22nd May 2018 Rosalind Connor comments in Pensions Expert on GDPR and how it will affect the pensions industry
On 25th of May, GDPR will come into effect. Trustees and schemes alike have to make sure that they are watertight when it comes to complying with introduced regulation; no one wants to be caught out.
At face value, legislation designed to prevent the exploitation of personal data for commercial gain may appear not to suit the pensions industry. However, the sector is becoming more able to respond to sweeping demands over data management in such a way that makes it inherently compatible with GDPR.
Rosalind Connor, commented that, owing to the nature of member data, years of regulatory pressure and a painful recent history of security breaches, the world of pensions is ahead of comparable industries when it comes to prudent data management.
While urging against complacency, Rosalind said, “I think the whole industry has been aware of the risk of cyber-attack in a way maybe loads of other people haven’t”, adding, “we all know in pensions that old sins have long shadows”.
Read Rosalind Connor’s comments in Pensions Expert
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