The Financial Industry is one of the most regulated and compliance led industries globally. The upcoming introduction of the new GDPR regulation means financial institutions have to re-evaluate how they gather, process and store personal information, and ensure that their suppliers are also compliant with the changes.
GDPR aims to ensure additional security provisions in a number of ways to bring regulation in line with modern technologies and the ever-growing abundance of sensitive data accessed by companies. The management of customer data and its security is imperative for anyone operating in the financial industry or its suppliers.
thebigword already work with a number of leading brands within the sector and as a result we have evolved the use of our language services to protect our clients content and be GDPR ready, mirroring our financial client’s needs through the work of our internal Head of Information Security. Aligning ourselves as a supplier that is GDPR ready means the transitional period for our clients is one of confidence.
Over the past twelve months, thebigword have reviewed our processes, our technologies and our people to ensure that the move to GDPR for our clients is fully supported.
We are confident that we will be GDPR ready on the 25th May.
Here’s the Top 3 questions to consider when benchmarking a current Language Services supplier or finding a new one.
• How can you guarantee that the linguists you use, are operating within the GDPR regulations as freelance employers?
12 months ago thebigword began its journey to be a leader within the language services industry and be GDPR ready in time for May 25th. As a result alongside the Code of conduct, NDA’s and legal agreements we have in place with linguists, we have also re-written our freelance employee contracts to incorporate the GDPR regulation.
• Do you offer secure technology that can enable the transfer of sensitive data for translation?
thebigword have our very own bespoke, secure, compliant, technology system for transferring data. Known as HSTE, the system goes further and even prevents translators from downloading the content to outside of the secure technology. This nullifies the opportunity for data to be extracted and distributed. The HSTE system is a serious tool in mitigating against accidental data breach.
• What measures have you taken to prevent clients data been stored in your own internal systems longer than required? Do you know where it is and for how long is it stored?
One of the advancements in translation companies has been the evolution of translation memories ™, where previously translated content can be stored and re-used, which helps to keep costs down for clients. The use of TM can seriously reduce costs but the data stored in TM can also be against the principles in the GDPR. Clients should review and consider the use of translation memory, excluding restricted or customer data from the translation memory pool. This is something thebigword has managed to achieve for a number of our clients.
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