Friday, July 6, 2018

We’re pleased to share our new IIF paper Safeguarding Customer Data in the Financial Sector, the first in a series of papers that we will be producing over the next couple of months on the topics of data protection and data sharing regulations in the financial services sector.

Banks’ strengths in safeguarding data go well beyond the minimum requirements of standards such as GDPR, and have been appropriately contrasted to some recent incidents in other sectors. This paper elaborates by describing the specific principles, additional processes and measures that banks pursue to keep customers’ data safe. These are underpinned by a combination of regulation (including prudential and data regulations, as well as the likes of card schemes standards); active supervision, driving a risk-conscious culture; and the fundamental value of preserving customers’ trust. 

IIF Authors

Brad Carr

Brad
Carr
Senior Director, Digital Finance Regulation and Policy
+1-202-857-3648
bcarr@iif.com

Pablo Urbiola

Pablo
Urbiola
Policy Advisor
+1 202 857-3657
purbiola@iif.com

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