With the European Union (EU) at the forefront of data protection legislation, recent developments in IoT and IT services have ushered in a new era of regulatory requirements.
The new Data Act assumes that much of the data generated by so-called connected products and services is unused or controlled by a small number of large (mainly US) companies. Through the Data Act, the EU aims to unlock these data lockups, promote data sharing between different actors and make data available to users of connected products and services.
The new regulation will affect many companies, but especially suppliers of connected products and providers of various IT services. In addition, the data regulation will have an impact on several different parts of the companies, including purchasing, contract writing, information classification, and the design of products and services. Since the rules start to apply as early as the 12th of September 2025, it is time to familiarise yourself with what the requirements mean for your own organisation. Non-compliance can lead to penalties, the level of which is up to each Member State to decide, and which for most countries has not yet been determined.
The Data Act represents a pivotal moment in data governance, particularly concerning IoT and IT services. This legislation aims to bolster data security and privacy in an increasingly digitised world. At its core, the Data Act mandates stringent measures for the protection of personal data, emphasizing encryption, access controls, and transparent consent mechanisms.
For financial software companies like ours, the implications of the Data Act are profound. As custodians of sensitive financial information, we are entrusted with safeguarding the privacy and security of our clients» data. Compliance with the Data Act is not merely a legal obligation but a testament to our commitment to ethical business practices and customer-centricity.
We proactively monitor regulatory developments, ensuring that our solutions adhere to the highest standards of data protection and privacy in the markets where we serve our clients. Compliance with the Data Act is not just about meeting regulatory requirements; it’s about building trust and fostering innovation. By prioritising data security and privacy, we empower our clients to embrace digital transformation with confidence. Our commitment to responsible data governance sets us apart as leaders in the fintech landscape, driving innovation while safeguarding customer trust and confidence.
As the fintech industry continues to evolve, regulatory compliance remains a cornerstone of our operations. At Aptic, we stand ready to guide you through the intricacies of data compliance, empowering your business to thrive in an increasingly digital world.
