Brent Homan said that it was a ‘persistent myth’ that data protection and innovation were opposing forces.
‘Elevated privacy practices turn risk controls into adoption drivers and trust into competitive advantage,’ he said.
‘Privacy is not a brake – it is the “seatbelt system of the information era”. Organisations that embrace security and accountability at the outset win on resilience, market penetration, and client retention.’
Mr Homan said that it was now paramount that technology developments involving people’s personal information were developed in a manner that fully respected their privacy and data rights.
The alternative, he said, was ‘a recipe for business, technological and societal failure’.
Mr Homan said that growing use of artificial intelligence had limitless potential for the global community but also required every organisation and every government to consider how to integrate AI into their operations.
The local Data Protection Authority has published a 10-step practical AI guide to help organisations navigate the challenge.
And the local financial services industry needs to be alive to the issue of personal data as part of its approach to reputation.
‘Firms that can demonstrate elevated data protection practices through transparent data handling, strong encryption, disciplined patching and monitoring and decisive breach response, signal professionalism and reliability,’ he said.
‘This signal attracts clients, strengthens cross‑border relationships, and earns the regulator’s confidence.
‘Data protection is not a compliance checkbox – it is a vital part of any business model.’
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