I spent my journey into work today listening to Radio 4. The coverage appeared to be mainly on several breaking issues of the day; the leaked communications of Sir Kim Darroch criticising the Trump Administration, the job losses planned at Deutsche Bank as a result of a restructuring and the £180 Million fine that British Airways are facing from the Information Commissioner’s Office for the leak of data from their website. There was also of course coverage of Brexit and the selection by the conservative party of a new leader and de facto prime minister. And coverage of the elections in Greece which has resulted in a new prime minister.
The two news articles of most interest to me were the ones about Deutsche Bank and the fine for British Airway’s data breach.
The Deutsche Bank interest is not least because my last contract before my current one was at Deutsche Bank. But also, the news article revealed that about 8,000 people are employed by Deutsche Bank in London and about 20,000 people are expected to lose their jobs worldwide with the majority likely to be in either London or New York because those are where the investment banking jobs are. Deutsche Bank was going to refocus back onto its core client business. Conversations are ongoing about job losses, which will take place between now and 2022.
This news is another piece of evidence about how the city of London is changing in nature. This will come as a heavy blow to some of the employees.
A striking thing about the British Airways story is that up to now the maximum fine levied by the Information Commissioner’s Office has been £500,000 and levied on FaceBook. This fine is not only 396 times the previous record it is also 1.5% of BA’s annual global income (the maximum possible under GDPR is 4% of turnover).
I suspect the British Airways example will be quoted where I work now to highlight the importance of good data protection and governance.
I’m of no doubt that my current role in data governance/data management is fortuitous for me. This area is of growing importance and significance for many reasons. Not just because of the amount of regulation that companies are getting to grips with but also because of the financial impact and benefit that companies can utilise if they manage their data well.
Thanks for reading