Webinar: The GDPR honeymoon is over
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Webinar: The GDPR honeymoon is over

By on 22 Jun 2022.

Under GDPR, current data management practices within many firms are unsafe, untenable and unacceptable. Despite the regulation being enforceable from 2018, a scramble to adjust existing internal procedures coupled with the effects of Covid-19 has meant regulators have remained relatively lenient with organisations.

However, as we emerge from the pandemic and things settle, the ICO is starting to ramp up enforcement efforts, leaving many firms exposed.

Harry Keen, CEO at Hazy, was joined by Umesh Jatha, Member Data Integrity & Data Services Leader at Nationwide, Ian Stevens, Partner at CMS, and Lili Elenoglou, Associate at CMS for an engaging discussion delving into ways that firms can proactively ensure they are using data compliantly under this regulation. The panel discussed three key areas:

Synthetic data in action

Nationwide Building Society and Hazy have worked together to address these challenges head-on and removed three major barriers to sharing transactions safely and faster with third party partners:

  1. Generating synthetic data that preserves the statistical characteristics of the original data sufficiently for behavioural analysis of current account transactions
  2. Substantially reducing the time and cost of creating safe data from months to days
  3. Sharing synthetic data via the cloud without risk

This is the first time that synthetic data has been proven to preserve the time-sensitive nuances of customer banking transactions that can be shared safely with external parties in a production environment.

The challenge around data integrity, data accuracy and completeness gets much bigger as an organisation gets bigger and more complex. The trend I’m seeing at the moment is that [Nationwide] is using the regulation as a bit of a a spark for innovation.

We’re using it as an opportunity to try and do something different. Part of that is with synthetic data… and the use of Hazy.

Umesh Jatha, Nationwide

For more information about how synthetic data can enable your firm to avoid fines and reputational damage, get in touch with the team.

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