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What is ePrivacy Regulation and Its Impact on Financial Services?

As the name contains, GDPR aims at the protection and processing of personal information. Whereas, ePrivacy Regulation focuses on electronic communication such as emails, SMS, cookies, etc. So is there any impact on financial services because of this? View this pdf or visit this link to know more: https://bit.ly/3nxlwLW

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What is ePrivacy Regulation and Its Impact on Financial Services?

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  1. The Next Wave of Data Protection – the ePrivacy Regulation & its Impact on Financial Services FirmsstillstrugglewiththeimplementationoftheGDPRandthe increasingnumberoffinesisatestamenttothat. Andthosethat seemtohavedodgedthebulletsofar, thenextoneseemsonits way. TheePrivacy Regulationpromisestobringmorechallenges tothefinancialservicesindustrythatisstillstrugglingwiththe firstwaveofnewdataprotectionregulations. JochenHeussnerof PlanetComplianceexplainswhatwecanexpectandwhatit meansforfinancialinstitutions.

  2. What’s the ePrivacy Regulation & why do we need more data protection rules? What’stherationalebehindmoredataprotectionregulationsif theGDPRhasnotevenbeenaroundforayear? Well, initiallya largeoftherulesofthecurrentdraftoftheePrivacyRegulation wasintendedtobepartofGDPRbutwasshotdowninearly discussions. Buttheneedtoaddresstheelementsthatwerenot coveredintheGDPRandthenecessitytoupdatetheexisting frameworkthatstartedtoberatherout-datedremained. TheePrivacyRegulationfocusesonthespecificusesofelectronic communicationsuchasemail, SMS, cookies, anddevice fingerprintingaswellastheintegrityoftheinformationitself. In thatsense, theePrivacyregulationisanenhancementofthe GDPRsinceitcoverstheuseofpersonaldataasregulatedunder GDPRintheformofelectroniccommunicationlikeanemail. 02

  3. ePrivacy Regulation is not only an Extension of the GDPR Thenewregulationaimstoremovethesedifferencessinceitwill bedirectlyapplicableacrosstheUnion, whichmeansthesame levelofdataprotectionforall. Itextendsthescopetonew communicationserviceslikeApple’sFacetime, WhatsAppor FacebookMessengerthathavelongovertakentraditional messagingservices. TheePrivacyRegulationcoversbothcontent andmetadataofelectroniccommunications, whichhighlightsthe valueintermsofprivacyofinformationliketheplaceandtimeof acallormessage. So, thebottomlineisthatthereareanumberofvariablesto considerthatwilllikelyfurtherdelaythecomingintoforceofthe newregulation. Wewillalsoseeadditionalchangesthatmight waterdownthecurrentobligations. Whatissurethoughisthat theePrivacyRegulationwillbeintroducedatsomepointinthe notalltoofarfuture. Forfinancialinstitutions, thismeansthat theywillneedtotrytofindholisticsolutions. Formoredetailsvisit ourwebsite. Source: https://www.shieldfc.com/ 03

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