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ARTICLE · 29 MARCH 2021

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Developments On Penalties Imposed On Financial Institutions For GDPR Violations In Cyprus

This article discusses the decision of the Commissioner for Personal Data (Commissioner) issued on 17th June 2020, through which a fine in the amount of €15.000...

CyprusPrivacy

This article discusses the decision of the Commissioner for Personal Data (Commissioner) issued on 17th June 2020, through which a fine in the amount of €15.000 was imposed to a Bank for violation of several obligations stemming from the General Data Protection Regulation (hereinafter the GDPR).  These obligations refer to, among others, principles relating to processing of personal data, right of access by the data subject, security of processing and the notification of a personal data breach of GDPR.

What was the factual background?

  A complaint was filed against a Bank (Bank) and the insurance company from an individual due to the inability of the Bank to provide him with a copy of his insurance contract upon his request. According to Bank's allegations the provision of a copy of the document was not feasible because the original contract has been archived in a place, where its trace was difficult and time consuming. The Bank did not notify the competent

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