EDITOR ’ S QUESTION
GDPR is considered to be one of the strictest privacy regulations passed in decades . To the businesses this affects , many obligations must be met , otherwise these companies can be hit with heavy fines . These businesses need to be aware that the legislation does not merely affect them in their country , but that the legislation also protects customers ’ data when undergoing crossborder payments .
GDPR promotes transparency and accountability in how businesses handle personal data by requiring companies to be clear about how they collect , use and process it .
One of the main ways in which GDPR helps to protect cross-border payments and customer data is through its strong data security requirements . Businesses should implement appropriate technical and organisational measures to protect personal data from unauthorised access , use or disclosure . This includes encryption , secure servers and compliance automation that continuously monitors and collects evidence of a company ’ s security controls . These measures are essential for safeguarding cross-border payments , as they help ensure that sensitive financial information is kept secure during transit and stored .
GDPR promotes transparency and accountability in how businesses handle personal data by requiring companies to be clear about how they collect , use and process it ; providing individuals with clear information about their rights and how to exercise them and obtaining explicit consent from individuals before processing their data . This is particularly important when it comes to cross-border payments , as it helps ensure individuals are fully informed about how their data is being used and can make informed decisions about transactions . several approved safeguards , such as standard data protection clauses or binding corporate rules .
With the UK Government indicating it will replace UK-GDPR with its own British data protection legislation , businesses may wonder how they can comply with multiple data protection regulations . One solution is to implement compliance automation . Compliance automation refers to using technology to automate the process of complying with regulatory requirements . This can reduce the number of manual processes or paperwork often required to maintain compliance , which is prone to human errors and consequently , hefty fines and violations .
In summary , GDPR helps to protect cross-border payments and customer data by establishing strict data security requirements and by giving individuals rights to their data . Compliance automation can also play a role in helping businesses meet these requirements and to avoid the consequences of fines and violations for non-compliance . p
In addition to these requirements , GDPR also imposes strict rules on transferring personal data to countries outside the EU . To ensure that personal data is adequately protected when transferred to a non-EU country , GDPR requires businesses to use
ALEV VIGGIO , DIRECTOR OF COMPLIANCE , DRATA
www . intelligentcio . com INTELLIGENTCIO EUROPE 37