Finance & Capital Market

DIFC set to implement new data protection law

Dubai International Financial Centre (DIFC) will implement the new Data Protection Law No.05 of 2020 from today (July 1).

The law places Dubai and DIFC at the forefront of data protection in the region, enabling the financial hub to enhance the Centre’s data protection practices related to global data, security and privacy best practice, a DIFC statement said.

The new Data Protection Law replaces Data Protection Law DIFC Law No.01 of 2007, which was already one of the most advanced in the region.

"While the new Data Protection Law will be effective from 1st July, businesses to which the law applies will have a grace period of three months, until 1st October, 2020, to prepare to comply with it, after which it becomes enforceable," the DIFC statement added.- TradeArabia News Service