This week we begin with an article that discusses how OCED countries adopted the first inter-governmental declaration setting out common approaches to providing privacy and data protection safeguards for governmental access to personal data held by the private sector. Next, we have the European Union (EU) Regulation on Artificial Intelligence, which took another step towards becoming law when the Council of the EU adopted its amendments to the draft act. Following that, we have the FBI’s InfraGard database of more than 80,000 members compromised which was protecting US critical infrastructure in partnership with the private sector. After that, we have an insightful post on how financial institutions are now exploring the rise of open finance, which is widely considered to be the next stage in the financial data revolution set in motion by open banking. Next is the analysis between the new regulations and the increasing role that data privacy plays in consumers’ purchasing decisions. Companies have increased attention to the data they utilize, whether it comes from their own websites or a third party. Finally, we have a story explaining the growing adoption of real-time analytics, which is affecting nearly every aspect of banking and payments.
OECD Countries Adopt A Declaration On Government Access To Private Sector Data For National Security And Law Enforcement Purposes
The OECD countries adopted the first intergovernmental declaration setting out common approaches to providing privacy and data protection safeguards for governmental access to personal data held by the private sector (on 14 December 2022).
Council Of The EU Proposes Amendments To Draft AI Act
On December 6, 2022, the European Union’s (EU) Regulation on Artificial Intelligence (“AI Act”) progressed one step towards becoming law when the Council of the EU (the Council) adopted its amendments to the draft act (“Council General Approach”). The European Parliament (Parliament) must now finalize their common position before interinstitutional negotiations can begin.
FBI’s InfraGard Database Compromised
The FBI’s InfraGard program for protecting U.S. critical infrastructure in partnership with the private sector had its more than 80,000-member database compromised, according to The Associated Press.
The Ongoing Rise Of Open Financial Data And The Impact On Financial Institutions
One of the most significant new trends that financial institutions are exploring is the rise of Open Finance. This is widely considered to be the next stage in the financial data revolution set in motion by Open Banking.
2023 Data Privacy Trends From A SaaS Data Certification CEO
The data privacy landscape has changed dramatically recently, and that tumult is expected to continue into 2023. Several states including Colorado and Connecticut are expected to develop privacy regulations similar to the California Consumer Protection Act, which famously cost the makeup giant Sephora more than $1.2 million last summer.
Will Real-Time Analytics Reshape The Future Of Financial Data?
The growing adoption of real-time analytics is affecting nearly every aspect of banking and payments. “If you don’t know where your money is, you can’t make good financial decisions,” said Koji Murase, senior product manager of ledgers at Modern Treasury.