Dubai: To mark Data Privacy Day, the Ministry of Finance (MoF) has emphasised the importance of protecting personal data for financial transactions, in light of the digital revolution and the increasing global trends to protect individuals from the misuse of their personal information or violation of their privacy.
Younis Haji Al Khouri, Under-Secretary at MoF, highlighted that standards of data protection are used as a foundation to implement best international practices in financial markets, and are global requirements to measure countries’ international competitiveness index. He also reaffirmed the UAE’s commitment to protect the rights, data and personal information of individuals, and to provide a clear privacy policy.
Entities in the UAE are also committed to their role with regards to protecting data and rules and regulations of collecting and processing data.
“The developed economic and legislative framework of the country sets focus on protecting personal information by collecting, preserving and processing data, to prevent misuse of data, privacy violation and financial losses. This will contribute to establishing a sound economic environment that gains the trust of investors and financial institutions, and leads the UAE to become the preferred place to do business,” Al Khouri added.
In 1980, the Organisation for Economic Cooperation and Development (OECD) developed a number of rules and procedures to protect privacy and trans-border flows of personal data. The following year saw the Council of Europe Convention for the Protection of Individuals with regards to automatic processing of personal data — aimed at protecting individuals rights.
The Council of Europe launched Data Protection Day in 2006 to raise awareness on the importance of data protection for individuals and businesses by organising numerous conferences and discussions.
In light of global technological advancements, the value of personal data for private and public institutions as well as companies has increased in importance, which in turn strengthens the need to protect personal data and prevents acts of misuse or privacy violations.
This is done through the implementation of clear laws and legislation to ensure concerned entities’ commitment in handling personal information at local and cross-border levels.
