Restrictions on the movement of banking data have increased significantly in recent years. The Information Technology and Innovation Foundation reported that in 2017, 35 countries globally had implemented 67 data restrictions. That number has now increased to 62 countries with 144 data restrictions in place, with more countries planning their own initiatives.
Split into three categories, data protection takes the forms of privacy, residency and sovereignty. While data privacy measures have been in place for some time, and banks have been able to build in processes for this, the emergence of stricter controls are impacting day-to-day operations.
