Qatar Central Bank issues Data Handling and Protection Regulation
DOHA: In line with the Third Financial Sector Strategy and as part of Qatar Central Bank's ongoing efforts to regulate the financial sector and secure its data, QCB has issued the Data Handling and Protection Regulation for financial institutions in the State of Qatar.
The Qatar Central Bank highlighted that this regulation sets clear guidelines for financial institutions on data protection, governance, and security, ensuring compliance with industry-leading practices. The regulation addresses key domains such as organizational and data governance, customer protection, data security, business continuity, and disaster recovery.
By issuing this regulation, the Qatar Central Bank aims to establish an advanced and suitable regulatory framework for financial institutions and fintech companies in the country, fostering the development of innovative solutions in the financial sector. The goal is to provide advanced financial services efficiently while ensuring data protection.
The Qatar Central Bank stressed the need for compliance with this data handling and protection regulation for financial institutions in Qatar, which will foster adherence to information security and data protection requirements. This will be achieved through a secure data handling approach, which involves managing risks through the implementation of best governance practices and operational security controls.
The Qatar Central Bank emphasizes the importance of securing data usage within the financial sector and protecting customer data in light of growing security and privacy risks. QCB reaffirms its ongoing commitment to utilizing the best available technologies in data protection, ensuring a secure environment for financial institutions and their customers in all daily financial and banking transactions.
The regulation can be viewed on Qatar Central Bank's official website.
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