How Does the ePrivacy Regulation and General Data Protection

1
SHIELD FC
Next Wave of Data Protection the ePrivacy
Regulation
2
Many firms still struggle with the implementation
of the GDPR and the increasing number of fines is
a testament to that. And those that seem to have
dodged the bullet so far, the next one seems on
its way. The ePrivacy Regulation promises to
bring more challenges to the financial services
industry that is still struggling with the first
wave of new data protection regulations. Jochen
Heussner of PlanetCompliance explains what we can
expect and what it means for financial
institutions.
3
Whats the ePrivacy Regulation and why do we need
more data protection rules?
Whats the rationale behind more data protection
regulations if the GDPR has not even been around
for a year? Well, initially a large of the rules
of the current draft of the ePrivacy Regulation
was intended to be part of GDPR but was shot down
in early discussions. But the need to address the
elements that were not covered in the GDPR and
the necessity to update the existing framework
that started to be rather out-dated remained.
4
The name also contains the difference to the GDPR
as the latter aims at the protection and
processing of personal information and the
ePrivacy Regulation focuses on the specific uses
of electronic communication such as email, SMS,
cookies, and device fingerprinting as well as the
integrity of the information itself. In that
sense, the ePrivacy regulation is an enhancement
of the GDPR since it covers the use of personal
data as regulated under GDPR in the form of
electronic communication like an email. Hence,
companies need to comply with both sets of
regulations if they are to use these forms of
communication.
5
An important aspect of the new rules is the use
of cookies and tracking. Going forward the use of
these instruments will by default be much more
limited unless a user expresses its consent. And
lastly, it aims to bring an end to the myriad of
phone calls from people trying to sell us things
we dont want by enhancing the protection against
unsolicited communications and spam
6
Current Status
So far, so good. The problem is though that the
ePrivacy Regulation has hit several roadblocks
right from the start Its provisions were kicked
out of the original GDPR proposal. Then its
rather ambitious start date that was to coincide
with that of the GDPR last year May was delayed
and thanks to extensive industry lobbying a
number of changes have been recommended since the
original proposal, with the latest compromise
text being published by the current Romanian
presidency of the Council on February 4th.
7
Potential Impact on Financial Services and
Compliance
The bottom line is that there are a number of
variables to consider that will likely further
delay the coming into force of the new
regulation. We will also see additional changes
that might water down the current obligations.
What is sure though is that the ePrivacy
Regulation will be introduced at some point in
the not all too far future. For financial
institutions, this means that they will need to
try to find holistic solutions.
8
There is little time to lose Considering both
the current popularity of artificial intelligence
in FinTech applications and the potential that
lies within the Internet of Things for financial
services, the risks can multiply quickly. The use
of data in machine-to-machine services is a key
element of the current conversations regarding
the ePrivacy Regulation and all parties have made
it clear that they are fully aware of the
emerging role of IoT devices. Treating these
risks lightly might soon result in a hefty bill
just ask Google!
9
Mailing Address
11 Menachem Begin Rd. Ramat Gan, Israel
Phone Number
97235685587
Email Address
Get In Touch With Us
info_at_shieldfc.com
Website
https//www.shieldfc.com/
10
https//www.facebook.com/ShieldFinancialCompliance
/
https//twitter.com/Shieldregtech
https//www.instagram.com/shield.regtech/
https//www.linkedin.com/company/18055936
11
Thank You for Watching
https//www.shieldfc.com/