The EU's General Data Protection Regulation (GDPR) has seen data protection driven up on the agenda at banks and insurance providers. Data privacy regulation has moved from a reactive to a proactive emphasis. “Businesses are now scrambling to put in processes and technology so they can care for any personal identifiable information appropriately, and be seen as taking data security seriously or risk punitive punishment. The impacts of GDPR are felt not only by banks and other financial services companies, but also by the broader ecosystem that encompasses third-party vendors and partners who will also feel the impact of the regulation.
If you are one of the New York financial services companies and still busy preparing to be compliant with the first part of New York Cybersecurity Regulations by the deadline - August 28th, 2017. Here is what you should know.
PRIVACY BY DESIGN:
Privacy by Design is an approach to systems engineering which takes privacy into account throughout the whole engineering process. The concept is an example of value sensitive design, i.e., to take human values into account in a well-defined manner throughout the whole process and may have been derived from this.
Given recent events in the Market, embedding a design based approach to privacy is prudent: