The concern is that banks need to comply with strict regulatory requirements to protect client data. But their industry is being infiltrated by competitors that aren’t necessarily subject to the same rules.
The FBI’s concern arises in part from “the legal mechanisms available to the Government of Russia that permit access to data” in the country, according to a letter the agency sent to Senate Democratic leader Chuck Schumer.
The European Union Agency for Fundamental Rights points to the potential for errors with possible judicial consequences, including discrimination, privacy, rights of minors and its long-term impact on the functioning of democracy.
“We need strong enforcement, because only then will the right to control our data become a reality in people’s lives,” Vestager told a privacy conference in Brussels. “Only then can we start to restore Europeans’ trust in the digital world.”