From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Data privacy and security

Data privacy and security

From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Data privacy and security

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- [Speaker] In banking, customer data is more than just information. It's a foundation of trust between the bank and the client. Protecting this data then is essential to prevent fraud and identity theft, maintain customer trust, and comply with regulations. For instance, when it comes to fraud and identity theft, ensuring that sensitive details don't fall into the wrong hands is paramount to maintaining the relationship between the bank and the customer. Related to that, we think about customer trust. We need to help to demonstrate to the customer that their privacy is a top priority for the firm. And then, of course, when we think about regulations, we have to adhere to laws like, as an example, the General Data Protection Regulation or GDPR in Europe, or local privacy standards. And this lets the bank avoid what can be very onerous penalties. Now, banks handle a wide range of sensitive information, including personal identifiable information or PII like names, addresses, and…

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