Thousands of American companies including credit unions that do business with European customers need to reckon with EU's General Data Protection Regulation, which goes into full effect a year from now.
The GDPR changes the handling of personal and corporate data particularly in terms of personally identifiable information. The regulation, slated for a May 25, 2018 rollout, already weighs heavily on the European business community, but come as a surprise to many U.S. based enterprises.
Nevertheless, the financial services industry is beginning to evaluate how to tackle the incoming data protection regulation because many expect financial-institutions to wear the biggest bull's-eyes when GDPR finally comes into play. Financial institutions have a little over a year to come up with a comprehensive approach and plan for managing and securing European consumer data.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
