Trust cements the foundation of the banking industry. Without it, we would be more apt to keep cash stuffed under our mattresses than in the impenetrable vault of a stranger. Modern digital banking wins and maintains customers' trust based on the security, transparency and accessibility of their data. Unfortunately that trilogy is not always mutually inclusive.
The latest in a wave of sovereign data security laws has emerged from China, causing some alarm with companies trying to understand how it could impact their businesses. Several sectors are identified as "critical information infrastructure", including telecommunications, information services and finance, who would be required to store personal information and sensitive business data in China.