Equifax: Telcos must be GDPR ready or risk heavy fines
Volumes of data handled by telcos are growing fast, and the pressure is on to minimise breaches. With implementation of new general data protection regulation (GDPR) just one year away, Steve Martin, Data Protection Officer at Equifax, comments:
Mobile data traffic is set to increase seven fold between 2016 and 2021, and telcos need to work hard to ensure their defences can withstand attempted hacks. The one year countdown to the implementation of GDPR brings an even greater responsibility to ensure security is first class.
A data breach under the regulation may result in heavy fines of up to either 4% of global revenue or 20 million euros, whichever is higher. The financial risk is significant to telco operators. Strategies need to be implemented to ensure appropriate management of data, including how it’s transferred, shared, stored and recovered.
At the heart of the change is more transparency for consumers; companies must provide clear communication detailing how they manage and protect data from the outset. To avoid confusion, win consumers’ trust, and ensure data can continue to be used effectively, all parties in the data sharing chain need to work together to agree a common approach for privacy notices.
The financial penalty for a breach is high, but telcos mustn’t lose sight of the benefits of GDPR. It brings an opportunity to improve the public’s understanding of how their information is used and kept safe, and their rights to access, control and correct information held on file. To ensure this is achieved, companies must strike the right balance between compliance and a consumer friendly approach.”
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Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,700 employees worldwide.
Some noteworthy achievements for the company include: Named to the Top 100 American Banker FinTech Forward list (2015-2016); named a Top Technology Provider on the FinTech 100 list (2004-2016); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2016); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015-2016). For more information, visit www.equifax.com.
Equifax Limited is one of the Equifax group companies based in the UK. Equifax Limited is authorised and regulated by the Financial Conduct Authority.