Harnham
SEARCH
Shortlist

Data Reforms May Cost €5bn

CSA warns EU data reforms may cost €5bn -

New EU rules on data protection could cost businesses across the EU an estimated €5 billion (£4.3 billion), the Credit Services Association (CSA) has estimated.

The Albrecht Report, which was issued by German politician and European parliament member Jan Philipp Albrecht, has proposed a ban on customer profiling as part of revisions to the EU Data Protection Regulations.

But the CSA argued that despite its efforts to protect the personal data of consumers, the report’s recommendations will leave individuals “worse off”.

It also suggested that the removal of customer profiling would fly in the face of “Treating Customers Fairly” rules.

The association, which represents the UK collections market, said that restricting the use of data and giving consumers “the right to be forgotten” will make it more difficult for them to access credit and for creditors to collect what they are owed.

Peter Wallwork, chief executive of the CSA, said: “If you restrict the amount of verified and reliable data available, you expose consumers to the risk of taking on too much credit and ultimately falling into debt.

“On the other side of the coin, a consumer who chooses to have the ‘right to be forgotten’ because, for example, they do not want to be contacted after visiting a particular website, may find that their request counts against them when they apply for credit as no information is held about them.”

It also warned that the cost of implementing the new directive may force many small and medium-sized enterprizes (SMEs) into insolvency.

Wallwork added: “Based on the UK Ministry of Justice risk assessment, we estimate the cost to business across all 27 EU states will be around €5 billion – double the EU’s projected savings – much of which will be borne by SMEs at a time when economic recovery is fragile, at best.

“Smaller businesses will simply not be able to absorb these costs, and many, as a result, will be pushed to the brink.”


Click here for the article on the web.


<< Click here to see more recent news articles >>

 

Latest Jobs

Unfortunately we have no live jobs currently in this sector.
Please register for job alerts to be notifed as soon as a new role becomes available.

Harnham blog & news

With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

Visit our Blogs & News portal or check out our recent posts below.

How Big Data and Risk Analytics Can Help Fight Climate Change

Data is all around us. We use it to calculate our calories and our steps to ensure a healthy body. We use it track our packages and ensure delivery to the right location. We look to it to check the weather for exercise, driving conditions, and in extreme cases, safety preparedness. But, could we use it to fight climate change? Could we use it to reign in swiftly rising temperature changes which could affect our food and ecosystems?  Greener Choices for Greener Products People have more choice than ever before. They also have information at their fingertips and can see at a glance the benefits or the drawbacks of purchases. From how their food is grown to how far their food is delivered to the practices of companies from oil and gas producers to the wearables on their wrist. Climate change and Big Data have been linked, but mostly to determine greenhouse gases and effects of pollutants. But with the rise of consumer advocacy groups, farm-to-table traditions, micro-and macro-farming, and a desire to know more about what we’re putting into our bodies, consumers are dictating greener options from the markets. The Business of Climate Risk Analytics As consumers take note of climate change, companies are merging knowledge of climate change risk into their financial decision making. How will climate change their business practices? How will it be scaled based on how climate science rules inform financial risk assessments not yet developed? The markets need just as much information as consumers when it comes to climate risk. These assessments are intended to businesses determine consequences, responses, and likelihood of the impacts of their actions. Enter climate risk analytics. Climate Risk Analytics uses risk assessment and risk management based on natural disasters and their impact. However, the climate is not in a static state. It’s ever-changing and those changes are often in the extremes with little information related to averages. This complicates risk assessments as do the differences in regional projections. How AI Can Help Big data combined with climate risk analytics is getting an additional boost from artificial intelligence. AI techniques are being used for a variety of situations such as disease tracking, crop optimization, and monitoring everything from our heartbeat to endangered species. Solutions from advances in Deep Learning and Machine Learning could solve global environmental crises while assuaging financial risk with predictive modelling. Yet barriers to effective solutions from AI include cost and regulatory approval. But if these items weren’t an issue? We could determine such vital information as water availability and ecosystem wellbeing. Water and ecosystems aside, AI can help: Track and monitor endangered speciesImprove energy efficienciesOptimize wildlife conservation Fight poaching of endangered speciesTrack mosquito populations to prevent diseaseWarn populations of upcoming storms• Inform agriculture, health, and climate studiesDetermine water, forest, and urbanization changesSome vineyards in California use AI to determine if vines receive enough or too much water. AI’s ability to process large amounts of information quickly are a boon to the ever-changing climate, its risk assessments for businesses, and its benefits to consumers and investors who want to know what businesses are doing to keep everyone safe. In Honor of Earth Day This week we celebrate Earth Day. It’s a day to remember and honor the earth who gives us our air, our food, our animals, plants, fish, and so much more. From Greta Thunberg’s School Strike for Climate to Naomi Klein’s book, The (Burning) Case for a Green New Deal, climate is front and center of our thoughts and our survival. Want to be part of the movement working with Climate Risk Analytics or the effect of Artificial Intelligence in our environment? Harnham may have a role for you. From Big Data & Analytics to the Life Sciences, there’s something for everyone interested in the Data industry. Check out our current vacancies or contact one of our expert consultants to learn more.  For our West Coast Team, contact us at (415) 614 - 4999 or send an email to sanfraninfo@harnham.com.  For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to newyorkinfo@harnham.com.  

Elizabeth Sobel

Elizabeth Sobel

22. April 2021

Privacy Is Big Business For Small And Mid-Size Businesses

Privacy is Big Business for Small and Mid-Size Businesses

If you’re a small to mid-size business and think cyber criminals only go after big business; think again. It’s just as important, if not more important for you to have privacy plans in place. This goes way beyond GDPR and state-to-state rules, this is about how you care for your customers personal information. The return on investment will set the tone for future years of your business. After all, according to a 2018 report by Verizon, 58% of cyber-attacks targeted small business. While it may seem counter-intuitive and larger businesses are bigger fish to go after, they can be difficult to get into. After all, they’ve got the resources to protect their customer’s Data and are hyper aware of what it can be to their business if they don’t. Smaller and mid-size businesses generally don’t have the resources of the larger businesses, and may not focus on cybersecurity like they should which leaves their business wide open for cybercriminals. Chinks in the Armor of Your Data Cybercriminals excel at finding “chinks in the armor” of your Data. They’ll use any advantage to break in from the usual hacking and malware to physical breaches. One improperly secured device can be just the entry they need into your entire system.  What can you do? Be focused in your approach to Data security. Many small businesses tend to put out fires, rather than have a focused strategy. And each approach to tighten security can lead to more opportunity for hacking.Communicate your strategy to every member of your team. Something as small as clicking on the wrong link can lead to a Data breach.Train your staff on measures they can take such as to not click on a link they’re not expecting, to check email addresses and ensure they’re approved or white-listed as okay to access. The more aware your staff are, the better able they’ll be able to help ensure the security of your business’ Data. While staff may be on the front lines, this also requires a commitment from senior executives as well. Understand that just because you’re not dealing in billions of dollars, you may actually be at greater risk. Why? Because unlike the larger companies, your business may not survive the fallout of a cyber-attack. How to Protect Your SMB You can protect your business by creating a Data Security Strategy and consider the following: Encrypt your data;Authenticate your users by either a 2-step verification process or having them enter some kind of code;Authorize access to trusted sources. Encrypting Data helps protect the private and sensitive information and makes it unreadable without the correct key. To ensure only those who are trusted sources have access is through authentication.  Authentication can include username/password, code, tokens, phone number, and image association such as click only the boxes with pictures of street lights or stop signs. This helps your business control who has access and gives you tighter rein over who sees sensitive information and what they can do with it.  By defining the rules and regulations of access to information, training your employees to be aware and what to do to ensure security, you can strike a balance of increased security and transparency to your customers. In other words, the efforts you go through to protect their Data will put you ahead of the competition as you make inroads toward a Data privacy strategy while others take action as things happen. One Final Thought Ensuring your business’ Data is protected and detecting times when it may have been breached is increasingly important to help minimize damage. One issue SMBs face is that it may take longer to detect if there isn’t a Data security plan in place. The more quickly you can detect an issue, the more quickly you can reduce its impact and the more quickly and effectively you can respond, the better.  Interestingly, smaller businesses tend to have a better overall picture of their assets than larger businesses. This can be a boon when you communicate your new cybersecurity strategy to your teams and offers a significant return on investment of your resources. If you’re interested in Big Data and Analytics, we may have a role for you. Take a look at our current vacancies or contact one of our recruitment consultants to learn more.  For our West Coast Team, call (415) 614 - 4999 or send an email to sanfraninfo@harnham.com.  For our Mid-West and East Coast Teams, call (212) 796 - 6070 or send an email to newyorkinfo@harnham.com.

Sandra Namatovu

Sandra Namatovu

14. November 2019

Recently Viewed jobs