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GDPR: The Looming Impact on US Banks

May 21, 2018 / Source: Bankinfo Security

GDPR: The Looming Impact on US Banks

Brett King, CEO of 'Neobank' Moven, Discusses Pitfalls for Financial Institutions

The EU's General Data Protection Regulation, which will be enforced beginning May 25, has significant implications for how financial institutions worldwide handle customer data, says Brett King, CEO of Moven, an all-digital bank, or "neobank."

"Unstructured data collection and siloed systems could pose challenges to efforts to comply with GDPR," he says in an interview with Information Security Media Group.

"Banks have collected tons and tons of data, and it's in many different systems spread throughout the bank," King says. "If you went to the CIO of most banks and asked, "What data do you have on me as a customer?", they really wouldn't be able to tell you in a concise manner. That's the core problem to compliance in respect to GDPR."

King predicts that the first time EU regulators will take action against a U.S. bank for failure to comply with GDPR "will probably be where personal data for customers is exposed in some sort of data breach."

In the interview (see audio link below photo), King also discusses:

  • Areas of banking that are going to be most impacted by GDPR;
  • The effect of Facebook/Cambridge Analytica on attitudes about data sharing;
  • The potential for GDPR to become a template for U.S. regulations.

King is a best-selling author and well-known speaker on the future of banking. His books include "Bank 3.0" and "Breaking Banks." He is the founder and CEO of the neobank Moven.