Tackling Payment Data Security & Data Privacy
According to Gemalto’s Breach Level Index, 1.9 million data records were compromised in the first half of 2017. Of the 918 publically disclosed total data breach incidents, 14% (125 incidents) affected the financial industry.
Data Security and Privacy regulations such as PCI DSS, The EU’s General Data Privacy regulation (GDPR) and Australia’s Notifiable Data Breach are designed to protect customers’ sensitive, Personal Identifiable Information (PII) and provide some guidance on best practice with regard to data privacy.
With the Notifiable Data Breach (NDB) legislation commencing 22nd February 2018 in Australia, the true cost of a data breach will be felt as businesses (with annual turnover greater than AUD3M) will be required to disclose when they have been breached.
Prominent data breaches eg Equifax, Yahoo have resulted in detrimental effects on their reputation, share price and customer loyalty. Interestingly another school of thought is that organisations can use compliance with data privacy regulations as a competitive advantage to keep existing customers as well as attract new customers!
Join this break-out session with Graeme Pyper of Gemalto and and Alex Scarpato from Commonwealth Bank to understand what these regulations mean and how your organisation can prepare to comply with these regulations.
Regional Director for Aus & NZ | Gemalto
Manager, Cryptographic Services at Commonwealth Bank