New Technology, Data Protection and Implications for Financial Services Regulation

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Recent innovation in financial services has three drivers: big data, cloud technology and data mobility. Presently Australia lags significantly, particularly compared with Europe, on critical issues of data protection laws and approaches to personal financial information security. Businesses, including financial services firms, are increasingly using data such as payments and location information, to derive personal attributes of customers without obtaining consent of customers to utilise their data. Businesses are also increasingly using cloud technology to reduce operational costs. Cloud computing opens the probability of data moving across borders, where there is complexity for both enforcement of multiple jurisdictions and policy formation. This is a significantly under-researched area with respect to provision of financial services in an Australian context.

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This paper was presented in July 2015 at the 20th Melbourne Money and Finance Conference (MMFC), which explored the theme The Australian Financial Sector and Global Integration.

For more papers presented in the conference, please click here.