The impacts of GDPR on banks in Malta

Abstract

Purpose: The EC/EEA established the GDPR on the 25th of May 2018, whereby it entailed the continuous harmonization of the legislations for data protection within the EU member states and to heighten up the level of individual privacy. The analysis of this dissertation will focus on understanding the key requirements stipulated by GDPR. These include the implementation of new rights, the impacts and challenges on local commercial banks, breach notification management and consent. Gradually, an analysis of GDPR in the context of special activities and the potential to strike a balance with other game-changing regulations will be analyzed. Design and Findings: The researcher conducted interviews with DPOs and the DPC. Questions will include the procedure of compliance with GDPR, the parallel effect of GDPR and other regulations on local banks and whether adequate systems are in place to safeguard the clients’ personal data. Conclusions: The researcher achieved a deeper insight into how local commercial banks handle the data protection regulation and security features of their clients. Ultimately, this proves that enhanced data security procedures will instigate a good corporate governance system, ensure more transparency measures and highly adequate cyber-security systems. Value of this study: GDPR is a relatively new concept in the banking sector. It provides insightful indicators in the financial services industry whereby more protection is given to consumers and strengthens the freedom of business operations.