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HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: financial

Posted in Financial Privacy

CFPB Announces Inquiry into Mobile Financial Services and Issues Consumer Tips on Use of Mobile Devices

The Consumer Financial Protection Bureau is exploring how consumers—particularly members of economically vulnerable and underserved communities—are using mobile technology to access financial services and manage personal finances. In a Request for Information announced earlier this week, the CFPB notes that a large percentage of unbanked and underbanked consumers, many of whom are low-income, have access to mobile phones, a significant number of which are smartphones, and that accessing financial products, services, and financial management tools via mobile devices has the potential to empower consumers to take more control over their financial lives, to increase savings and reduce debt.

Posted in Financial Privacy

Financial Services Industry Group Issues Social Media Guidance

A financial services industry group recently released guidance on managing the risks associated with using social media such as Facebook and Twitter. The guidance, titled “Social Media Risks and Mitigation,” was released this week by BITS, a division of the Financial Services Roundtable, which represents 100 of the largest financial services companies. The guidance includes tips on managing numerous concerns specific to financial institutions, which are increasingly using social media in their marketing and customer relationship activities.

Posted in Cybersecurity & Data Breaches, International/EU Privacy

UK Takes Step That Likely Will Result in Significantly Increased Penalties for Data Breaches

In a move that likely will result in a significant increase in civil penalties that can be assessed in the UK for data security breaches, this month the UK Ministry of Justice began consultation on the introduction of a maximum civil monetary penalty for serious breaches of the Data Protection Act 1998 (DPA).