General Insurance Article - Ralph Tucker of Mastek-8 out of 10 IFA's fail FSA guidelines

 ‘Data privacy has become an important regulatory and legal issue for financial services firms and IFAs in particular. With the storage and transfer of electronic data now part of everyday life, data protection is more than just a legal requirement: it is also a moral one. Every individual has the right to privacy when it comes to his or her personal data, yet mistakes can and do happen, and private data can be easily exposed. The increasing number of cases relating to data security breaches, stolen laptops and mislaid memory sticks highlights the need for tighter controls and greater protection over sensitive information.

 As such, any organisation that handles personal data needs to have an effective strategy in place to meet all the relevant legal requirements in this area, not only to protect themselves against the risk of incurring significant fines, but also to avoid damage to both their brand and reputation as the result of non-compliance. Pseudonymisation technology can solve exactly this kind of problem by taking the responsibility for protecting the data out of human hands and instead providing data protection that cannot be compromised.”