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TMPE 2017: Batten down the hatches ahead of GDPR, Lloyds warns brokers
Iain Malloch, data privacy officer at Lloyds Banking Group, said it was not too soon to start preparing for General Data Protection Regulation (GDPR) as the new rules on changes to how brokers can hold and use their customers’ data begin next year.
He offered a raft of advice to the mortgage brokers in the room ahead of the changes that begin in May 2018, which herald huge fines of up to Euros 20m for the most serious tier one breaches.
Malloch said organisations could attract fines of up €20m or 4% of last year’s global turnover for the most serious of data breaches (Tier1), or up to €10m or 2% of annual turnover for tier two breaches.
He suggested brokers go to the Information Commissioner’s Office (ICO) to start their research which has a good 12-step guide and a guide for Small to Medium Enterprises (SMEs).
In other measures to protect their business, Malloch said: “Make sure you change passwords regularly and protect them in ways you never have before. Even if posting mail to clients, pay for registered delivery.”
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In a survey of its own released today, Mortgage Brain found that 81% of mortgage brokers surveyed had not started implementing the new rules and regulations of GDPR.