SUMMARY

This report examines the financial issues pertaining to protecting, processing and securing data, through an in-depth analysis of Europe’s General Data Protection Regulation (GDPR). Since the introduction of GDPR, a need has existed for a comprehensive examination of the new elements introduced in the regulation, and their potential impact on the banking sector. This has been addressed by various ABI Lab and ABI roundtables which include the responses of multiple banks/financial institutions. The regulations provide an opportunity for banks that are working to establish and improve practices and implement efficient management models in various areas of their functioning.

Accordingly, many banks in the region have been actively working towards enhancing security through better monitoring, improving their management of IT risks, and developing models that could support them in adapting to the recent regulatory developments. It is also worth considering that the organizational setup and processes already established for privacy, are valuable to banks for identifying working priorities to make the institutions’ adaptation to GDPR, smoother. It seems likely that GDPR’s adaptation could be more rapid than anticipated, by leveraging the data governance techniques and models that banks have been working on, over the past few years.

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