Disagreements over incoming European data protection laws could risk widespread industry confusion and an excessive compliance burden for financial firms, experts have warned.
Optimal Payments said customer data has been compromised as it investigates what could potentially be a much bigger breach, triggering a big drop in share price of the newly FTSE250 listed company.
Lessons must be heeded following the Carphone Warehouse data hack, as new EU laws regarding such incidents could lead to hefty fines or legal battles for those in the payment space, legal experts...
Financial businesses storing biometric information could face higher penalties if they fail to handle that data securely, legal experts have warned, due to impending regulatory changes at EU level.
The number of data breaches reported by UK financial services firms and banks has more than doubled in the last two years.