newsdog Facebook

Britain should not be afraid of battling EU over data after Brexit

News Summed Up 2020-01-14 05:30:00

Travelex had a miserable new year, suffering a cyberattack and an accompanying ransom demand for £4.6 million — yet the biggest losers from this incident may not be the travel money company or its customers. Ultimately, it might be the banks. Lenders could be hammered by the Information Commissioner’s Office, which can levy a multimillion-pound penalty, and the City regulator if they end up being burnt by the Travelex attack, having used it as a provider of currency to customers. The trouble is, regulated financial firms don’t really know what their responsibilities are, beyond some brief technical guidelines over their relationships with partners and suppliers. Do they have to show that they have tested all of their suppliers’ systems and audited all their claims, or…