Government is moving towards a digital landscape while recognising the need to navigate the issue of cybercrime.
To this end, the Ministry of Industry, Innovation, Science & Technology (MIST) recently spearheaded a conference on data protection at the Hilton Barbados Resort, as officials have seen an increase in cybercrimes and data breaches in financial institutions on the island.
Chief Executive Officer of the Financial Services Commission, Warrick Ward, noted that “the right to personal data protection is about safeguarding and upholding the dignity of individuals when processing their personal data and is closely linked to the right to privacy”.
Mr. Ward acknowledged that as the financial sector undergoes rapid transformation, the need for regional transactions and the sharing of information has become indispensable.
“The rise of financial technology, complex cross-border transactions, and interconnected markets see us operating in a global market which involves the sharing of private and non-private information,” he added, stressing the critical need for effective compliance frameworks and coherent legislation.
In her address at the conference, Minister of Industry, Innovation, Science & Technology, Marsha Caddle, spoke to the evolving role of the Ministry, emphasising its transition towards enhanced execution and service delivery.
“How do we deliver the online service environment for the people of Barbados, which is so critical to the work that we do? We realise that MIST and the ecosystem we support very much has to be an originator of technology. We are exploring more and more the issue of data as a commodity.
“It is for this reason that we have determined the need to establish a National Data Centre…, underscoring Barbados’ commitment to technological advancement,” she revealed.
Acknowledging the indispensable role of partnerships, the Minister expressed gratitude towards its partners and reiterated the importance of ongoing collaboration.
“I do want to acknowledge the role of partnership in what the government has been able to accomplish and still has yet very much to be able to accomplish,” Ms. Caddle stated, adding that Government recognised the collective effort driving Barbados’ technological journey forward.