How to protect the privacy and data of Cyclos users?
Not everyone can be a GDPR compliance specialist, but that doesn't mean you should ignore data protection and privacy; especially if you run a payment network. In this post, we will look into some of the key privacy and data protection requirements and how you can prepare your Cyclos software!
Cyclos, secure payment software
Cyclos is a best-in-class payment software used by more than 1500 organizations worldwide including banks, barters, remittances, and innovative currency systems. All these organizations depend largely on trust and security to deliver their services properly.
The software Cyclos is developed to build your payment platform with high security, flexibility, and scalability. Cyclos is committed to the strict implementation of security standards and guidelines such as defined by the ISO 27002, PCI, and EBA.
Security is the basis of the Cyclos architecture.
General Data Protection Regulation
The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information from EU individuals and has been adopted in some form by many national legislations worldwide. Some of the key privacy and data protection requirements of the GDPR include:
No personal data may be processed or stored unless this is done by consent, contract, public task, vital interest, legitimate interest, or legal requirement.
When the processing is based on consent, individuals still have the right to revoke it at any time.
Individuals have the right to access their personal data and information about how this personal data is being processed and used.
Individuals have the right to request the erasure of personal data related to them on any one of a number of grounds within 30 days
Privacy and data protection with Cyclos
The GDPR sets out seven key principles and which are important to consider when configuring or using Cyclos as a payment platform: lawfulness, fairness and transparency, purpose limitation, data minimization, accuracy, storage limitation, integrity, and confidentiality (security), and accountability.
The importance of privacy and data protection is increasingly recognized by Cyclos. You can use the highest-possible privacy settings so that the datasets are not publicly available by default and cannot be used to identify a person.
With the award-winning payment software Cyclos, an appropriate configuration, and proper processes, you can meet the requirements related to privacy and data protection regulations.
Configure your Cyclos payment platform with privacy in mind.
Meet privacy and data protection with monei
Not everyone can be a GDPR compliance specialist, that is why we, monei, help you to comply with the privacy and data protection of your payment network. We agonize over the right abstractions and compliance of local and international legislation so your team saves time and resources.
As an organization, you must put in place appropriate technical (software) and organizational measures to implement the data protection principles. We help you with training, designing, reviewing, or updating of:
- Cyclos data mapping
- Business data processes
- Cyclos Information systems
Our vast experience as digital currency architects in different countries, combined with Cyclos, the best-in-class payment software creates affordable solutions for security and privacy in compliance with legislations worldwide.
Limit your exposure to regulatory penalties and make sure customers trust you!