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| Banks must act now to ensure the privacy of customer data post-Brexit |
| Frankfurt , 19.11.2020 |
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| UK banks are not prepared to protect customer data once the Brexit transition period ends on 31st December. However, the blame does not lie entirely at their door. The regulatory landscape is in flux and key questions about privacy regulation remain unanswered. Including what will replace General Data Protection Regulation (GDPR) in the UK. This leaves financial institutions with a difficult challenge; the clock is ticking and they must prepare for the various regulatory scenarios that could define the post-Brexit landscape. While challenging, this work is vital to keeping customer data protected; especially given the financial sectors’ checkered history in this space.
Data regulation post-Brexit
As things stand, financial institutions don’t know what the regulatory framework for privacy will look like once the UK leaves the EU. However, they can make some assumptions based on the most likely scenarios. For example, recent rhetoric indicates that it’s likely that the UK will integrate GDPR principles into its own law. This would be a boon for finance businesses who have invested two and a half years to become GDPR compliant; a process no one wants to repeat. However, negotiations between the EU and UK have been anything but smooth so this could change. This means that banks need to ringfence resources so they can act quickly if new, local measures are introduced.
odkaz na stránku |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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