GDPR & SOC 2 Compliance for Financial Documents

GDPR Requirements for Financial Data

The General Data Protection Regulation (GDPR) imposes strict requirements on processing personal financial data:

• Data Minimization: Only collect and process necessary data
• Purpose Limitation: Use data only for stated purposes
• Storage Limitation: Retain data only as long as necessary
• Right to Erasure: Allow users to request data deletion
• Data Portability: Enable users to export their data

SOC 2 Compliance Framework

SOC 2 focuses on five trust service criteria:

1. Security: Protection against unauthorized access
2. Availability: System uptime and reliability
3. Processing Integrity: Complete, accurate, timely processing
4. Confidentiality: Protection of sensitive information
5. Privacy: Personal information handling practices

Implementation Checklist

• Implement end-to-end encryption for data in transit and at rest
• Configure automated data retention and deletion policies
• Enable comprehensive audit logging for all data access
• Establish role-based access controls (RBAC)
• Conduct regular security assessments and penetration testing
• Maintain data processing agreements with all vendors
• Document your data protection impact assessments (DPIA)

Compliance isn't a one-time task—it's an ongoing commitment to protecting your clients' financial data with the highest security and privacy standards.