The data protection landscape is changing. The rapid adoption of cloud and software as a service (SaaS) greatly affects the financial industry, where many institutions rely on SaaS vendors for data protection previously implemented in-house. Moody’s Analytics relies on cloud service providers (CSPs) to adequately protect its data, showcasing the need for scalability, industry cost controls, and flexibility.
Organizations must constantly adapt to the challenges of maintaining compliance while handling data. Nowhere is that more apparent than cross-border data protection, which allows data to be and remain protected across jurisdictions, states, counties, and countries with the right data security tools. According to the United Nations, 137 of 197 of its members have data and privacy legislation in place.
Welcome to the era of data domination! Every day, 2.5 quintillion bytes of data flood the digital landscape, estimates Forbes, with a whopping 90% of data created in just the last two years. While this growth presents many opportunities for organizations, it also introduces many challenges. That’s where data governance comes in. It’s a critical practice for businesses trying to navigate data management and data security.
In 2023, the EU General Court overruled the European Data Protection Supervisor and ruled that pseudonymized data will not be classified as personal data under the of EU data protection law when transferred to a recipient who is unable to identify individuals. Businesses are now taking a closer look at their data anonymization processes, as well as the opportunities this new ruling may offer when transferring and accessing data across borders..
In a ruling made on April 26, 2023, the General Court of the European Union (EU) made a groundbreaking decision changing the definition of personal data that has been in place since the adoption of the General Data Protection Regulation (GDPR). This ruling has significant data-sharing implications for organizations within the EU and enables them to share data with third parties more easily, as long as it’s appropriately de-identified.
One of Canada’s largest credit unions, Coast Capital Savings Credit Union (CSS), with over 50 branches across the country, needed to protect critical PII data stored in their AWS cloud environments, Amazon Redshift, AWS EMR, and AWS S3. CSS had to meet Canadian regulatory standards for compliance in 2021, including the Personal Information Electronic Documents Act (PIPEDA), along with a data transformation initiative surrounding its architecture.
We’ve all seen it in the movies: The chief of security declares that no one could ever steal the “Famous Jewel” because it’s protected by thick glass, an impenetrable system of motion-detecting lasers, and, finally, a weight-sensitive sensor. Cut to the next scene, where a thief, dressed in sleek black, zip-lines from an open skylight, shorts the lasers, scores the glass, and with split-second timing, swaps the jewel for a replica of equal weight.
