Banks rush to protect against data breach fines

Cost of implementing GDPR could reach hundreds of millions for largest banks, say op risk practitioners

Race to protect data
The fear of significant fines has led banks to race for data protection solutions

Banks are no strangers to the perils of lax data security. The growing frequency and severity of cyber attacks on lenders have made resiliency against external attack banks’ top operational risk priority. To ensure practitioners’ minds are sufficiently focused, however, European supervisors are introducing tough new legislation to incentivise higher data protection standards – seemingly favouring the stick approach over the carrot to achieve their goal.

Under the EU’s forthcoming General Data

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