Utilization of a cloud-based data system?

With GDPR now well over a year old, it is seen as a “gold standard” of data protection regulation. However, companies are still ne tuning their business models to adjust to it, and wondering what is coming next.

For example, in the US, the California Consumer Privacy Act (CCPA) suggests that California will lead more states to pass privacy regulation at the state level, which could in turn pave the way for a similar policy surfacing at federal level.

GDPR has already shown its teeth, with large nes handed out to the likes of British Airways (£183.39m) and Marriott International (£99m). Transparency and fair use of data are at the forefront of business’ concerns, and data service models will be required that meet these expectations.

It is therefore impossible to overstate the advantages that a cloud-based solution brings. This ensures data is never taken out of the market in which it belongs, keeping it localised and ensuring compliance with regulation such as GDPR, while still providing KYC and AML regulator with the information they need.

The alternate would be a solution which takes control of data in a centralised way. Not only would this risk data protection breaches, but the data would not be nearly as up to date.

A cloud-based system harnesses the unique value of local, reliable data that isregularly updated, while also ensuring compliance with local regulatory standards.

Local data is better data. Providers of this are experts in their region and can provide properly formatted identity veri cation speci c to that region, down to the use of language. This leveraging of local knowledge can therefore improve the service o ered by an eIDV solution. Additionally, a cloud-based model for this service would be integrated directly into companies’ systems to provide them with real-time data. This would o er a reliable and frequently refreshed source of data, while also allowing them to continue to use their existing systems.