How will the EU Referendum affect IT compliance in the finance industry?

On the 23rd June, the UK electorate faces its biggest decision in a generation. The debate surrounding the EU referendum has focused on a variety of issues: immigration, national sovereignty and economics to name but a few. However, the technology industry, based both in the UK and abroad, will also be waiting eagerly for the electoral result.

If you happen to have read any headlines about Safe Harbor, Privacy Shield or the upcoming General Data Protection Regulations (GDPR), then you’ll be well aware of the hands-on role that the EU plays with regard to data protection and IT compliance. Many businesses are now facing a period of uncertainty as they wonder if, and how, the EU referendum result will affect IT compliance.

The finance industry is already undergoing a period of great disruption, with Fintech startups unsettling the established players. When confusion over the UK’s relationship with the EU is added to this, businesses are understandably concerned. Looking ahead, the biggest change to IT compliance is likely to come in the form of the GDPR, which is due to be enforced in 2018.

[easy-tweet tweet=”Tech firms will be hugely interested in the outcome of the EU referendum” user=”veberhost ” hashtags=”EURef, Brexit”]

What Brexit means for GDPR

Many financial businesses may believe that they should wait until the result of the referendum before assessing whether they need to comply with the EU’s General Data Protection Regulations, but this is a dangerous approach to take.

It is likely that UK businesses will need to comply with GDPR, regardless of whether we vote in or out, providing you are dealing with EU customers or businesses. It is also likely that in the event of Brexit, EU businesses will claim that the UK’s pre-existing compliance laws – the Data Protection Act 1998 – is not stringent enough.

Ultimately, this means that UK companies need to start assessing their compliance standards now, before it’s too late. For some businesses, this may involve a long, hard look at their internal IT resources, but for many others their relationship with their cloud vendor will take on added importance.

Cloud compliance

Finance firms worried about whether their cloud vendor will meet compliance standards in a post-referendum UK must begin acting now. Ensure that your supplier already adheres to the highest security and compliance standards and if they do not, it may be time to find a new vendor.

At Veber, we have a compliance team in place that is focused on ensuring quality, environmental and security standards. As well as our ISO accreditations, our own “Veber Promise” guarantees that you’ll receive a best in breed service. Also, as an approved G-Cloud supplier you can be sure that our broad range of cloud services have been vetted against the most stringent public sector standards.

For financial businesses, it is vital that their cloud vendor has a clear understanding of IT compliance in order to avoid regulator fines and reputational damage. At Veber, our experience and expertise can give your IT leaders peace of mind, no matter what happens on the 23rd June.

[easy-tweet tweet=”Finance firms worried about #Brexit affecting compliance in the UK must begin acting now” user=”veberhost ” hashtags=”EURef”]

Businesses that are looking for stability, whether we end up in or out of the European Union, are best served going with a UK-based cloud vendor that offers only the highest levels of data security and compliance.

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