EDITOR ’ S QUESTION
BARRY CASHMAN , REGIONAL VP UKI ,
VERITAS TECHNOLOGIES
Advanced analytics and Machine Learning offer huge opportunity and ways forward to customer-centric businesses like banks . This technology is crucial in giving better customer insights from vast amounts of data for well-informed decision-making at speed and at more depth than ever before . By placing this powerful technology at the core of their data business , banks have the information to devise and implement stronger plans for growth .
of the burden of the EU ’ s GDPR legislation which is claimed to be heavily bureaucratic . In reality , the new legislation will have minimal impact on UK businesses with overseas customers or suppliers as they will still need to comply with the laws of the countries with which they are doing business with and so are still beholden by international compliance requirements .
However , while new technologies bring opportunity , they are constantly hungry for data . Handling vast volumes of data does come with increased risks in a variety of ways . Organisations dependent on data are widely targeted through cyber-attacks and often experience data breaches leading to financial loss and reputational damage .
While new technologies bring opportunity , they are constantly hungry for data .
There are plenty of examples of banks that have faced attacks after upgrading from their archaic IT infrastructure to the cloud due to an over-reliance on cloud providers to protect their data when in fact the responsibility is that of the data owner . Exposure to malware from unprotected third-party suppliers has also led to data breaches . A lack of cloud data protection and management skills combined with the challenges of managing data stored on third-party data storage platforms without clear visibility has exacerbated this situation . Regulators are realising that they can ’ t rely on individual businesses to make all the effort to protect their customers ’ data without introducing strict rules and fines to incentivise their enforcement .
The UK ’ s Data Protection and Digital Information Bill , introduced in March , is designed to reduce unnecessary data collection and to remove some
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