Reducing risk story
The proliferation of data sharing between organisations and individuals has reached unprecedented levels. In fact, data volumes are exploding, with more data created in the past two years than in the entire previous history of the human race. The benefits and insights that this expansion of data can offer are well documented, if not yet fully utilised, but this opportunity comes with increasing risks to the safety of our own personal data.
In response to this, the European Parliament and Council have introduced the new General Data Protection Regulation (GDPR) to strengthen and unify data protection across the European Union. This regulation, which becomes effective in May 2018, will provide better protection for all of us as individuals, but for the companies handling our data these new and stricter regulatory requirements mean substantial change to the way they operate. Not only do these businesses now face the threat of increased fines and growing reputational risks, they must also tackle legal uncertainties, organisational complexities and huge operational challenges as they grapple with this new regulation.
Since 2016, we have been working with a leading global financial services client to offer pragmatic advice and implementation support as they confront the challenge of this new regulation.
Working to establish clear governance structures and strong backing from right across the organisation, we have helped the client to achieve a cost effective solution that still meets the regulatory requirements, drawing on decades of experience and insight across Europe.
Our ability to offer practical solutions to complex technical, legal and organisational questions is enabling this client to navigate a difficult regulatory landscape, transforming their organisation in preparation for May 2018 and helping them keep their customers’ data safe.
Not only do these businesses now face the threat of increased fines and growing reputational risks, they must also tackle legal uncertainties.