Interactive PAYSAFE - THE YEAR OF REGULATION
one does not necessitate the other, and focusing on security without factoring privacy into the mix would be like building a house made entirely of bulletproof glass – no one will get inside, but your personal life will be on display to all. Under PSD2 and GDPR, the key for operators is factoring both considerations into all business components and decisions, in order to create a system that manages security and customer data privacy holistically.
Operators should also be mindful of malicious hackers looking to leverage GDPR to their advantage. In theory, one day after the GDPR deadline, a hacker could locate not-yet- compliant data sets held by an organisation and hold them to ransom over the information. In other words – pay a ransom or be reported to the Information Commissioner's Office.
Such a scenario serves to highlight that in the new regulatory landscape, compliance is worthless without evidence. Your business could have a systematic and sustainable model for processing payments, protecting customer data, and responding to data-related requests, but if you can’t prove it then you run the same risks as those who are non-compliant. Gaming operators need to establish and maintain comprehensive evidence logs, which are ready to submit to regulators in the event that a complaint is made against them.
Nonetheless, compliance is not a static process and regulators will not accept excuses grounded in ignorance. Operators need to keep one eye on the future at all times. Tat means predicting
P60 NEWSWIRE / INTERACTIVE / MARKET DATA
Regulations like PSD2 and GDPR present significant
obstacles to a gaming industry that is becoming more digitally connected every day, and test
gaming operators’ capacities to manage the data being
generated through their online platforms.
how the rollout of new technologies, services and processes affect the way that data is collected and used, and therefore, their compliance status. Today, the emergence of biometrics as a means of authentication for digital gaming payments is one such example, which is especially pertinent this year given that all operators are required to offer two-factor authentication under PSD2. Biometric technologies bring with them the challenge of special category data, and operators must pay careful consideration to the implications of a data breach where the very essence of an individual, their uniquely personal identifiers, are lost or in some way compromised.
HOW CAN YOUR BUSINESS BENEFIT? Te challenges posed by the regulations are all-
encompassing and inevitable, and the gaming industry will be required to meet them whether it wants to or not. Tis leaves operators with two
choices: endure them or embrace them. Although the regulations do place hurdles for operators to overcome, there are also opportunities in equal measure, and operators should be working to put themselves in the best possible position to take advantage.
Te first opportunity comes from a change in perspective. Te regulations may be designed to empower the consumer, but this doesn’t mean operators need to suffer as a result. Going forward, the most successful operators will be those who can adapt their services with the user front-of-mind for an optimised customer experience. For instance, by striving to comply with PSD2 offer heightened security through measures including two-factor authentication. Ensuring the security of services is a huge advantage in an era where increasing volumes of fraud have caused consumers to desire a more secure payments process – Paysafe’s Lost in Transaction research shows more than half (58%) of consumers would accept any necessary security measures to eradicate fraud.
Regulations like PSD2 and GDPR present significant obstacles to a gaming industry that is becoming more digitally connected every day, and test gaming operators’ capacities to manage the data being generated through their online platforms. But for all of the challenges, GDPR and PSD2 can represent opportunities to those willing to take them. Operators should be looking to optimise their internal processes now to ensure compliance and put themselves in the best possible position to benefit in the long- term.
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