Thursday, April 15, 2021
  • Setup menu at Appearance » Menus and assign menu to Top Bar Navigation
Advertisement
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News
No Result
View All Result
NikolaNews
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News
No Result
View All Result
NikolaNews
No Result
View All Result
Home Internet Security

ACCC says it’s nearly ready for the Consumer Data Right February 1 deadline

November 16, 2019
in Internet Security
ACCC says it’s nearly ready for the Consumer Data Right February 1 deadline
585
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

With the Consumer Data Right (CDR) deadline of February 1 creeping up, the Australian Competition and Consumer Commission (ACCC) said all the systems that are required to be implemented by the consumer watchdog itself and industry are close to being ready.

ACCC commissioner Sarah Court said while the deadline is “extraordinarily tight”, the ACCC, which has been charged with oversight, specifically responsible for rule-making, consumer education, and eventually the enforcement of the CDR, is in the final stages of finalising the build of a register, which will be a list of all the accredited and participating data receivers under the CDR.

You might also like

Microsoft Defender for Endpoint now protects unmanaged BYO devices

Cyber criminals are installing cryptojacking malware on unpatched Microsoft Exchange servers

ASIO boss says he’s not concerned with Australian Parliament’s March outage

“We’re finishing that. The banks are finalising their builds, the data receivers are finalising their builds and getting ready for accreditation, and we have just commenced what’s going to be an intense testing period to try and ensure we have connectivity, all the security standards, and architectures we need built into the system,” she said.

The work comes off the back of the ACCC drafting up rules in March that stipulated how data requests would be made under CDR, which will be slowly rolled out in phases, starting with the financial services sector — specifically the big four banks — through an Open Banking regime.

“We’re doing that because the big four banks hold 70-80% of retail banking accounts. Those big four banks will be obliged to share their customer data when directed to, when requested by their customers with accredited data recipients,” Court said.

See also: How Europe’s GDPR will affect Australian organisations

On a panel at the Future of Financial Services event in Sydney on Friday, Court also took the opportunity to emphasise how the ACCC has taken a consumer-centric approach to CDR and that the system would be voluntary for consumers to participate in.

“We have been very conscious in building this system, designing the rules and protection for consumers, to put consumers at the heart of this system,” she said, assuring CDR is “not a wonderful opportunity for banks and fintechs to start forwarding consumer data around the ether”.

“It’s an opportunity for consumers to say very clearly in a way that they can’t do now, we would say, ‘this is what I want you to do with my data’,” she added.

Joining Court on the panel, ING Digital and Innovation head Christopher Barwick said that even though his bank was “cautiously optimistic” about CDR, he believes it will deliver a “huge opportunity” for banks to cement the shift from being product focused to customer focused.

“It will force a lot of collaboration, it will force a lot of competition, and it’s going to force innovation, and all of that will centre around the customer,” he said.

While Judo Bank co-founder and co-CEO Joseph Healy agreed with Barwick, he raised concerns based off what has happened in the United Kingdom, where there was a “high level of inertia” and the challenge laid with customers in terms of its adoption.

“The readiness challenge is not much the financial institutions … the real readiness challenge is going to be the consumer and educating the consumer on what this really means, not just the positive aspect … but also the downside of sharing data,” he said.

Healy said he’s optimistic however, that the open banking regime would be successful when there are more players in the market. 

“It will boost competition and choice in the economy and the real fruit of these initiatives will only start to bear when we see a whole range of suppliers come in the market giving consumers greater choices,” he said.

“I personally hope a whole new number of credentials, properly regulated neobanks and fintechs coming into the market providing great choice for people. And open banking will certainly help.”

Related Coverage

Consumer Data Right ready to be tested ahead of February go-live

The consumer watchdog has named the 10 financial services firms and startups that will be testing components of the first tranche of the Consumer Data Right.

Labor thinks the right to delete is coming for Australia’s CDR after winter break

But it also thought its amendments were going to be put into Australia’s encryption Bill.

Australia’s Consumer Data Right to finally make its way through Parliament

Legislation to be passed nearly two years after the new regime was officially announced.

Australia’s open banking regime: Generic product data available from 1 July

Generic product data via APIs kick off the first tranche of Australia’s Consumer Data Right.

Australia’s consumer energy data to be made open under CDR

Consumers will soon be able to easily compare and switch energy service providers.

Credit: Zdnet

Previous Post

Cloud Machine Learning Market Size by Type, Product, Application & Market Opportunities 2019-2024 – Tech Estate Today

Next Post

Can the planet really afford the exorbitant power demands of machine learning? | John Naughton | Opinion

Related Posts

Microsoft Defender for Endpoint now protects unmanaged BYO devices
Internet Security

Microsoft Defender for Endpoint now protects unmanaged BYO devices

April 15, 2021
Cyber criminals are installing cryptojacking malware on unpatched Microsoft Exchange servers
Internet Security

Cyber criminals are installing cryptojacking malware on unpatched Microsoft Exchange servers

April 14, 2021
ASIO boss says he’s not concerned with Australian Parliament’s March outage
Internet Security

ASIO boss says he’s not concerned with Australian Parliament’s March outage

April 14, 2021
‘FLoC off!’ Vivaldi declares as it says no to Google’s tracking system
Internet Security

‘FLoC off!’ Vivaldi declares as it says no to Google’s tracking system

April 14, 2021
Microsoft April patch download covers 114 CVEs including new Exchange Server bugs
Internet Security

Microsoft April patch download covers 114 CVEs including new Exchange Server bugs

April 14, 2021
Next Post

Can the planet really afford the exorbitant power demands of machine learning? | John Naughton | Opinion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Plasticity in Deep Learning: Dynamic Adaptations for AI Self-Driving Cars

Plasticity in Deep Learning: Dynamic Adaptations for AI Self-Driving Cars

January 6, 2019
Microsoft, Google Use Artificial Intelligence to Fight Hackers

Microsoft, Google Use Artificial Intelligence to Fight Hackers

January 6, 2019

Categories

  • Artificial Intelligence
  • Big Data
  • Blockchain
  • Crypto News
  • Data Science
  • Digital Marketing
  • Internet Privacy
  • Internet Security
  • Learn to Code
  • Machine Learning
  • Marketing Technology
  • Neural Networks
  • Technology Companies

Don't miss it

Six courses to build your technology skills in 2021 – IBM Developer
Technology Companies

A brief intro to Red Hat OpenShift for Node.js developers – IBM Developer

April 15, 2021
Microsoft Defender for Endpoint now protects unmanaged BYO devices
Internet Security

Microsoft Defender for Endpoint now protects unmanaged BYO devices

April 15, 2021
New JavaScript Exploit Can Now Carry Out DDR4 Rowhammer Attacks
Internet Privacy

New JavaScript Exploit Can Now Carry Out DDR4 Rowhammer Attacks

April 15, 2021
Sailthru Announces Machine Learning Features for Improved Lifecycle Optimization
Machine Learning

Sailthru Announces Machine Learning Features for Improved Lifecycle Optimization

April 14, 2021
Data Labeling Service — How to Get Good Training Data for ML Project? | by ByteBridge | Apr, 2021
Neural Networks

Data Labeling Service — How to Get Good Training Data for ML Project? | by ByteBridge | Apr, 2021

April 14, 2021
The Search Engine Land Awards are open: Wednesday’s daily brief
Digital Marketing

The Search Engine Land Awards are open: Wednesday’s daily brief

April 14, 2021
NikolaNews

NikolaNews.com is an online News Portal which aims to share news about blockchain, AI, Big Data, and Data Privacy and more!

What’s New Here?

  • A brief intro to Red Hat OpenShift for Node.js developers – IBM Developer April 15, 2021
  • Microsoft Defender for Endpoint now protects unmanaged BYO devices April 15, 2021
  • New JavaScript Exploit Can Now Carry Out DDR4 Rowhammer Attacks April 15, 2021
  • Sailthru Announces Machine Learning Features for Improved Lifecycle Optimization April 14, 2021

Subscribe to get more!

© 2019 NikolaNews.com - Global Tech Updates

No Result
View All Result
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News

© 2019 NikolaNews.com - Global Tech Updates