Open source GDPR so­lu­tion for fi­nan­cial in­sti­tu­tions

OpenSource For You - - Foss Bytes -

Pon­tus Vi­sion GDPR is an open source, se­cure, soft­ware-based so­lu­tion. It en­ables firms to search for any given cus­tomer and quickly ac­cess all of the data the busi­ness holds about them in a sin­gle, con­sol­i­dated view.

Pon­tus Vi­sion en­ables global fi­nan­cial in­sti­tu­tions and gov­ern­ment or­gan­i­sa­tions to ef­fi­ciently and se­curely man­age their large and com­plex data re­quire­ments. It helps com­pa­nies to eas­ily and ef­fi­ciently com­ply with the EU’s Gen­eral Data Pro­tec­tion Reg­u­la­tion (GDPR), which is ex­pected to come into force from May 25, 2018.

GDPR is ex­pected to im­pact ev­ery busi­ness that pro­cesses or col­lects data from EU cit­i­zens. Fail­ure to meet the reg­u­la­tory re­quire­ments could re­sult in sig­nif­i­cant penal­ties of up to US$ 24.74 mil­lion (€20 mil­lion) or 4 per cent of global an­nual turnover – which­ever is higher. To ef­fec­tively ad­dress obli­ga­tions af­ter GDPR comes into force, firms will need to en­sure they pro­tect their cus­tomer’s data in a stan­dard­ised, com­plete and read­ily ac­ces­si­ble man­ner. Pon­tus Vi­sion GDPR is an open source so­lu­tion de­signed to de­liver GCHQlevel se­cu­rity even when data is stored in the cloud. It en­ables firms to stream­line and au­to­mate their data man­age­ment pro­cesses, with­out chang­ing un­der­ly­ing sys­tems or pro­ce­dures, or im­ple­ment­ing po­ten­tially re­stric­tive pro­pri­etary so­lu­tions. This ap­proach con­sid­er­ably re­duces the time, cost and ef­fort re­quired to take the steps nec­es­sary to achieve GDPR com­pli­ance.

Meet­ing these re­quire­ments presents sig­nif­i­cant chal­lenges for a num­ber of fi­nan­cial ser­vices or­gan­i­sa­tions, in­clud­ing re­tail banks, as­set man­agers and in­sur­ance bro­kers. Many are stor­ing ev­er­in­creas­ing vol­umes of in­ter­re­lated client data across mul­ti­ple data­base si­los in a wide va­ri­ety of for­mats.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.