GDPR: how best to store data

Author: Olly Jackson | Published: 4 May 2018

The General Data Protection Regulation (GDPR) requires companies to reconsider data processing and storage in a way they have never done before. This is a particularly challenging task for the financial services sector, given the magnitude of data held by firms and the amount of personal data they store about their clients. To avoid record fines, it is essential that personal data is securely stored and this becomes even more essential as regulations like the recent Payment Services Directive mean that the sector is sharing far more personal data than ever before.

One of the biggest challenges for the sector is to manage the huge amount of data as it is alters. Cleary Gottlieb’s Gareth Kristensen said that there are baseline requirements including encryption of personal data in transit and at rest, which companies must implement immediately.

"One of the most important actions for an organisation is to trace personal...