tsaaro's blog

The security of sensitive data for your business is essential in today’s digital world. Businesses need expert advice to protect their data more than ever due to the increase in data breaches, cyberattacks and strict privacy laws. This raises a question: should your company invest in cybersecurity or data protection consultancy services?

These two types of consulting have similar goals — protecting your business and data — but they differ in terms of their approach, focus and expertise. This blog will help you decide which type of consulting is best for your business.

INTRODUCTION:

The Personal Data Protection Law №6698, known as Kişisel Verileri Koruma Kanunu (KVKK), is Türkiye’s landmark data protection legislation which came into force on 7 April 2016. This law has been enacted to establish a robust framework for handling the personal data of natural person whose personal data are being processed. KVKK sets out comprehensive guidelines for the collection, processing, and safeguarding of personal information.

On 24th October 2024, the Irish Data Protection Commission (DPC), imposed a €310 million fine on LinkedIn, marking the conclusion of an extensive investigation into LinkedIn’s compliance with the GDPR.

At the Singapore International Cyber Week 2024, The Cyber Security Agency (CSA) of Singapore released Guidelines on Securing Artificial Intelligence Systems (the Guidelines) accompanied by a Companion Guide (Guide). Recognising the rapidly evolving AI industry, the CSA issued the Guidelines aiming to help system owners adopt AI safely by addressing cybersecurity risks, including adversarial attacks and potential data breaches, which could lead to harmful outcomes.

The European Data Protection Board (EDPB) on 8th October 2024, issued draft Guidelines 1/2024 on processing of personal data based on Article 6(1)(f) of GDPR(Guidelines) and released it for public consultation on 9th October 2024. These guidelines shall remain open for comment until 20th November 2024.

Introduction

The FinTech industry has transformed the financial landscape, offering customers digital solutions that make banking, lending, insurance, and investing more efficient and accessible. As this digital shift continues, the reliance on vast amounts of data has become central to the operation of FinTech companies. With data-driving decisions, services, and innovations, the responsibility to protect this sensitive information has never been more significant.

In a rapidly evolving financial landscape, the global open banking market is set to skyrocket from $7.29 billion in 2020 to an astonishing $43 billion by 2026. This remarkable growth underscores a transformative shift towards collaborative financial services. Coupled with this momentum, a recent study reveals that 72% of consumers are eager to embrace third-party services for their banking needs, signaling a strong demand for innovative, user-friendly solutions.

Introduction

Introduction