Category Banks

Calling all new entrants to the UK banking sector!

Nchallenger-banks2ew entrants to the UK banking sector have just under two years to prepare for the enforcement of the EU General Data Protection Regulation (GDPR). Enforcement will commence on the GDPR Effective Date (25 May 2018).

The 2-year transition period is designed to allow organisations to adapt to the new requirements of the GDPR. Processing of customers’ personal data that’s already underway should be brought into conformity with the GDPR within this 2 year transition period.

Recital 171, GDPR provides:

(1)  Directive 95/46/EC should be repealed by this Regulation. Processing already under way on the date of application of this Regulation should be brought into conformity with this Regulation within the period of two years after which this Regulation enters into force...

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When bankers cry – well, they will if they fined under GDPR

unhappy.yellow.shirt_.cropped1According 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:

  • 8...
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