The landscape is changing. GDPR and MiFID II regulations.
Businesses need to be aware of pending regulations including the protection and privacy of data and the recording of mobile voice calls.
It is recommended that any business takes legal advice in assessing their individual requirements.
General Data Protection Regulation (GDPR)
On the 25th May 2018, new legislation is coming into place that will affect all businesses in the UK and EU. This is known as the GDPR. The new law will replace the current Data Protection Act 1998 providing increased privacy for individuals and will allow authorities greater power to fine businesses for data breaches.
In the unlikely event that a data breach is reported, businesses will be fined up to 4% of their annual turnover or 20 million Euros (whichever is greater).
The management of mobile devices using solutions from SOTI and Samsung Knox can help businesses to prevent these data breaches. We can provide training on these solutions, the appropriate licencing required and the technical support needed for successful deployment.
Working with our trade-in provider, we can help businesses to prevent data breaches. Our partner will arrange the collection of your customers’ devices or IT equipment and will then fully audit and data wipe all of these assets ensuring full compliance. There is also the added aspect of a resale value for any devices and in some cases for IT products.
MiFID II regulations
MiFID II requires all communications that are intended to lead to a financial transaction to be recorded.
MiFID II regulation becomes law in EU countries on the 3rd January 2018.
It means that all financial transactions made via the phone must be recorded and stored for five years.
The sectors that are identified from the regulations are stockbrokers, VC firms, retail financial advisers, investment managers and advisers, energy market participants, private wealth managers and any corporate finance that leads to a transaction.
Failure to comply by the date will mean fines of up to 5% of global turnover.
Additionally, any other business looking to monitor all trading activity on their handsets should consider a solution.