RGPD and finance: How to protect your customers' data in compliance with the RGPD.
Visit General Data Protection Regulation (GDPR) is a European regulation that came into force in May 2018. Its aim is to strengthen the protection of European citizens' personal data. Companies, including those in the financial sector, must comply or face heavy penalties. In this article, we'll explain how companies in the financial sector can protect their customers' data in compliance with the RGPD.
Designate a person responsible for protecting your personal data
One of the requirements of the RGPD is that companies must appoint a data protection officer (DPO) who will be responsible for ensuring that the company complies with the regulation. The DPO must have in-depth knowledge of the GDPR and how it applies to the company.
Inform your customers about data collection and processing
Companies must inform customers about how they collect and process personal data. Customers must be informed in a transparent manner about the purpose for which data is collected and how it will be used. Companies must also inform customers of their rights in terms of data protection, such as the right of access, the right to rectification, the right to erasure, and so on.
Obtain your customers' explicit consent
The RGPD requires companies to obtain the explicit customer consent before collecting and processing their personal data. Companies must inform customers clearly and concisely of what they are consenting to. Consent must be given freely, without pressure or coercion.
Protect your customers' data
Companies must take steps to protect their customers' personal data. Data must be stored securely, and only authorized persons should have access to it. Companies must implement information security policies to ensure that data is protected against loss, theft or misuse.
Respect customers' data protection rights
Companies must respect customers' data protection rights. Customers have the right to access their personal data and to correct it if it is inaccurate. Customers also have the right to request the deletion of their personal data, and to object to its processing in certain circumstances.
In conclusion, the RGPD is an important regulation that aims to strengthen the protection of European citizens' personal data. Companies in the financial sector must comply with the RGPD to avoid sanctions and protect their customers' data. By appointing a data protection officer, informing customers, obtaining their explicit consent, protecting data and respecting customer rights, companies in the financial sector can comply with the RGPD.
