Financial Services, Banking and Insurance Sectors
The financial services sector has a more detailed appreciation of risk and compliance than the wider finance sector. In such a tightly regulated industry, it’s imperative that organisations keep up with the latest regulatory and technological developments.
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The GDPR and financial services
Few organisations within the financial services sector will be unaware of the General Data Protection Regulation (GDPR), which came into effect on 25 May 2018.
The GDPR marks a significant increase in responsibility for all organisations that process personal data: it substantially extends the data rights of individuals, and, among other things, requires data controllers and processors to implement appropriate and proportionate technical and organisational measures to protect personal data.
The new law is backed by a regime of considerably higher penalties than the Data Protection Act 1998 that it supersedes, granting supervisory authorities – the Information Commissioner’s Office in the UK – the ability to impose administrative fines of up to €20 million (£17 million) or 4% of annual global turnover (whichever is greater).
It also grants data subjects the right to an effective judicial remedy against data controllers and processors if they consider their rights to have been infringed by processing that does not comply with the Regulation.
The GDPR affects all industries and requires attention at board level.
GDPR compliance is more than simply a box-ticking exercise. The Regulation demands that organisations be able to demonstrate compliance with its data processing principles.
Having an appropriate compliance framework in place ensures companies not only avoid significant fines and reputational damage, but can also demonstrate to customers that they are trustworthy and responsible.
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Cyber security and the financial services sector
Cyber attacks continue to make headlines on a regular basis. As the techniques used by criminal hackers become increasingly sophisticated and financial services organisations remain attractive targets, it has never been more important to improve organisational cyber resilience.
The UK government's Cyber security breaches survey 2017 found that the average cost of a cyber security breach for a large business is £19,600 and for a small to medium-sized business is £1,570. However, the long-term cost to organisations processing sensitive financial information could be much higher.
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How IT Governance can help you
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Whether you are an SME or a multinational, we can tailor our wide range of products and services to your particular needs.
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