It introduces steeper fines and tougher rules around data security and permissions.
Gibraltar is expected to implement GDPR with parallel legislation in a similar way to the UK Government – regardless of the outcome of Brexit.
Blacktower is one of the firms invited, via the Gibraltar Insurance Authority (GIA), to form part of a working group with the Gibraltar Regulatory Authority (GRA).
Robert Mancera, general manager and director of Blacktower, said: “The working group provides the industry with an opportunity to help mould the legislation in the best interests of local business.
“Blacktower believe it already has a robust process in place that may in fact only require minor tweaks – however, we are engaging with a number of software providers who appear to have taken the subject on the front foot and believe to offer an outsourced solution.”
Despite some predictions of a steep regulatory burden and stiffer fines for breaches come implementation of GDPR in 2018, Mancera said it was too early to understand the financial impact of GDPR on the industry.