The soon to be enacted General Data Protection Regulation – better known as GDPR – has been a cause for concern for many financial institutions. Although it represents good news for consumers by strengthening their data privacy, for financial organizations all over the world, it has imposed quite the challenge. Those who do not comply with the new regulation will face fines of up to 20 million euros (about $22 million) or 4 percent of their annual sales ̶ whichever is more. It’s no wonder many financial institutions are scrambling to prepare for its 2018 enforcement.
