Banks Scramble to Protect Against GDPR Data Breach Fines
Concurrent with—yet seemingly in conflict with—KYC initiatives is the EU’s General Data Protection Regulation, which will upend how banks treat customer data, and will levy steep fines against those who fail to comply or suffer data breaches. Alina Haritonova examines the impact of the new rule, which could cost the largest banks “hundreds of millions” to implement.
Under the EU’s forthcoming General Data Protection Regulation (GDPR), due to take effect in May 2018, banks face fines of up to 4 percent of their global turnover if they suffer a serious data breach. To put that in context, had the GDPR been in place when cyber criminals stole some £2.5 million ($3.1 million) from Tesco Bank customers’ accounts in early November 2016, the bank would have been hit with an estimated £1.9 billion fine—not to mention a raft of potential new avenues for customers to
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