AllClear ID, Inc., (AllClear) an identity protection firm, and Deloitte LLP (Deloitte), a consulting company, announced today that they have launched a data breach customer notification service. The new product, called the Customer Breach Support (CBS) service, comes just one day before the European Union’s General Data Protection Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term (GDPR) comes into effect.

GDPR contains a number of rules pertaining to data breaches. Any significant data breach must be reported to regulators within 72 hours of the company becoming aware of the violation. Companies must also tell the regulator what steps they are taking to mitigate the effects of the breach. Perhaps most significantly, they must also inform customers affected by the breach if it is deemed to have posed a serious enough risk to them.

Failure to perform the above tasks can result in severe damage to businesses - beyond the reputational costs incurred by knowledge of a data breach going public. Firms will have to pay a fine of €20 million ($23.44 million) or four percent of annual turnover.

Preparing for the worst

AllClear and Deloitte’s CBS service will take a dual-pronged approach to the problems companies are likely to face as a result of data breach regulation in GDPR. Before a data breach has occurred, the company offers Reserved Response Support (RRS) that preps a firm so that it will be ready to respond in the event a data breach does occur.

If a data breach does indeed occur, the two companies offer Live Customer Support. This service will provide customer support and data protection services to the clients of companies using the service.

Bo Holland, CEO at AllClear ID, commented on the new service, saying: “A poor customer response after a data breach can have tragic consequences, and GDPR increases the response risk dramatically. Many people think it is impossible to launch a large-scale customer response in 72-hours, but we’ve proven the opposite with 80 of the largest brands in the USA. Today, we are pleased to announce this new GDPR service with Deloitte.”