Tech keeps EU data protection rules in check

Author: Olly Jackson | Published: 11 Jan 2018

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...