GDPR and financial advice: Personal data breach classification

Ramifications for advice firms

clock • 14 min read

In the third of a series of articles based on the latest meeting of the Intelliflo GDPR Working Group on the ramifications of the GDPR for financial advice firms, Rob Walton looks at personal data breach classification

Under the GDPR, a personal data breach is defined very broadly as "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". The working group discussed a three stage process regarding a breach: * First, understanding whether the incident constituted a breach, taking into account the broad definition  under the GDPR; * Second, where the incident did constitute a breach, considering whether this posed a risk to the rights and freedoms of data subjects....

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

 FCA chief: No allegations of Budget leak market abuse so far

FCA chief: No allegations of Budget leak market abuse so far

Told MPs on the Treasury Committee the leak caused serious concern

Alex Sebastian
clock 16 December 2025 • 3 min read
FCA's non-financial misconduct rules 'opaque' over social media activity

FCA's non-financial misconduct rules 'opaque' over social media activity

Lack of definitions and case studies

Cristian Angeloni
clock 16 December 2025 • 2 min read
2025: Reflecting on a 'sustained wave' of regulation

2025: Reflecting on a 'sustained wave' of regulation

The FCA has issued 34 consultation papers this year

Paul Bruns & Sandy McGregor
clock 16 December 2025 • 4 min read