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Future-proofing cybersecurity and data privacy
By Harriet Pearson
With increasingly strict data protection regulations imminent and recent ransomware attacks bringing cyber security and data protection to the forefront, banks will need to do everything they can to prepare for 2018.
Banks will need to ensure that their legal teams are thinking and acting in an international context. They will need to formulate a forward-thinking plan to balance domestic or local compliance with international compliance. Legal teams need to be aware of all of the international aspects of privacy, especially with regards to upcoming EU General Data Protection Regulation (GDPR), or potential cyber security regulations in New York. Banks should dedicate extra resources to deal with the increasing amounts of data protection regulation, to help avoid substantial fines. Failure to comply to GDPR, for example, could lead to fines of up to 4% of the company's global annual turnover of the previous year.
Banks also need to be forward thinking in order to remain vigilant against the threat of cyber-attacks, including data breach and data manipulation. Data protection best practice is constantly changing, and banks will need to constantly ensure that they are following up-to-date advice, and that the procedures they have in place are still correct. Banks need to guarantee that they are doing enough to safeguard their client's data, as they can be held responsible if client's data is hacked.
