The Facebook and Cambridge Analytica scandal has made many of us wonder exactly how private and secure is the information that companies have about us. Do you really know what you have and have not agreed to over the years?
The timing couldn’t be more topical too given that the new General Data Protection Regulations (GDPR) come into effect on the 25th May 2018.
What is GDPR?
When the current data protection rules came into force 20 years ago, the iPhone was but a twinkle in Apple’s eye. An overhaul has been due.
In comes GDPR. This new European legislation has been designed to:
- Protect and empower the data privacy of all EU citizens
- Reshape the way organisations throughout the EU approach data privacy.
Regardless of Brexit, all UK organisations handling personal data will need to comply with the new rules from the 25th May 2018.
How does GDPR affect you personally?
This is all thanks to the new regulations which, in essence, puts you back in control of your data – something the recent Facebook debacle illustrates well.
How we at Legal & Medical Investments protect your privacy and data
At Legal & Medical, we continue to treat the handling of your personal data with the utmost importance.
Secure Online Portal
A few years ago we were becoming increasingly concerned about the security of email. So in early 2017 we started testing a new secure online portal to communicate with clients, send them documents, and provide details on their portfolio. It has certainly been well received by those who are now familiar with it.
If you’re interested in finding out more about our online portal, do speak to one of our specialist financial advisers.
Also in 2017, as part of our improved data protection measures, we introduced a two-step authentication process for clients wishing to draw an income or a lump sum from their portfolio.
Scammers are highly adept now at playing a ‘long game’ to determine exactly how you email, what you do and what you say. Their ultimate goal is to get you to transfer funds into a ‘new’ account.
Our two-step authentication process seeks to make sure that we are dealing with you and not some impersonator.
There are of course always trade-offs with any new rules and regulations. Hopefully though you can see that the protection our online portal and two-step authentication process gives you far outweighs any extra work and hassle they may appear to cause.
We strongly believe that continuing to seek improvements in our services, including our data protection practices, is essential in this ever-changing world.
Do you think the new data protection rules are a good thing or just a waste of time and effort for all concerned? Let us know by adding a comment below.