If TCK Bank has security loopholes in its information sharing practices that lead to the theft of customer data, it could be penalized under the General Data Protection Regulation (GDPR) compliance framework.
GDPR Overview: GDPR is a regulation in EU law on data protection and privacy in the European Union and the European Economic Area. It also addresses the transfer of personal data outside the EU and EEA areas1.
Penalties Under GDPR: The GDPR imposes heavy penalties for non-compliance or breaches, which can be up to €20 million or 4% of the annual global turnover of the organization, whichever is greater1.
Relevance to TCK Bank: If TCK Bank operates within the EU or deals with the data of EU citizens, it must comply with GDPR. Any security loopholes that lead to data breaches can result in significant penalties under this framework.
Reference:
GDPR Compliance: What You Need to Know1.
Understanding GDPR Penalties and Fines2.
GDPR Enforcement Tracker3.