Impact Note: GDPR
- Date:October 18, 2017
- Author(s):
- Test
- Sean Sposito
- Research Topic(s):
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
On May 25, 2018, when the European Union’s landmark General Data Protection Regulation (GDPR) is scheduled to take effect, few, if any, financial institutions will be confident they’re in full compliance, here or abroad. The sweeping mandate — containing 99 articles and 173 recitals — basically covers everyone who resides in the EU.1 It also protects a broader set of personal data beyond the Social Security numbers, dates of birth, and addresses that are usually considered personally identifiable information in the United States. In the context of GDPR, personal data2 are defined as “any information relating to an identified or identifiable natural person.” That may include IP addresses; “social media posts; photographs; lifestyle preferences; and transaction histories” — regardless of format, digital, paper, audio, or otherwise.3,4 In short, FIs should assume that GDPR could potentially cover all of the data it stores on behalf of its customers and employees — especially dual citizens and overseas website visitors.
Learn More About This Report & Javelin
Related content
Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness
Javelin Strategy & Research sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are a...
Wealth Accounts at Increasing Risk of Scams and Cyber Takeovers
Romance scams are hard to detect. Wealth management clients are often affected by the most devastating and nefarious types of scams—scams that are long-running and result in the pe...
Unmasking the Threat of AI: Deepfakes and Financial Security
Deepfakes fueled by AI are fast approaching being able to reliably circumvent voice biometrics authentication and facial recognition algorithms. When deepfakes cross this threshold...
Make informed decisions in a digital financial world