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Stakeholders driving payment evolution & digital identity CARDWARE
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"BIG DATA"Can you manage the risks and
opportunities?
Lisa Abe-Oldenburg, B.Comm., JD.
Partner, Co-Head of Payment Solutions Group
Bennett Jones [email protected]
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Stakeholders driving payment evolution & digital identity CARDWARE
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"BIG DATA"
Can you manage the risks & opportunities?
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA
Overview of Big Data and Opportunities Big Data regulation Issues and risks Finding solutions to mitigate risk
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Stakeholders driving payment evolution & digital identity CARDWARE OVERVIEW OF BIG DATA
"Big data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making." (Gartner)
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Stakeholders driving payment evolution & digital identity CARDWARE
"Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This data is big data." (IBM)
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Stakeholders driving payment evolution & digital identity CARDWARE
"Big data is a buzzword, or catch-phrase, used to describe a massive volume of both structured and unstructured data that is so large that it's difficult to process using traditional database and software techniques. In most enterprise scenarios the data is too big or it moves too fast or it exceeds current processing capacity." (Webopedia)
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA OPPORTUNITIES
The data around the payment gives an entity the ability to know their customer and fine tune or build their relationship.Telco providers, card issuers, networks, payment processors and merchants, all have different data on the same customers, and combining all of that data across organizations could lead to more relevant knowledge than any one of those organizations could achieve on their own.
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Stakeholders driving payment evolution & digital identity CARDWARE
Case study
http://vimeo.com/67657352
Ukraine's PrivatBank has created mobile apps to work with Google Glass for hands-free banking and payments.→ Can you spot all the BIG DATA elements and how they could grow business and revenue for companies?
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA OPPORTUNITIES
Analytics can figure out when and where a consumer goes (physically and electronically), what they search for, what they like and what they buy.One-to-one targeting and personalized product or service offers is (or will be) an important business driver for Big Data initiatives.Merchants can target new customers who share same interests as current customers.Big data becomes a valuable asset.
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Stakeholders driving payment evolution & digital identity CARDWARE WHO OWNS BIG DATA?
Personal information Non-personal data elements Analytical results Compilations and databases
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA Regulation
Privacy legislation Criminal Code Consumer protection laws CRTC regulations OSFI Guidelines Anti-spam legislation (CASL) PCI DSS requirements
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA Issues and Risks
Regulatory compliance risk Cross-border issues - Where is the data and which
laws apply? Conflicts of laws? Can you transfer BIG DATA across borders and what restrictions apply?
Liability risk Civil actions Fines and penalties D&O liability
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA Issues and Risks
Reputational risk Security risk
BIG DATA Clouds are a target for criminals Business operational risk
Service interruptions, outages, errors
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA Issues and Risks
Privacy breach & asset/data loss Improper consents and disclosures, too broad
purposes, bad privacy policies and practices Inability to retrieve, use or correct data Failure to properly retain records for audit,
compliance, litigation/discovery purposes End of service/termination, breach/failure,
disaster or insolvency of third party service provider
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Stakeholders driving payment evolution & digital identity CARDWARE BIG DATA Issues and Risks
Lose control over data for which you are responsible
Keep personal information for too long or without reasonable purpose
Risk of insufficient backups, disaster recovery and business continuity plans by service providers
Data hijacking in disputes
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Stakeholders driving payment evolution & digital identity CARDWARE Solutions to Mitigate Risks
Proper due diligence of third parties Familiarity with regulatory requirements SLAs, security/encryption standards and protocols,
business continuity plans and redundancies Transparency – locations of servers, data storage
and processing Ability to access, correct and retrieve data, tools
for e-discovery
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Stakeholders driving payment evolution & digital identity CARDWARE Solutions to Mitigate Risks
Proper due diligence of third parties Physical audits of premises, systems and processes Security and data integrity assessments, checks Subcontracted services, software, tools Handling of maintenance and support, outage and
response times Return or destruction of data, storage/halt for
litigation/discovery purposes
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Stakeholders driving payment evolution & digital identity CARDWARE Solutions to Mitigate Risks
Proper contract drafting SLAs, security standards, continuity plans Warranties and Indemnities Carve-outs from limitations on liability and
disclaimer clauses Flow through of obligations to all subcontractors Audit rights (technical, IT, business, subs) Key escrow, transitioning
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Stakeholders driving payment evolution & digital identity CARDWARE Solutions to Mitigate Risks
Internal processes and procedures Planning with key stakeholders and CPO Policies (IT, Cloud, BYOD, privacy, security,
confidentiality, data retention, segregation, control, access, integrity)
Employee review, training, acknowledgment and enforcement
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Stakeholders driving payment evolution & digital identity CARDWARE Solutions to Mitigate Risks
Internal processes and procedures Compliance assessments E-discovery tools and information management
processes Monitoring, audit and reporting to Board of
Directors
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Stakeholders driving payment evolution & digital identity CARDWARE About Bennett Jones LLP
With offices across Canada and around the world, we are one of the leading law firms serving clients in the payments industry
» This presentation contains statements of general principles and not legal opinions and should not be acted upon without first consulting a lawyer who will provide analysis and advice on a specific matter.
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Stakeholders driving payment evolution & digital identity CARDWARE Thank you
For more information or answers to questions, contact:
Lisa K. [email protected]
Tel.: 416-777-7475
www.bennettjones.com
