The Institute of Big Data Governance (IBDG) introduced the world’s first big data governance principles and an independent evaluation system on Monday.
The move is aimed at setting up a reliable data governance framework for businesses and society to embrace the digital economy. It would also be a key prerequisite for data to flow freely within the Greater Bay Area.
The principles and evaluation system have taken reference from the General Data Protection Regulation and China’s Cyber Security Law as well as other global standards. It would help improve Hong Kong’s data governance and ensure compatibility with Chinese and European Union standards.
The IBDG is a non-profit platform set up by a group of experienced industry participants. We believe Hong Kong is well-positioned to become a global data hub if corporates have better data security standards to convince the public and win over their trust.
The big data governance principles cover four main areas: data governance, data leaks, data transfers and continuous improvement.
In data governance, corporations have to be open, fair and transparent in using data. As regards data leaks, companies should report to regulators within 72 hours if such an incident happens.
These principles would not only accelerate digital transformation but also provide a framework to facilitate reliable cross-border data flow.
This article appeared in the Hong Kong Economic Journal on Aug 6
Translation by Julie Zhu
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