From today, consumers across the UK and Ireland are able to profit from their purchase data via a free smartphone app. Unbanx allows individuals to easily share their spending history anonymously and securely, whilst earning rewards in the process.

The app allows consumers to securely link their bank accounts via open banking and sell the aggregated and anonymised data to ethical buyers who want 100% opt-in consumer data, returning 70% of the profits from sales back to app users. App users are rewarded with Unbanx 'points', which they can redeem with a growing range of retail partners, including Nike, Amazon, Tesco, Sainsbury's and Deliveroo.

Alan McDonald, CEO and co-founder of Unbanx said,
"Until now, banks have been quietly selling the banking data of their customers to the data analytics industry, making multi-million dollar profits. Our research suggests this 'Purchase Intelligence' industry is worth billions of dollars and is only getting started."

"At Unbanx, we believe that a person should be able to benefit from the value of the data created by or about them. Individuals - rather than the corporate giants, should have ownership and control of their personal data. Unbanx allows consumers to have a choice in the matter."

Gerard McDonald, COO and co-founder at Unbanx said,
"Allowing individuals to profit from their own personal banking data is just the start of the personal data revolution. We plan to release features that will allow people to monetise various other forms of their personal data in the future that EU and UK legislation is enabling.

"For the everyday consumer, Unbanx is the next generation rewards app, where they can earn Unbanx points by simply connecting their bank account and sharing their transaction data anonymously as they spend.

"Additionally, Unbanx app users can also earn more points by doing surveys and redeem these points for gift cards from popular brands."

Retail banking in South Africa is increasingly competitive, with fintechs, neobanks and digital players disrupting the banking value chain with new and emerging technologies. For banks to keep up with the rapid pace of change and be loved by their customers in the future, they must reimagine customer service and leverage data to personalise engagement and better predict and exceed customer needs, according to a new article by Boston Consulting Group (BCG).

The article, I love my bank – how the digital revolution in banking is transforming the customer experience, shows that South African customer preferences and the ways they want to interact with their bank are changing.

It follows a recent report by Discovery Bank in partnership with BCG, the Future of Retail Banking, which found that over 80% of consumers prefer to conduct their day-to-day banking digitally, while about 60% say they would be comfortable with a completely digital full-spectrum banking offering. The majority believe there may be no need for banks to have physical branches in just five years.

“Retail banks are in a competitive starting position but will need to adapt. They benefit from high levels of customer trust, strong brand awareness, and skilled staff. This can play an important role in an omni-channel customer relationship,” says Tijsbert Creemers, Managing Director and Partner at Boston Consulting Group, Johannesburg and co-author of the article. “But without change, incumbents face separation from customer touchpoints, losing access to customers and valuable data in the process.”Transforming the way people interact with money and financial services

Digital channels hold the key to the transformation incumbent banks need to undergo: they are more than just avenues to reach and serve customers; rather, they are transforming the way people interact with money and financial services. Customers in South Africa and other African countries are young and digitally savvy and digital adoption is growing rapidly across the continent. However, customers experience friction with the financial system and financial inclusion remains limited.

South Africa and other African markets are likely to see greater collaboration between banks and fintechs to offer new digital banking services to overcome friction and address financial inclusion challenges. “There is a space for both incumbents and challengers. Incumbents are able to leverage data from a vast, stable customer base to better understand and meet customer needs. Challengers are agile and able to develop tailored digital propositions for specific customer journeys,” says Frederic Boutet, Managing Director and Partner at BCG, Johannesburg and co-author of the article.

Incumbent banks need to respond to the growing pressure from challengers. They need to redefine their approach and decide on a business model that best suits their customers’ expectations if they are to retain their position as the primary hub for customers’ financial needs and journeys.

For both incumbents and challengers, data lies at the heart of the ability to meet and exceed customer needs. “The banking industry in South Africa is more advanced than other industries in the use of data analytics, and this must now be scaled and expanded to include other solutions such as identifying unusual spending behaviour, identifying ‘red flags’ for loan applicants, and customer segmentation for marketing campaigns,” says Boutet.

Banks will also have to leverage customer data and create a new way of working to deliver personalised customer interactions. “Combining this with high-quality digital channels and customer-centric business and interaction models will enable South African retail banks to successfully transform for a digital future and regain their customers’ love,” says Creemers.

ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, announced that NCC has selected ION Treasury’s IT2 solution for their treasury and financial risk management needs.

NCC, listed on NASDAQ Stockholm, is one of the leading construction companies in the Nordic region. Based on their expertise in managing complex construction processes, NCC contribute to the positive impact of construction for their customers and society. Operations include commercial property development, building and infrastructure project contracting, and asphalt and stone materials production.

IT2, available through the ION Treasury portfolio of systems, is a comprehensive cash, treasury, and risk management system, serving a broad spectrum of corporate treasury needs. IT2 offers configurable workflow tools to provide oversight of end-to-end processes, highlighting exceptions and required actions, coupled with flexible integration tools to automate and optimize treasury processes.

NCC were looking for a modern treasury management solution to replace their existing system and develop new ways of working, increase automation, accuracy, and efficiency in their core Treasury operations. IT2 will enable enhanced governance and controls to provide greater insights through user-defined real-time reporting capabilities, including configurable interactive workflow tools that highlight required actions and deviation from policy.

NCC will use IT2 for cash management including bank connectivity to their existing platform, in-house banking, FX, interest rate and commodity risk management, debt and investments, accounting, and hedge accounting.

“We look forward to closely working with the ION Treasury team, to improve the accuracy and efficiency of our treasury and financial risk management processes. We wanted to replace our existing setup with an innovative solution for cash, liquidity, risk management, and accounting. We are pleased to have found that solution in ION’s IT2 product,” said NCC’s Treasurer, Charlotte Lindstedt.

“We are pleased to welcome NCC to the ION family and look forward to a long-term partnership,” said ION Corporates CEO Richard Grossi. “We believe IT2 is a great fit for NCC to implement a solution that is easy to use, automated, accurate, and efficient. IT2 will not only offer NCC real-time visibility of positions and workflows, but also help them control their financial operations with interactive treasury technologies.”

Global Processing Centre (GPC), one of the largest payments processors in Latin America and the Caribbean, and Compass Plus Technologies, an international provider of retail banking and electronic payments software, are celebrating 10 years of successful collaboration.

GPC’s journey with Compass Plus Technologies started in 2012, when the processor embarked on a project to migrate away from its legacy system to launch a modern, scalable issuing and acquiring payments platform to better serve financial institutions (FIs) in Latin America and the Caribbean. This was to help GPC meet its strategic vision to facilitate a strong financial ecosystem and payment architecture, and provide convenient, secure and modern payment services to FIs in the region. Impressively, the migration of the processor’s entire card base and POS terminal network was completed in just three months.

Since then, GPC and Compass Plus Technologies have worked together over the past decade to deliver many exciting projects including:

• Multiple integrations with third parties such as Western Union to support prepaid card loading
• Enabling in-branch instant card issuance
• Supporting Fintech customers by offering them TranzAxis in a Platform as a Service capacity in order to launch innovative products at speed
• Launching SugaPay, a local payment ecosystem consisting of reloadable cards, POS terminals and a mobile wallet, which facilitated card payment acceptance for small businesses at large-scale entertainment events in Antigua
• Enabling Mastercard, Visa and UnionPay POS acquiring for merchants
• Supporting GPC’s expansion into the Canadian Independent ATM deployer (IAD) market, with acquiring services for Visa, Mastercard and Canadian Interac

Today, Compass Plus Technologies empowers GPC to deliver premium payment processing solutions globally to retail ATM operators, financial institutions and Fintechs across the Caribbean, Latin America and Canada, processing over 700,000 transactions monthly.

“From day one of our partnership, Compass Plus Technologies has provided us with the technology, skills and expertise we needed to expand and grow. They have played a big part in the development of our business, helping us solve the unique challenges we face and to deliver better experiences to our customers. We have enjoyed working together over the past decade and have grown to become long-term strategic partners. We look for to continuing our work to revolutionise the payments market.”  commented Justin Stuart-Young, Head of Information Technology at Global Processing Centre.

Carlos Seer, AVP, Business Development Director at Compass Plus Technologies, said: “We’re extremely excited to have reached such a significant milestone in our partnership with GPC. It is an honour to work with such a forward-thinking business, helping them grow and expand their offering to better serve FIs and merchants across North America and the Caribbean. GPC have built a market-leading processing business using our technology and we are excited about what the future of our partnership will bring in terms of further innovations and developments.”

Paymentology, the first global issuer-processor, today announces the appointment of Nadia Benaissa as Global Head of Marketing, and member of its leadership team.  

Nadia is a seasoned marketing expert with a passion for fintech, bringing with her more than 20 years’ experience across five continents, in payments, banking and fintech. As the global Head of Marketing at Paymentology, Nadia will spearhead the company’s continued expansion across the UK, Europe, Middle East and Africa, Asia-Pacific and Latin America.  

Abe Smith, Chief Growth Officer at Paymentology commented on the appointment: “With two decades of experience in leading cross-functional global marketing teams in the fintech industry, we are incredibly excited to welcome a leader of Nadia’s calibre to the team. Her proven track record of delivering results through strategic marketing communications, and passion for the industry, make her the perfect candidate to support us in achieving our growth ambitions."   

Nadia Benaissa, Global Head of Marketing at Paymentology added: “Throughout my career I have chosen to work with dynamic fintech organisations that are leading from the front in the global progress towards the digitisation of financial services. That’s why I am delighted to join the Paymentology team. With customer centricity at the core, together with its clients and partners, Paymentology is providing access to financial services and placing cards into the hands of millions of people across the globe, via localised, data-driven, next generation payment solutions. I look forward to building on the existing successes of the organisation with an enhanced global marketing programme.” 

An active member of the fintech ecosystem, Nadia co-chairs the payments committee at the MENA Fintech Association, is a member of the financial inclusion working group at Payments Association UK, and an active member of the Financial Alliance for Women. Nadia is also a mentor to burgeoning fintechs and startups at Startupbootcamp, the world's largest network of multi-corporate backed accelerators.  

Prior to joining Paymentology, Nadia was the Marketing Director at BPC, supporting its growth journey, along with the creation of new fintechs and before that worked at Germany’s Digital Fintech and neobank Fidor as the Global Chief Marketing Officer developing its international growth. She has also worked with CR2, an Irish-headquartered omnichannel banking player, leading the company’s communications and marketing strategy across emerging markets.  

At the start of her career, Nadia was the youngest employee at AEMS Paris, a joint venture between Euronext and Atos, where she helped set up the corporate communications and marketing department from the ground up. The company developed ‘exchange as a service’, with trading, clearing and settlement solutions dedicated to stock exchanges worldwide and was further acquired by the New York Stock Exchange (NYSE Technologies). 

Imperva, Inc., the cybersecurity leader whose mission is to help organizations protect their data and all paths to it, releases new research showing that the volume of cyberthreats directed towards the financial services and insurance (FSI) industry has grown rapidly over the course of 2022, driven by digital transformation and regulation such as Open Banking. Imperva Threat Research found that more than a quarter of all cyberattacks (28%) hit FSI businesses, double that of the next most-targeted sector. Application Programming Interface (API) abuse, DDoS attacks, and bad bots were the three of the biggest cybersecurity challenges for the industry. 

The growing risk associated with API-related security threats should be particularly concerning for the financial services industry, as APIs are the invisible connective tissue that enables applications to share data and ‘talk’ to each other. Imperva Threat Research found that 30% of all API traffic in this industry goes through shadow APIs, which represents a major security risk for businesses. Shadow APIs are ones which are unsupervised or outside of the security team’s visibility, yet connect directly to backend databases where sensitive data is stored. In recent years, hackers have increasingly targeted APIs as a pathway to the underlying infrastructure to exfiltrate sensitive information, with one in every 13 cyber incidents estimated to be related to API insecurity. 

Since 2018, Open Banking has required banks and other financial businesses to allow third-party providers access to customers’ banking data through APIs, dramatically increasing the amount of sensitive financial data they exchange. Open Banking and digital transformation have significantly increased the amount of APIs in use in the financial services industry. Nearly half of all businesses have between 50-500 deployed, while many large enterprises already have over a thousand active APIs. The scale of unmonitored API traffic is substantially higher than in other industries, suggesting that FSI companies’ implementation of Open Banking standards may have inadvertently created a serious, industry-wide security threat. 

“The scale of the shadow API problem should be a concern for every business,” says Andy Zollo, RVP for EMEA at Imperva. “The idea that a third of all that traffic is going unmonitored shows that organisations urgently need to address their API protection strategies. APIs connect directly to the data layer, so businesses have to see API security as an extension of their data security strategy. Every organisation needs full visibility over every API in their environment, what data is flowing through each one, and who’s accessing it.”

A second key threat for FSI businesses is bad bots. Bad bots - automated software applications created with malicious intent - made up more than a quarter (27%) of all traffic to FSI businesses last year, in line with the average across industries. Account takeover (ATO), a common bot attack, heavily targets the FSI industry, with almost 40% of all ATO hitting a financial site.

Additional Information:

• Read our latest piece on the biggest threats facing the Financial Services industry today
• Learn how Imperva API Security provides continuous protection of all APIs using deep discovery and classification of sensitive data to detect all public, private and shadow APIs
• Check out the Imperva Blog for the latest product and solution news, and threat intelligence from Imperva Threat Research.

Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that it has been recognized as a Notable Vendor in the Digital Banking Engagement Platforms (DBEPs) Landscape Report, Q1 2023, published by leading research and advisory firm Forrester. The report aims at helping digital leaders in banking, understand the value they can expect from a DBEP vendor, learn how vendors differ, and select one based on size and market focus.

In this new report, Forrester provides an overview of 38 digital banking solutions. The DBEPs’ report identifies Azentio Software as a Notable Vendor in the Financial Services & Insurance industry in the Middle East & Africa (MEA) and Asia Pacific (APAC) geographies for end-to-end DBEP offerings.

Forrester defines a DBEP ‘as a cross-channel/omnichannel banking solution that enables an integrated, seamless, and comprehensive customer and employee experience across touchpoints.’ The firm explains that a DBEP’s typical functionality includes agile support for banking and channel-specific business requirements, analytics, digital sales and marketing, engagement infrastructure, and a single view of customers, products, and services.

The report elaborates that banks use DBEPs as a standalone solution supporting all customer engagements across most or all channels, in combination with specialized solutions such as conversational AI. They can also use it as an engagement hub to leverage channel-specific functionality and engagement infrastructure via APIs to deliver differentiating mobile and digital apps more rapidly.

It also identifies four core use cases most frequently sought by banks: onboard new retail banking customers; originate consumer products; provide consumer account management; and improve digital customer service.

Azentio’s end-to-end DBEP offering addresses these core use cases with advanced digitalization features that enable omnichannel capabilities, self-service digital suite, and advanced security practices. With a strong three-decades legacy in providing technology-enabled innovation in financial services, Azentio today serves over 250 financial institutions across 45 counties. Azentio ONEBanking Digital solutions enable enterprises, both in the conventional and Islamic financial services sectors, to continually and swiftly define and redefine customer engagements across the entire spectrum of functions - lending, core banking, treasury, and trade finance.

Tony Kinnear, Chief Executive Officer of Azentio, stated, “We believe this recognition is a true testimony of the maturity of Azentio ONEBanking platform for market adoption. Forrester’s mention adds to our credentials as a technology vendor who understands the value that banks need to deliver to their customers. We hereby reiterate our commitment to continue investing in our open end-to-end platform to deliver a modern architecture that helps our clients efficiently provide differentiated digital customer experiences that accelerate growth and loyalty.”

Forrester has earlier named Azentio as a Contender in The Forrester Wave™: Anti-Money-Laundering Solutions, Q3 2022 report and ranked it among Regional Pursuers in the New Named Deals category, a Major Cross Seller in the Extended Business category, and a Major Player in the Combined Deals category.

Binance Pay, a contactless crypto payment platform powered by  Binance, has launched one of the first international mobile top-up services via crypto payment by partnering with DT One, a global digital micropayments platform powering cross-border transfers of mobile top-ups, data bundles, gaming pins and gift cards.  Binance Pay currently supports more than 70 cryptocurrencies, including BTC, ETH, BNB  and BUSD. 

This partnership enables Binance users to purchase mobile top-ups in their preferred cryptocurrency. Users can choose from 150+ countries across 600+ telco providers globally, including AT&T, Saudi Telecom, Globe, AIS and more.  

Users can follow these simple steps to purchase mobile top-ups via the Binance Pay  app:  

“Binance Pay is thrilled to provide users with easier top-up services and more crypto use cases through the partnership with DT One. We look forward to working closely with more global partners like DT One to further develop crypto adoption worldwide.”  said Pakning Luk, Regional Head of Business Development for Binance Pay 

“This exciting new partnership is another significant step in our mission to get consumers better connected globally. Binance Pay and DT One brings fast, secure and low-cost mobile top-up solutions to more people, thereby boosting financial inclusion,”  said Peter De Caluwe, Chief Executive Officer of DT One.  

Today, Europe’s leading open banking platform TrueLayer announces the launch of the UK’s first-ever automated onboarding product using open banking APIs.

The first in a new generation of services built using open banking technology, Signup+ combines account creation with making a payment to streamline the signup process. It uses bank-sourced data to verify a customer’s name, address and date of birth in seconds to speed up KYC-compliant onboarding, all done with one quick deposit from a customer’s online bank. Funds are instantly available in the customer’s account so that they can get started using a service, such as adding funds to a wealth management app or trading crypto, right away.

Businesses that have already signed up to use the product include Remitise, Tiger Brokers, PayItMonthly and StakeMate. 

TrueLayer’s Signup+ product is a solution to the inefficient account signup and registration processes which plague so many businesses with required verification for onboarding new customers and cause high drop-off rates.

Many businesses in regulated industries have complex and lengthy onboarding processes which new customers struggle to complete. According to new YouGov research commissioned by TrueLayer, released today, 4 in 10 people start the process of creating an online account for a service, but never complete signup. 46% of individuals drop off when they are asked to submit information in response to a verification request, and three-quarters of customers are only willing to spend 10 minutes or less on signup before giving up. Signup+ provides a secure, reliable and quick way to onboard new customers to avoid this attrition. It reduces the threat of payment fraud and identity fraud with bank authentication built into every payment and real-time identity data checks. It also helps businesses reduce operational costs associated with manual verification checks and helps save on transaction costs compared to cards and manual bank transfers.

Adebayo Familusi, CEO at Remitise Limited, said: “We are thrilled to have the opportunity to use Signup+ at Remitise. Traditionally, the onboarding process often involves manual, time-consuming tasks such as gathering and verifying personal information, conducting identity checks and establishing proof of address. By obtaining customer data sourced from their bank Signup+ will streamline the onboarding process and save time and resources for our company and our customers. This will improve the overall customer experience and increase new customer conversion by eliminating the need for them to manually input their personal data.”

Francesco Simoneschi, CEO & Co-Founder at TrueLayer, added: “In financial services and beyond, clunky and inefficient signup processes lead to as much as 40% of potential revenues being lost.”

“Using open banking technology in conjunction with real-time identity data, Signup+ automates the onboarding process in a way which hasn’t been possible before in the UK. Signup+ represents a new generation of use cases for open banking and brings onboarding to the forefront of the conversation about where open banking is headed in the future.”

As the breadth of cybersecurity threats grow, there is increasing pressure on organisations to ensure the protection of sensitive personal, financial and operational data. Failure to do so could cause major reputational damage, an extended period of operational disruption and leave organisations on the wrong side of regulatory rules, like GDPR.

A recent study from VMware found that 84% of companies felt they had too much data, while only 19% have any formal incident response plan in place, in order to respond to an attack.

In support of Data Privacy Week which culminates in Data Privacy Day (28^th January), leaders from across the cybersecurity community have offered their views on the trending threats facing data privacy, and how organisations can best protect themselves:

Attack vectors and surfaces are only increasing

Simon Mullis, Chief Technology Officer at Venari Security, explains that the necessary adoption of encryption has facilitated further data privacy risks: “Organisations must gain better visibility of their encrypted communications if they are to limit the risk of data breaches and ensure full regulatory compliance.”

“Not only do organisations routinely fail to apply best practice to their use of encryption across the enterprise, but the current system of decryption before detection simply isn’t sufficient, owing to financial and time constraints and the sheer volume of traffic organisations are expected to handle and protect. Instead, organisations should adopt a ‘measure and mitigate’ approach, using behavioural analytics to detect illegitimate activity and understand what is happening on their network at any given time.”

Furthermore, Graeme Cantu-Park, Chief Information Security Officer at Matillion, explains that data privacy concerns are growing alongside the adoption of the cloud, with businesses using it “to store and analyse petabytes of data every day. Consumers and businesses alike rightly remain cautious about how, why, and where their data is stored and processed, so organisations need to promote transparency and help customers better understand data privacy and security in the cloud.

“As businesses adopt SaaS and cloud-based compute and storage, understanding the shared security model is essential. Clear delineation of security responsibility should be understood by both parties to ensure configurations are in line with your personal or organisation appetite and policy.”

The value of data privacy training

Adam Mayer, Director at Qlik, believes that Data Privacy Week should act as an important reminder: “Every individual within an organisation requires a basic understanding of their internal privacy rules and regulations. It has become more important than ever for organisations to ensure they implement good practice, as not adhering to stringent guidelines can have serious financial repercussions.

“Our research found that by 2030, businesses will have “Chief Trust Officers” in place that will be responsible for setting the foundation of governance, outlining policies and procedures for all staff to follow.”

Daniel Ostoïc, Human Resources Manager, F5 agrees, explaining that Data Privacy Week “provides an opportunity to educate a wider range of people, not just those working in dedicated security teams or governmental bodies, on the roles they can play to build a world where data is secure. This is key, as isolated data security stakeholders can sometimes feel powerless if they are the only ones caring about data protection.”

This is echoed by Paul Dettman, Data and Product Manager at Grayce, who adds, “With our lives becoming more intricately enmeshed in digital, businesses should look to make everyone in their organisation, not just the traditional IT and data teams, undergo data literacy training. Businesses can strengthen the security around their data by ensuring all employees understand the risks around data.”

Tom Richardson, Media and Broadcast Lead at Exponential-e, echoes this point by adding “Every piece of data must be defended with effective procedures and protocols alongside training for staff at all levels to ensure they’re aware of the risks and how to mitigate them.”

Jonathan Nguyen-Duy VP, Global Field CISO at Fortinet concludes, “When it comes to data protection, there is still a lot of education and work that needs to be done when it comes to good data hygiene. Does the network include sophisticated data protection measures such as threat prevention and detection, pseudonymisation of personally identifiable information, and internal segmentation to isolate and track customer and employee data? Is there a documented and tested data breach response plan? If they are unable to answer “yes” to all these questions, then they likely won’t meet the standard for existing data privacy regulations.”

A shared responsibility

In addition to workplace training, Rick McElroy, Principal Cybersecurity Strategist, VMware believes that consumers still need to be savvy about their data. “Consumers should be educated on and aware of the actual risks of using the latest “on trend” app. Privacy should be presented in a way that is more easily understood by younger generations, otherwise we are missing an opportunity to meaningfully educate a whole population of people. The state of privacy is poor today, but with the right consumer engagement, it could help tip the scales back in favor of consumers.”

Indeed, Manju Kygonahally, CMT Industry and Consulting Head, Global Growth Markets, Cognizant, believes organisations should take data protection seriously no matter the age of the customer: “Some suggest that Gen X and Y are more concerned about their data privacy. But while older consumers may be more careful about what they share, this doesn’t mean they’re less at risk. As we get older, we can rack up hundreds of companies that all have information on us, creating a large threat surface.

“Meanwhile, Gen Z consumers tend to keep their data sharing to a much more intimate group of corporates, particularly social media giants. While the threat landscape for them is smaller, they’re sharing more information online with organisations whose tooling for tracking, interpreting, and sharing with business partners is particularly advanced.”

Finally, while changing working practices mean workers must be responsible for the data they’re sharing outside the of the office network, business leaders need to ensure they’re supported by the right systems that can help them stay safe. James Bristow, SVP EMEA of Cradlepoint, highlights that as more and more businesses are operating with permanent hybrid working models, with employees working from multiple locations in addition to the office and the home, “the need for a secure, reliable and easy-to-deploy network across all industries has never been greater.”

“This extended WAN edge – encompassing physical sites, vehicles, and remote locations – creates a broad network attack surface. Integrating zero trust network access into their Wireless WAN architecture is one way to ensure that only authorised individuals can access critical data on a company’s network, reducing the risk of malicious actors, or even other employees, accessing sensitive information they shouldn’t.”

Prevention is better than a cure

Overall, data privacy is a crucial consideration for organisations looking to protect customer information, safeguard their own reputation and achieve regulatory compliance, and to save businesses from potentially highly damaging and costly slip-ups in this area. Specifically, business leaders should seek to remain vigilant to new attack vectors, as they continue to embrace new and emerging technologies, and should encourage everyone to take an active role in the data privacy process – no matter their age or position in the business.