Data Protection and Privacy in Finance: A Growing Concern in Guinea
As the financial sector in Guinea continues to grow, it is essential that data protection and privacy measures are implemented to safeguard sensitive information. In 2016, the country’s Law on Cybersecurity and Personal Data came into effect, outlining strict requirements for combating cybercrime and protecting personal and sensitive data.
The Law on Cybersecurity and Personal Data
According to Article 47 of the law, an authority for personal data protection was established, tasked with ensuring compliance with the regulations. The law also provides for restrictions on cross-border data transfers, a significant concern in today’s digital age.
Principles for Processing Personal Data
The processing of personal data is considered legitimate if the data subject gives their express prior consent, but this requirement can be waived under certain circumstances, including when necessary for compliance with a legal obligation or to safeguard the interest or fundamental rights and freedoms of the data subject.
Responsibilities of Data Processors and Controllers
Data processors are required to adhere to a range of principles, including:
- Collecting data for specified purposes
- Keeping it accurate and confidential
- Not retaining it longer than necessary
Controllers must also take all necessary precautions to protect personal data and ensure that sub-processors comply with these obligations.
Rights of Guinean Citizens
Guinean citizens have several rights when it comes to their personal data, including:
- The right to be informed about how their data is being used
- Objecting to its processing
- Requesting rectification or erasure
- Accessing their data
- Not being subject to automated decision-making
Additional Protections
In addition to the Law on Cybersecurity and Personal Data, Guinea’s Constitution also provides for a constitutional right to privacy under Article 12. Furthermore, the country’s Law on Electronic Transactions in the Republic of Guinea outlines requirements for digital advertisements to individuals and accompanying provisions relating to privacy.
Conclusion
As Guinea continues to develop its financial sector, it is essential that data protection and privacy concerns are given priority attention. With the establishment of an authority for personal data protection and the implementation of robust regulations, the country can ensure the safe and secure processing of sensitive information, protecting both citizens and businesses alike.