engleski

Data Protection, Privacy and Security of E-Banking Risks in EU

The paper addresses actual problems of data protection in emerging innovations of banking products and services. In the age of globalization and multinational corporations (MNCs) trans-border data flow (TBDF) has become a problem for business transactions in the countries with strict data privacy lows (DPL). Data controllers are required to observe several principles. Not only do these principles aim at protecting the data subject, they are also a statement of good business practices that contribute to reliable and efficient processing. Data protection in E-banking transactions will be analysed from various points of view. In the first section authors conduct research customer’s privacy of E-banking transaction in general. The second field of interests addressed problems of security of E-banking system as obstacle to the further development of this emerging sector. Thirdly, the paper aims to analyse actual EU legislative regarding data protection and compliance of this legislative in practice. Fourthly, the paper conducts research into the financial sector’s exploitation of information in EU as a form of surveillance in comparison with US financial sector’s exploitation of information. The Gramm-Leach-Billey Act (GLBA) was enacted in 1999 to improve the level of security for financial institutions and e-commerce. Under the GLBA, business executives are held personally liable for any misuse of «personally identifiable» and «non-public» information which includes credit card numbers, customers list and any personal information identifying a consumer. The GLBA requires the encryption of all stored non-public data and audit of the system that collects and analyses the data. Authors point to the importance of regulators and their role in the problem of data protection in the financial sector.

Data Protection; Privacy Protection; E-banking; EU legislation

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