It does not have to be a big headache, because it’s more of an opportunity.
If managed appropriately, then the new regulations in force next year will lead to more loyalty and stronger customer relationships, rather than issues to the business. In other words, the General Data Protection Rule and the second Payment Services Directive (PSD2) are good for business.
Core considerations are privacy, fraud prevention, and security
In light of PSD2, Strong Customer Authentication (SCA) will be required on all remote access to customer accounts. Even though GDPR does not directly mention SCA per se, a careful review of the law leaves no doubt that if static passwords are left in place, and a breach occurs, organizations are faced with financial penalties of up to 2% of global annual turnover under the new rule.
While no one likes the idea of potential penalties, this is an opportunity to improve your company and help your customers be more secure online. Watch our webinar dedicated to understanding elements of the PSD2 and GDPR regulations. Let’s discuss the major changes to data protection rules, as well as the impact on payment service providers and their partners.
In particular, we'll discuss:
- the implications to Strong Customer Authentication
- European Bank Authority's update to Regulatory Technical Standards
- the requirement of multi-factor authentication.
- tools that you could use
If you are an organization operating in Europe or doing business with European citizens, you likely fall be into one of these categories regarding these regulations:
- ready to take new regulations by the horns
- making some progress with compliance, but still trying to understand the big picture
- unsure of where to start.
No matter where you are right now, this webinar will help you better understand what’s coming and how to make next steps.