GDPR: Banks, Breaches and Billion Euro Fines

The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches. Most financial institutions are focusing on prevention—as they should—but the highest risk item in the GDPR is the breach notification requirement, and banks are not mitigating this.
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