Banking Sector’s Data Protection Landscape: Insights from Privacy Guarantor and ABI’s First Assessment of DPO Role

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Title: Insights on the Role of Data Protection Officer (DPO) in the Banking Sector

Summary: A research conducted by the Italian Banking Association (ABI) and the Data Protection Authority, provides a first snapshot on the role of the Data Protection Officer (DPO) in the banking sector, five years after the introduction of the GDPR. The study highlights the importance of the DPO's independence, autonomy, and adequate resources in performing their duties. The findings include the fact that DPOs are primarily nominated through an act of designation, have an experience in law, economics, and technology, and have been in their role between 3-8 years. The study also suggests that there is a strong need for constant coordination between authorities and national and European norms in the financial sector, particularly with the increasing use of artificial intelligence. The Data Protection Authority has emphasized the importance of the DPO's role in ensuring the observance of data protection regulations and has dedicated initiatives to promote the creation of networks of DPOs across various sectors.