What standard does Avaloq follow for data protection and regulation compliance?

The correct answer, General Data Protection Regulation (GDPR), is significant because it is a comprehensive regulation enacted by the European Union that governs data protection and privacy for individuals within the EU and the European Economic Area. GDPR sets strict guidelines for the collection, storage, and processing of personal data, ensuring that individuals have control over their personal information and can enforce their rights regarding data protection.

This regulation is particularly relevant for companies like Avaloq, which operate within the financial sector where the management of sensitive personal data is critical. Compliance with GDPR demonstrates a commitment to protecting client privacy and ensuring that data handling practices meet high standards of security and transparency.

Other standards mentioned, while important in their respective domains, do not encompass the broader framework governing personal data protection in Europe as comprehensively as the GDPR. For instance, ISO 27001 focuses on information security management systems, HIPAA is specific to healthcare information in the United States, and FISMA addresses federal information systems security. Each of these regulations serves unique purposes, but GDPR is the most applicable for general data protection and privacy in the context relevant to Avaloq.