Trying to increase security while staying compliant with new laws and regulations is undoubtedly a daunting task. Financial institutions must comply with a huge number of regulations. A recent article on regulatory concerns noted that there are 750 global financial regulators, each with their own rules.
In Europe, financial institutions had to adapt quickly japan business mailing list to the General Data Protection Regulation (GDPR). Then, two other regulations emerged, Strong Customer Authentication (SCA) and the revised Payment Services Directive (PSD2).
The GDPR also kicked off a massive push to strengthen data privacy and security protections for consumers globally. In the United States, states like New York, California, Massachusetts, Washington, Hawaii, and many others have introduced their own data privacy and protection legislation. There was concern that there could be 50 versions of a consumer privacy law, each with its own rules and regulations. Because of this concern, Congress introduced the Consumer Online Privacy Rights Act in the Senate just before Thanksgiving last year, which has yet to pass.
With all these rules and regulations and more, it's no wonder financial organizations are facing compliance fatigue that puts them at risk.
