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2.4.1.6 Data privacy and bank secrecy risk

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Data privacy and bank secrecy risk describes the risk of a potential leakage of customer data and thus a breach in the bank secrecy. This risk is particularly sensitive as it pertains to highly personal individual data, its management is therefore a part of customer protection. Also, breaches of data privacy have a strong link to cybersecurity risk, as certain variants of cyberattacks aim at stealing protected customer data.

Non-financial Risk Management in the Financial Industry

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