GDPR for Financial Institutions

gdpr for financial institutions

The General Data Protection Regulation (GDPR) aims to safeguard the personal data of every EU citizen around the world.

Nonconformance incurs fines of up to 2% of annual turnover or €10.000.000 whichever is higher (also 4% or €20.000.000 depending on the severity of nonconformance).

GDPR becomes automatically effective on May 25th 2018 and does not need to be further approved by local parliaments.

Financial Institutions are in the eye of the storm and they will be among the first organizations that will be audited for GDPR compliance. They hold a great deal of personal data and are of great public interest.

GDPR poses a serious challenge for every organization, since its requirements are unprecedented.

Conforming with the GDPR requires facing the problem from the following aspects

  • Processes and policies
  • Legal
  • Technical
  1. Completing the GDPR readiness assessment is a good start, since it lets you know where you stand, by pressing the button.
  2. Contact a specialist who can help you with all aspects
  3. Start reviewing GDPR technical solutions that take GDPR into account, as the technical challenge is unprecedented. Microsoft solutions for the GDPR, such as Azure and EM&S (Enterprise Mobility & Security) are way ahead of the competition, since Microsoft has made a strategic commitment and invests heavily to make its customers GDPR ready. Find more below