information security more strong.

Objectives and Purpose of general data protection regulation

GDPR Consulting

The main purpose of introducing EU GDPR is to ensure data security amidst ever-increasing ratio of data threats, information breach and unethical use of bio-data.

Further, the objective of general data protection regulation is to empower EU organizations and denizens regarding the authority and security of their personal data used by other organizations.

The law is going to be applied exactly on 25 May 2018 on all organizations regardless of their operations and nature of the business.

However, the financial institutions and bank are well aware of the rules and regulations to protect personal information as they possess massive data of individuals. Therefore, firms are required to adhere to the clauses of GDPR in order to eliminate the risk of penalties imposed by EU.

This has encouraged various organizations to seek assistance from professional UK SOC in order to establish and manage their cyber-security operation centers. It is owing to the fact that organizations have no other option except complying with GDPR.

The Impact of GDPR on the Industry of Financial Services

The question is that how can general data protection regulation influence the financial sector globally? And which area is under the spotlight of GDPR compliance? The answers to the questions can be found in the following:

Customers Consent

The terms of GDPR explain personal data as anything that can be used to identify a person. It can be the name, address, email, phone no, IP address and so many other related things.

Therefore, organizations are required to take proper consent from the individuals while collecting their information.

Further, it is mandatory for the organization to explicitly mention the purpose of gathering any specific information related to the people.

The purpose of this clause is to give the people authority over their information.

Right to be forgotten

It is an important clause of GDPR. It enables the individuals to exercise an extended authority over their personal information.

The people have given the authority to hold the right to get their data deleted from the servers of the organization if they want.

It empowers the denizens of EU because they can place a request for data removal from the financial organizations. The organizations must entertain the requests in a positive way. The right is termed as “Data Portability”.

The right is applied to all situations even they don’t have a proper justification for their request to remove their personal information.

The consequence of Security Breach

Organizations have devised their own security protocols to ensure data integrity in the past. However, it is mandatory to comply with GDPR clauses to ensure data transparency and security.

General data protection regulation required the organization to prepare analysis report within the 72 hours of the data breach. If an organization does not comply with this, it has to face severe penalties. The fine starts from 2% of the global revenue to 4% of the whole turnover.

Owing to the gravity of the matter, GDPR consulting is a must for every organization to do business with EU denizens and companies.

Concluding Remarks – Take Away

The data has given more importance in the present day world. It is easy to understand the significance of information security by the following sentence “data is the oil of new millennium”. It is owing to that 21st century is recognized as the era of information.

So, the widespread importance and usage of personal data have attracted many smart minds to use it in a positive as well as negative way.

In order to secure data from threats and illegal use, EU has introduced general data protection regulation. The chief purpose is to ensure data security of the EU citizens.

However, this law will help all human beings to exercise authority over their personal information. Therefore, it is a must for the organizations to seek advance UK SOC to ensure GDPR compliance.

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