The General Data Protection Regulation
(GDPR), the E-Privacy Directive and the Investigatory Powers
Act have all come into effect in the past few years to bolster
data protection. But with technology changing so rapidly,
regular updates to data regulation are desperately needed to
keep up to speed. However, the by-product of this could be that
a conflicting system of laws is created.
Financial services firms, along with tech
companies, are spending the most to comply. A study
commissioned by State Street found that 56% of asset managers
and asset owners are increasing their technology and
operational capabilities to meet regulatory changes. The
International Association of Privacy Professionals and EY
estimate that Fortune 500 members will spend a total of $7.8
billion to get in line with GDPR.
The recent Equifax data breach is one event that is likely
to stimulate investment. The hack of the credit reporting
agency exposed the personal...