Analysis of General Data Protection Regulation Compliance Requirements and Mobile Banking Application Security Challenges

In today's world of digital economy, privacy of user's personal data is at threat and even high security applications are found to have security breaches, leading to leak of users private, confidential and sensitive information in public domain. In addition, the absence of proper regulatory laws to protect privacy and security has facilitated no action against such identity thefts and has allowed escape of such criminals. But, now, with the introduction of European General Data Protection Regulation (GDPR) in European Union (EU) and European Economic area, it is mandatory to respect the rights and freedom of the data subject and to ensure protection and privacy of their data, failing which shall be penalized heavily. According to GDPR, anyone (a person or an organization) doing an economic activity (which includes all business house including financial institution like bank etc.,) with EU citizen must comply with it. As GDPR is in its initial stage, this paper discusses about the need for GDPR, its regulations, its stake holders, data subject rights, its impact on global economy and its benefits. The paper also discusses the challenges (by both organization as well as the mobile banking security app developer) to be met to become GDPR compliance ready.