Check out this slide to learn about ePrivacy regulation and General Data Protection Regulation. Is their implication brings more challenges to financial industries and Communications Compliance? Go through this slide for full info or visit this link: https://bit.ly/3nxlwLW

1. Next Wave of
Data Protection –
the ePrivacy
Regulation
SHIELD FC

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. What’s the ePrivacy Regulation and why do we
need more data protection rules?
What’s 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 don’t want by enhancing the protection against
unsolicited communications and spam

6. 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.
Current Status

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!

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