Interesting update from the ICO on their Regulatory Sandbox initiative which is working with organisations to help tackle financial crime. The Regulatory Sandbox is a service developed by the ICO to help support and assist organisations who are creating products and services which utilise personal data in a way that will help minimise the risk of a cyber-attack. Organisations can apply to work with the ICO Sandbox team to obtain advice on mitigating the risks potentially exposed to their business and gain the benefit of the ICO's expertise. This hopes to give organisations a better understanding of the data protection frameworks and how these may affect their business.
Initiatives like this are essential to help tackle the increasing amount of electronic financial crime as we continue to operate in a world where, unfortunately, the threat of financial crime is a real and frequent issue for many businesses and those individuals who directly suffer as a result. The continuing development of initiatives, such as the Regulatory Sandbox, not only provides guidance to assist those that could be vulnerable but also provides a platform to raise awareness of the ongoing risks which will hopefully help limit the frequency of such events.
This collaborative approach to fighting financial crime opens up the prospect of higher detection rates with lower false positives, while reducing the burden of scrutiny on each individual and business consumer.