GDPR

Congress should consider acting quickly or companies could treat the Golden State's new data privacy restrictions as a national standard.

Congress should consider acting quickly or companies could treat the Golden State's new data privacy restrictions as a national standard.

Not only does it illustrate the willingness of regulators to impose massive fines for massive data breaches, it also reminds us that this situation could be just the tip of a financial iceberg, says White Hat Security's Mark Rogan.

The technology can help banks get the most out of the vast amounts of information at their disposal.

In their efforts to understand data privacy regulations and maintain compliance, it’s become clear that a large number of retailers simply don’t know the true whereabouts of their customers’ data, never mind how that data is being used, says Cleo's Dave Brunswick.

Even though the General Data Protection Regulation has put data security and privacy top of mind throughout Europe in its first year, it is not likely the U.S. will see a similar federal mandate anytime soon — if ever.

Because various aspects of the General Data Protection Regulation were made public two years before they became official law, European lawmakers naturally felt it gave companies plenty of time to get data security compliance in place. But it appears most companies either lost track of time or haven't solved the compliance puzzle yet.

A new regulation in the Golden State could provide a de facto national standard as Congress continues to stall on data breach legislation.

While most early GDPR fines have been relatively low, a larger more recent fine at Google is a sign of larger levies to come, according to Karen Neuman and Federica De Santis from the privacy and cyber security practice at Goodwin.

Regulators are handing out fines for GDPR violations, that while relatively small can have a large impact on the push for sharable identity by drawing attention to how large companies use data.

As perhaps the world's most wide-reaching, comprehensive data protection rule, the General Data Protection Regulation is having a ripple effect that almost seemed inevitable.

Banks have the opportunity to transform from being the trusted custodians of our money to being the trusted custodians of our data, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The advent of this is particularly unwelcome, coming, as it does, at a time when many people not only question the role of a bank after the recent financial crisis and gradual digitization of banking services, but also when their relationship with technology has changed, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The concept of Smart Cities — which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic — is deeply intertwined with the development of payments technology and regulation.

The Amazon effect and rules such as PSD2 and GDPR are threatening technology laggards in traditional financial services, contends Stephen Menon, vice president of product at Finn AI.

Cash is unlikely to go anywhere, while application programming interfaces promise a wealth of new innovation, according to Devon Watson, CMO of Diebold Nixdorf.

A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead.

This European regulation means fraud detection will inevitably need to evolve as the fraudsters find new ways to exploit new loopholes, according to Catherine Tong, vice president and general manager for Accertify.

Organizations that lack security controls and have experienced a breach can expect auditors, regulators and standards bodies to knock on their doors demanding information, writes Fouad Khalil, head of compliance and SecurityScorecard.

The transparency and responsibility you demonstrate will help you build more trusting relationships with your customers and the public, according to Carl Mazzanti, founder and CEO of eMazzanti Technologies.