New European regulations on data security should not be viewed as a compliance exercise but as a push towards best practice, according to both regulators and industry insiders.
The high potential fines associated with the General Data Protection Regulation (GDPR) — up to 4 percent of global turnover or €20m, whichever is higher, for a breach — have caused concern among companies as they strive to meet the May 25 deadline.
However, some believe regulators will likely be looking to see that companies are complying with the spirit of the regulation rather than viewing the new measures as a box-ticking exercise — although suggested this fact could be made clearer.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.