7. May 2018
On 25 May, the new European Union General Data Protection Regulation (GDPR), regulating the protection of natural persons in the processing of data, will come into force. In connection with this, new principles governing the processing of client data processing will take effect in LHV.
Requirements for data protection used to differ in EU Member States; however, they are now being harmonised and similar requirements will apply in all EU Member States.
From the perspective of private persons, the GDPR aims to make data processing easier to understand and more transparent. A company must have solid ground in order to process customer data. Such grounds may arise out of law, legitimate interest or be based on the consent of the client. A private person has the right to know whether a company is processing their data and to obtain information regarding what part of their personal data is being used. An individual may also request that their personal data be transferred to another company (portability of data) or demand that their personal data be erased if the company is under no obligation to process such data.
One of the objectives of the GDPR is, among other things, to make companies think more about the security of data, both in terms of the security of databases as well as the processes used by the company and its employees.
At LHV, the processing of customer data is regulated by the Principles of Processing Customer Data. On 25 May, new Principles of Processing Customer Data, which has been brought into conformity with the GDPR, will take effect.
Key changes:
- Information about protection measures taken when data is transferred to a third country has been added,
- Information about third parties from whom we may receive customer data has been added,
- Principles of profiling, the making and use of automatic decisions has been added,
- General principles of data retention have been supplemented,
- Information about customer rights have been supplemented,
- Data protection officer contact information has been added.
For additional information and in the case of any queries regarding customer data, please contact LHV’s client support at info@lhv.ee.
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