The Equifax breach has started to really change and shape the conversation around privacy since they are involved in so many lending decisions; the breach helped to expose the fact that banks are not very far away from significant exposure; banks are now starting to deal with new regulations on data, Europe has implemented GDPR and some states in the U.S. have enacted their own legislation; industry insiders believe financial institutions are already heavily regulated when it comes to data and privacy, but lawmakers are exploring what else can be done; banks will be best served by starting to prepare now by looking at internal procedures and getting a handle on what potential legislation could be coming their way. Source.
