Independent Banker - October 2018 - 36

PORTFOLIO
" People are more aware and more
sensitive about the privacy of their
financial and personal information. "
-Prabhash Shrestha, ICBA
identity theft as a concern.
While the concept of GDPR may
seem oceans away, underestimating
exposure could trigger high penalties
for noncompliance, and failure
to comply can result in a fine of up
to €20 million (about $26 million)
or 4 percent of the company's global
revenue, whichever is larger. " On top
of the heavy monetary penalty, the
GDPR imposes a 72-hour deadline
to report breaches, beginning the
moment you know a breach occurred, "
adds Shrestha.
GDPR mandates that companies get
affirmative customer consent before
processing or storing customer data,
and they must clearly explain how the
information will be used, and for how
long it will be used and stored. GDPR
supports the data minimalization
principle, requiring companies to only
use and keep the personal data that is
needed at any given time for any given
purpose. Customers have the right to
withdraw consent at any time.
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Who does GDPR apply to?
According to the EU Charter of Fundamental
Rights, the new rule applies
broadly to EU citizens or customers
for transactions that occur when the
covered person is within one of the 28
current EU member states. It applies
to European businesses that work
with EU citizens' customer data and
to any entities that work with those
businesses. It also applies to entities
that collect or process the personal
data of individuals located inside
the EU, or offer goods or services
to EU residents, regardless of the
company's location.
The GDPR offers guidance on the
protection afforded by the regulation
that " [it] should apply to natural persons,
whatever their nationality or
place of residence, in relation to the
processing of their personal data. " It
does not, however, stipulate the impact
of the rules on people located in the
EU as tourists, on foreign work assignments
or as overseas service members.
When a U.S. citizen travels to the EU,
for instance, access to a bank's online
banking systems could potentially trig>
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Independent Banker - October 2018

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