News

GDPR - Giving power back to you

by Mr M Auger
24/11/2017
GDPR - Giving power back to you

The world has moved on since the Data Protection Directive of 1995. The society of 2017 is increasingly connected: the widespread use of smart phones means that most of us carry an internet connected computer in our pockets. With this, individuals have wide spread personal information all over the internet – particularly through social media outlets such as Facebook, Twitter and LinkedIn.

Pre-existing law is no longer fit for purpose in this modern day and age of technology. This has resulted in the upheaval of existing data protection law to deliver the General Data Protection Regulation (GDPR).

You may have read about GDPR in the press which has mostly been focussed on the panic amongst organisations as they scramble to get their houses in order due to fears of potentially significant fines for non-compliance. What gets less air time is the positive impact of GDPR on customers and businesses. There is no disputing that the main principle behind it, which is to give citizens back control of their personal data and to simplify the regulatory environment for international business by unifying regulation within the EU, is good.

With this in mind, I would like to share some of the benefits that GDPR will bring to individuals. Reyker has an approach of early adoption of regulatory policy and you will already get many of these benefits from the way that Reyker operates with you before the implementation date of 25 May 2018.

Plain English privacy policies

Do you remember the last privacy policy with all that legalistic jargon in it? Businesses need to adopt plain English privacy policies that can be easily understood by customers. Individuals should now be able to get a very clear understanding of how their data is being used by the businesses they work with. Reyker’s privacy policies are in plain English and downloadable from our website or can be sent to you upon request.

Better data security

With potentially significant fines at stake, businesses will need to ensure better security controls over data. This means that businesses will be actively looking to ensure that your data will be better protected. Business owners may also see this as an opportunity to move towards a more easily maintainable data base and get their house in order. At Reyker we believe that the protection of our clients’ data is of upmost importance and have in place a number of controls to ensure the security of your data.

Explicit consent

Firms will need to seek your explicit consent before using your data. You can say goodbye to confusing tick boxes to either opt in or opt out of marketing information. We will only send you marketing information that we think will be helpful and of interest to you, and our application forms will ask for your permission for us to do so.

Right to be forgotten

Customers have the right to be forgotten. With personal data held all over the web, customers have the right to be forgotten and to have their records deleted from such service providers. Probably not a bad thing for those who may have regretful photos posted on Facebook.

This is probably less relevant in the financial services industry, where other regulations including those for anti-money laundering require firms like us to maintain your data for an extended period, even if you are no longer a client.

Questions about your data?

If you have any questions about the way in which we use or look after your data then please feel free to get in touch with us and one of our team will be more than happy to answer any questions you may have.

Martinbio-03