Fin & Tonic: GDPR - is the financial services industry ready?

B-Hive’s latest Fin & Tonic was all about the upcoming GDPR regulation and how this affects the financial services and fintech industries going forward.

In a nutshell, the European General Data Protection Regulation (GDPR) changes the way personal data of EU citizens and residents is handled. As of May 25, 2018, if your company is keeping data on EU citizens and residents, you need to comply with the regulation, regardless of where your company is located. In this context, personal data is essentially any piece of data that could be used to identify someone, when used on its own or in combination with other data.

As a reminder, the GDPR provides the following rights for individuals:

  1. The right to be informed
  2. The right of access
  3. The right to rectification
  4. The right to erasure
  5. The right to restrict processing
  6. The right to data portability
  7. The right to object
  8. The rights in relation to automated decision making & profiling.

This shift will have many positive outcomes for consumers, but it can be a bit confusing and chaotic for companies who need to comply. Therefore, this Fin & Tonic couldn’t have come at a better time!

time.lex

After a short welcome from co.station CEO, Wouter Remaut and introduction of our new B-Hive members Privatum and Virteo, we kicked off the eventing with a QUIZZ by Edwin Jacobs, Partner at time.lex.

After debunking some myths about GDPR, Edwin offered some excellent advice on what to do about the implementation - including the fact that it’s not about the GDPR, but about the data economy. While GDPR can be complicated, it’s possible to turn this mandatory compliance into a commercial advantage - and make sure you show that advantage to your customers. Great advice!

We then had the opportunity to listen to a few use cases, including a GDPR implementation presentation by Dominique Adriansens, CEO of Twikey. We also got to hear from Dimitri Verhelst, co-founder of Juru, who explained how Juru implemented blockchain technology for the City of Antwerp in a GDPR-compliant way. As Dimitri explained, when it comes to blockchain and GDPR, “use it for timestamps, not to store data.”

Jan De Bondt, Partner at iGuards, was up next to give a presentation on the challenge of consent collection. He mentioned a great quote from Steve Wood, ICO Deputy Commissioner for Policy, “failing to get data protection right is likely to damage your reputation, your customer relationships and, ultimately, your finances. That goes way beyond increased fines – think brand damage and a subsequent loss of customers.” He offered a six-step approach for marketers to ask consent in their email marketing campaigns - very handy!

Our last individual speaker was Thibaut De Vylder, CEO of dFakto, who gave a presentation on dFakto’s GDPR360 tool. After these fantastic presentations, we held a panel with our speakers, moderated by B-Hive’s own Patrick Coomans, CyberHive Regional Lead in Belgium.

But no Fin & Tonic would be complete without some networking and a refreshing gin and tonic! So after these insightful presentations, we finished the evening with more discussions, more drinks and more celebrations in the future of transparent and uniform data protection.

Thank you to everyone who joined us for this event! Be sure to register for our next Fin & Tonic on blockchain April 26.