Data hk is any set of information about an individual or entity. It can be gathered from a range of sources, including government agencies and companies offering data management services. It is an invaluable resource that can help businesses improve customer service, make strategic decisions and abide by legal requirements more easily. A good database can also reduce costs and boost productivity. But it is important to understand the privacy risks associated with data hk, and how to protect it.
The PDPO imposes specific obligations on data users, sets out a number of data subject rights and establishes six data protection principles. These cover the collection, holding, processing, use and disclosure of personal data and provide a comprehensive framework for data protection. It was first introduced in 1996 and has undergone a number of significant amendments since then, most notably in 2012 and 2021. The most recent amendments primarily relate to the use of personal data in direct marketing.
To fulfill their obligations under the PDPO, a data user must inform the data subjects of the purpose for which their personal data is collected and the classes of persons to whom it may be transferred, and obtain the voluntary and express consent of the data subjects to do so. In the context of data transfers, these particulars are typically set out in the personal information collection statement (PICS) that a data user must provide to the data subjects before collecting their personal data.
In addition, a data user must take reasonable steps to ensure that any agent or contractor who processes their personal data on behalf of them complies with the requirements of the PDPO. This is usually achieved through contractual or other means of ensuring that the personal data is protected against unauthorised access, processing, erasure or loss, and is not retained for longer than necessary for the fulfilment of the purposes of collection.
As one of the world’s leading financial hubs, Hong Kong has a strong demand for computing power. This has led to the development of a local data center industry. However, the city’s existing infrastructure is not designed to cope with the expected growth in demand.
To address this challenge, the HKMA is launching the Construction of a Data Infrastructure (CDI) project to build a next-generation financial data infrastructure, enabling a more efficient and scalable financial intermediation. The CDI will connect banks and sources of commercial data with a single connection, allowing them to share data more easily and securely. This will help to increase efficiency and foster a stronger Fintech ecosystem. It will also support the development of Hong Kong as a global data hub by providing a more seamless and convenient cross-border data transfer mechanism for enterprises. This is especially important given the tightening of China’s data security regulations in recent years.