ECCB 2021-2022 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 42

Areas of Focus

Development of Updated Data Protection Legislation for the ECCU In the emerging digital economy, data will be key. With the increasing need for data, there is the corresponding need to ensure that personal data in particular, is safeguarded against unauthorised access and use. Consistent with the global trend, most notably with the introduction of the European Union’s General Data Protection Regulations (GDPR), there is an urgency for a robust legislative data protection framework in the ECCU.

Accordingly, in the 2022/2023 financial year, the Bank will seek to develop a legislative framework for data protection in the ECCU that is reflective of the new digital era.

The legal framework will: 1. Regulate the processing of personal data; 2. Protect the rights of the data subject;

3. Enable an established data protection authority to enforce rules; and 4. Secure the accountability of entities in the event of a breach of the rules.

This framework will facilitate transparency in the collection and use of data, preserve data subjects’ rights, and engender public trust and confidence. The data protection legislation will also complement the payment system reforms.