Exploring the ICO's Regulatory Philosophy to Empower Financial Services and Protect Consumers
The Information Commissioner's Office is the UK's data protection regulator, and they are responsible for making sure organisations can create innovative products and services whilst still protecting people’s personal information. The ICO attended this event to discuss their regulatory philosophy and how they are empowering businesses in the finance sector while protecting consumers. They work cooperatively with the sector to create regulatory services that best suit innovators’ needs and help them protect customers’ data. The ICO also shared details of a data sharing pilot project facilitated by the Home Office and UK Finance to address financial crime risk, and highlighted the benefits of the Data Protection and Digital Information Bill which does not jeopardize the ICO's adequacy status. Lastly, they emphasized the importance of getting the basics right with regards to using personal data, and warned of consequences if organizations ignore their advice or take unreasonable risks.