According to Varonis (Nasdaq:VRNS), a leading provider of software solutions for unstructured, human-generated enterprise data, banks will be among the first to be hit with massive fines for falling foul of the EU’s General Data Protection Regulation (GDPR).
In a poll conducted at Cebit – Europe’s largest IT show – the company revealed the level of how unprepared the financial services sector is to life under GDPR. Notably, 50% of all respondents that took part in the survey worked within the European banking sector.
According to Varonis, despite the small sample size of 145 respondents, its survey reflects a much wide degree of how under prepared the financial services sector is as well as the nervousness that has penetrated the wider banking community.
Key survey findings: