The UK Financial Conduct Authority (“FCA”) has carried out a multi-firm review of cybersecurity practices with a sample of 20 firms in the wholesale banking and asset management sectors (the “Report”). The review aimed to look more closely at how wholesale banking and asset management firms oversee and manage their cybersecurity, including the extent to which firms identify and mitigate relevant cyber risks and their current capability to respond to and recover from data security incidents.
On January 25, 2019, the European Commission published a statement to mark Data Protection Day (January 28, 2019) which, this year, comes eight months after the entry into force of the General Data Protection Regulation (“GDPR”) on May 25, 2018.
The statement indicates that the European Commission considers the GDPR to have had a positive effect, in particular because European citizens are now more conscious of the importance of data protection and of their rights. The European Commission also notes that the Data Protection Authorities (“DPAs”) are enforcing the new rules and better coordinating their actions in the European Data Protection Board. (more…)
On 11 June 2018, members of a Committee within the European parliament (“MEPs”) narrowly voted in favour of suspending the EU-U.S. Privacy Shield (“Privacy Shield”), an agreement that facilitates the transfer of personal data of EU data subjects to the U.S., unless the U.S. government fully complies with the Privacy Shield data protection requirements by 1 September 2018. Although the resolution is only a draft and has no legal effect, it reflects continued European concerns surrounding Privacy Shield. (more…)
The Hong Kong Office of the Privacy Commissioner for Personal Data (the “Hong Kong Data Privacy Commissioner”) has recently published compliance guidance on the upcoming GDPR to raise awareness in Hong Kong companies about the potential effects and reforms needed in order to comply with the new GDPR requirements. (more…)
The EU-U.S. Privacy Shield has survived its infancy, although the October 18, 2017 European Commission report on its first annual review of the functioning of the EU-U.S. Privacy Shield (the “Report”) leaves uncertainty as to the long-term future of EU-U.S. Privacy Shield if the U.S. is unwilling or unable to adopt further Commission “recommendations”. The Report details the Commission’s findings on the implementation and enforcement of the Privacy Shield during its first year of operation. (more…)
On 4 October 2017 the Article 29 Working Party (“WP29”) published its final Guidelines on Data Protection Impact Assessment (“DPIA”) which were initially released in draft form in April 2017. Article 35 of the General Data Protection Regulation (“GDPR”) requires the use of DPIAs, or risk assessments of the proposed processing of personal data by an organisation, as part of regular business processes. The key revisions to note are in relation to the following concepts: (more…)