Enrico Lodi, ACCIS Executive Committee Member responsible for Public Affairs and CRIF Credit Services General Manager, gave an overview of EU regulatory updates, including a discussion on the reform of data protection regulations whose application across Europe is too fragmented. The new regulation, which will replace the 1995 Data Protection Directive, includes:
- a single set of rules on data protection, directly applicable in all 28 EU Member States;
- increased responsibility and accountability for those processing personal data (e.g. obligation for companies to notify the national supervisory authority about data breaches as soon as possible - if feasible within 24 hours);
- if consent is required for data to be processed, such consent must be given explicitly;
- right to data portability;
- and a ‘right to be forgotten’, meaning that consumers will be able to delete their data if there are no legitimate grounds for retaining them.
Innovative topics were also part of the program: Ivan Cavinato (Unicredit) discussed Risk Management & Big Data, while Tom Ilube (Crosswords plc) warned Credit Registers about the risks of cybercriminals. The concluding panel, bringing together European stakeholders such as Eurofinas, the European Banking Federation, the European Commission’s Financial Service User Group and DG FISMA (Directorate-General for Financial Stability, Financial Services and Capital Markets Union), explored the role of credit bureaus in future economic growth, aimed at supporting SME financing as well as empowering and educating consumers on financial health practices. On this subject, a number of initiatives set up on an EU level – including the so-called “Capital Market Union” agenda – will challenge all the relevant stakeholders, including credit bureau providers, over the next few years.
