Data privacy law spurs compliance scramble :: Mmegi Online

The long-delayed Data Protection Act sparked a scramble amongst the targeted entities who now have to guarantee the protection of consumers’ information, under threat of hefty penalties of up to P1 million and/or 12 years behind bars.

This week, consultants, including those in the legal fraternity, stepped up their calls for affected entities to engage them to conduct risk assessments and develop compliance strategies, as the Act finally kicked off after several extensions.

The Act, which dates back to 2018, grants consumers power over the use, storage and sharing of their personal information. The Act prohibits the sharing of consumer information to third parties without explicit consent from consumers, a move that is expected to create a compliance nightmare for banks, insurance, and telecom companies in particular.

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