Final answer:
Yes, financial data is considered sensitive data under both GDPR and modernized Convention 108.GDPR and Convention 108 classify financial data as sensitive, safeguarding privacy due to its identifying nature.
Step-by-step explanation:
Yes, financial data is considered sensitive data under both GDPR and modernized Convention 108.
According to the EU General Data Protection Regulation (GDPR) and modernized Convention 108, sensitive data includes any information related to finances, including bank account numbers, credit card details, and financial transactions.
Financial data is considered sensitive because it can be used to identify individuals and poses a higher risk to their privacy and security if mishandled or accessed by unauthorized persons.
In addition to bank account numbers, credit card details, and financial transactions, sensitive financial data under GDPR and modernized Convention 108 extends to investment portfolios, income details, and other financial records. The stringent protection measures for sensitive data aim to safeguard individuals' privacy and ensure responsible handling of information that could have significant implications for their financial well-being.