Innovative developments in ICT like big data analytics, AI and fintech are challenging the regulatory strengths and effectiveness of existing data protection laws, according to Privacy Commissioner Stephen Kai-yi Wong of The Privacy Commissioner for Personal Data, Hong Kong (PCPD).
“These developments spur ongoing efforts by data protection regulators to come up with novel regulatory solutions, including the expansion of the scope of data protection laws,” Wong said during a panel discussion at the recently concluded 66th American Bar Association Antitrust Law Spring Meeting 2018 in Washington DC.
He pointed out that in the face of rapid technological developments “threatening to annihilate robust law amendments efforts”, regulators should explore the possibility of accountability.
“Comprehensive, flexible and responsibility-based accountability is the crucial framework to strike a balance between data protection and facilitation of businesses and innovation,” Wong said.
He reiterated that accountability and data ethics are essential solutions to help regulators strengthen regulatory effectiveness and business to unlock the innovative use of data.
“They should consider engaging and incentivizing organizations in cultivating the privacy culture, particularly in Asia, by helping them in building trust and reputation; observing ethical standards and respecting data of their customers and consumers,” Wong said.