Data Protection
Since the implementation of the European Data Protection Directive in 1995, the ways in which firms across
Europe collect, use and store data have been reviewed and measures have been put in place to further protect the consumer and the data subject.
However, the rise in identity fraud over recent years and its intrinsic links to money laundering mean that data protection can no longer be treated as an independent legal or compliance requirement.
Recent statistics expose the current escalating level of identity fraud; including an alarming 113% increase in identity fraud relating to loss or unauthorised disclosure of personal data.
As a result, data protection has been placed firmly within the financial crime remit. A firm’s compliance with legislation is now not only under the scrutiny of the data protection regulator; there is also an increased interest in the subject from financial regulators.
MHA can provide you with practical support regarding data protection and information security, for example by:
- Reviewing or writing your data protection policies and procedures;
- Reviewing your customer security questions;
- Advising on confidential waste disposal or
- Reviewing your holistic approach to financial crime prevention, ensuring that it adequately incorporates data protection.
Remember - data protection starts at the collection of data and ends with its secure destruction and disposal.
