GDPR and financial advice: Breach reporting

Breach reporting is perhaps one of the most radical new requirements introduced by the GDPR. Under the GDPR, personal data breaches are defined as following "a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed". Most importantly, any breach - that meets the threshold of posing a risk to data subjects - will need reporting within 72 hours to the regulator. Where the breach poses a high risk to individuals' rights and freedoms, those individuals must also...