The banking and financial sector often processes personal data on behalf of third parties, such as business partners or credit agencies. The RGPD requires financial institutions to be responsible for how they process this data, even if it is provided by third parties. This encourages greater diligence in the selection of partners and constant monitoring of their RGPD compliance.
The banking and financial sector is increasingly using data analysis and artificial intelligence to carry out credit assessments, risk analysis and other automated decisions. The GDPR imposes specific requirements on profiling and the use of automated decisions, ensuring that individuals have the right to object to such practices and to obtain human intervention where necessary.
Banking and financial institutions operating internationally must comply with the RGPD's strict rules on transfers of personal data outside the European Union. This means putting in place valid transfer mechanisms, such as standard contractual clauses or binding corporate rules.
The banking and financial sector frequently uses cookies and online tracking tools to improve customer services and personalize the user experience. The RGPD requires full transparency regarding the use of these technologies and asks for users' explicit consent to the tracking and processing of their data.
Banking and financial institutions often use subcontractors to manage certain data-related operations, such as hosting or managing cloud services. The RGPD requires these subcontractors to be carefully selected and also to comply with RGPD requirements to ensure data security.
In conclusion, the RGPD in the banking and financial sector goes beyond the basic aspects of data protection. It imposes extensive liability towards third parties, addresses the challenges of profiling and automated decision-making, and regulates international data transfers. In addition, it touches on online tracking technologies, relationships with subcontractors and encourages a global data protection culture in financial institutions. These more subtle issues reflect the scale and complexity of RGPD compliance in a sector as sensitive as banking and finance.
GDPR compliance should not be a constraint for your organization, but an opportunity to demonstrate your commitment to data security. Our external DPO service is designed to optimize the compliance process, providing our expertise to ensure the protection of your personal data. As a result, you can concentrate on your core business, while benefiting from the increased confidence of your customers and partners.
In 2020, the CNIL has fined French bank BNP Paribas 10 million euros for violating the General Data Protection Regulation (GDPR). The CNIL found that BNP Paribas had not taken sufficient security measures to protect its customers' personal data.
These examples show that companies in the banking and finance sector are vulnerable to cyber attacks and data breaches. It is important for these companies to take security measures to protect their customers' personal data.
With My Data SolutionWhatever the size of your organization, you can deploy RGPD compliance across all your support functions and business departments affected by this regulation.
We can intervene for :
The security of banking and financial data in relation to the RGPD is our top priority. We adopt security best practices to protect data from leakage, loss and hacking. We use encryption technologies to protect data during storage and transmission, and we implement backup procedures to ensure data availability in the event of an incident. We also carry out regular audits to ensure compliance with the highest security standards.
We carefully monitor the latest updates and regulatory requirements to ensure that our customers are always compliant with the GDPR and other data protection laws and regulations related to banks and financial services players. We help you prepare for checks and respond to inquiries from regulatory authorities. We also keep abreast of new technologies and best practices to deliver ever-evolving compliance in line with the strategic issues facing the Banking-Finance sector.
The RGPD, General Data Protection Regulation, is a European Union regulation that aims to protect individuals' personal data. It also concerns the banking and financial sector, as institutions frequently collect and process sensitive customer data, such as banking information and credit card details.
In the event of a breach of the RGPD, companies in the Banking - Finance sector can face fines of up to 4 % of their worldwide annual sales or 20 million euros, whichever is greater. In addition to fines, violations can lead to a loss of customer trust and seriously damage the company's reputation.
Key steps to RGPD compliance include: conducting a data assessment, implementing data protection policies, obtaining informed consent from individuals, enhancing data security, raising employee awareness and implementing a data subject rights management process.
To obtain valid consent, make sure that your request for consent is clear, understandable and specific to each processing purpose. Customers must give their consent freely, knowledgeably and without pressure. You must also inform customers of their right to withdraw consent at any time.
Security measures include using encryption techniques to protect data, restricting access to sensitive data, implementing access controls, raising employee awareness of data security, and carrying out regular audits to assess the effectiveness of measures.
My Data Solution offers a range of customized services to help you achieve RGPD compliance. We carry out compliance assessments, develop bespoke action plans, train your staff in best practice, manage individuals' rights and carry out regular audits to ensure ongoing compliance.
RGPD compliance boosts your customers' trust by showing your commitment to protecting their data. This helps you avoid costly fines for non-compliance, protects your reputation and gives you a competitive edge by attracting privacy-conscious customers.
My Data Solution is hosted, designed, and developed in France
