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ARTICLE · 02 NOVEMBER 2017

Boiling The Ocean

Baker McKenzie
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Europe's new data regulation, due to come into force in May 2018, places wide-reaching demands on banks to reappraise and revamp their data gathering and storage efforts.

United KingdomPrivacy
Mark Nicholls
Mark Nicholls

Europe's new data regulation, due to come into force in May 2018, places wide-reaching demands on banks to reappraise and revamp their data gathering and storage efforts. Many are struggling with the scale of the task.

For banks and other financial services firms with customers in the European Union, it is an operational challenge of almost unprecedented scope: the EU's General Data Protection Regulation (GDPR) – due to enter into force in May 2018 – will require all of them to undertake a root and branch review of how they handle, process and govern the use of customer data across their entire organisations, raising a host of operational, legal and technology risks. Several of those affected will not be ready in time.

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