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The latest announcement, Pontus Vision GDPR is an open source, secure, software-based solution. It enables firms to search for any given customer and quickly access all of the data the business holds about them in a single, consolidated view.
Pontus Vision enables global financial institutions and government organisations to efficiently and securely manage their large and complex data requirements. It helps companies to easily and efficiently comply with the EU General Data Protection Regulation (GDPR). It is expected to come into force from 25th May 2018.
GDPR is expected to impact every business that processes or collects data from EU citizens. Failure to meet the regulatory requirements could result in significant penalties of up to €20 million or 4% of global annual turnover – whichever is higher.
To effectively address obligations post GDPR, firms will need to ensure they protect their customer’s data in a standardised, complete and readily accessible manner. Pontus Vision GDPR is an open source solution designed to deliver GCHQ-level security even when data is stored in the cloud. It enables firms to streamline and automate their data management processes, without changing underlying systems or procedures, or implementing potentially restrictive proprietary solutions. This approach considerably reduces the time, cost and effort required to take the steps necessary to achieve GDPR compliance.
Meeting these requirements presents significant challenges for a number of financial services organisations, including retail banks, asset managers and insurance brokers. Many are storing ever-increasing volumes of interrelated client data across multiple siloed databases in a wide variety of formats.