From: Reuters
NEW YORK (Thomson Reuters Regulatory Intelligence) – U.S. financial services firms trying to manage regulations and guidance on data protection and cyber security from multiple jurisdictions, are about to face one of their biggest challenges yet when strict new European Union rules governing the use of personal information take effect.
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OVERVIEW AND PENALTIES
The GDPR is an EU requirement with a deliberately global reach. It sets a new level of obligations and expectations regarding data protection, security, and management. The rules are more restrictive than state laws such as the New York Department of Financial Services’ Cybersecurity Regulation that took effect in August 2017(here). Other states including California and Massachusetts are also known for their strict laws governing personal data.
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