MARCH 4, 2020

Financial services organisations struggling to utilise customer data

New research reveals a breakdown between Chief Data Officers and Legal Departments

A disconnect exists between the goals of Chief Data Officers (CDOs) within financial services organisations and their legal departments when it comes to repurposing data for secondary use, according to new research released today.

Based on the views of over 400 CDOs from multinational companies attending FIMA Europe 2019 (Europe’s leading financial data management event) a new survey revealed that 90% of CDOs are currently repurposing data or plan to in the next year.

However, over half (53%) of the CDOs in attendance also revealed that within the last six months they have been told by their legal departments that their organisation cannot use the data in the ways that

The research, which was conducted by Anonos®, the leading data privacy and enablement technology provider, shines a light on the challenges financial services organisations face from regulations including the GDPR and PSD2. In many cases, companies can no longer rely on the processing grounds of anonymisation, consent and contract when they want to repurpose customer data for big data analytics, machine learning and AI.

Gary LaFever, CEO and General Counsel at Anonos, said:

“In many ways, the role of Chief Data Officers is changing from policing and controlling data usage to enabling new business avenues driven by data and analytics. However, as this research highlights, CDOs are facing a struggle with their legal department when it comes to generating revenues from the trove of data their organisation possesses.

“Possession of data doesn’t give companies the right to process data, and most companies are now realising that they cannot repurpose data in the ways that they want to maximise value. This puts them in a difficult position: to gain a competitive edge, or even to compete in their industry at all, repurposing of data is not only important, but in many cases necessary.”

Gary added: “Traditional data protection methods such as anonymisation leave personal data open to re-identification, which exposes you to GDPR non-compliance risks. “However, in contrast, the GDPR highlights pseudonymisation as a technological solution in more than a dozen places, linking it to express statutory benefits and as a recommended safeguard for enabling greater privacy-respectful use of data in today’s ‘big data’ world.”

The survey also revealed that 83% of CDOs believe opportunities for leveraging customer data for innovation can be significantly increased through utilising technical controls for privacy rights management within their organisations.


This article originally appeared in PrivSec Report.  All trademarks are the property of their respective owners. All rights reserved by the respective owners.


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to Insight
Are you unable to get desired business outcomes from your data within critical time frames? 53% of CDOs cannot achieve their desired uses of data. Are you one of them?
Lack of
Do you have trouble getting access to the third-party data that you need to maximise the value of your data assets? Are third-parties and partners you work with worried about liability, or disruption of their operations?
Inability to
Are you unable to process data due to limitations imposed by internal or external parties? Do they have concerns about your ability to control data use, sharing or combining?
Are you unable to defend the lawfulness of your current data processing activities, or data processing you have done in the past?
Traditional privacy technologies focus on protecting data by putting it in “cages,” “containers,” or limiting use to centralised processing only. This limitation is done without considering the context of what the desired data use will be, including decentralised data sharing and combining. These approaches are based on decades-old, limited-use perspectives on data protection that severely minimise the kinds of data uses that remain available after controls have been applied. On the other hand, many other new data-use technologies focus on delivering desired business outcomes without considering that roadblocks may exist, such as those noted in the four problems above.
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