The Bahamian Parliament has introduced three new bills recently that are designed to improve the jurisdiction’s E-commerce efficiency and it is thought the measures will be a positive step towards attracting extra foreign investment and reviving the economy.
The Data Protection (Privacy of Personal Data) Bill, the Computer Misuse Bill and the Electronic Communications and Transactions Bill will benefit businesses whether they are online or not, data security expert Andrew Pike told the Nassau Guardian last week. Wherever there exists a database holding records directly affecting a firm, the new legislation will be able to protect them.
The lack of an adequate legal framework surrounding the data security issue has been a deterrent to firms putting information online in the past, explained Pike. The new laws should result in a larger uptake of more sophisticated forms of IT systems as well as attracting legitimate foreign companies to the jurisdiction.
“E-commerce is not just about electronic business,” Pike told the Guardian, adding, “it involves a way in which the operating costs of existing businesses can be lowered while at the same time providing security for foreign investment.”
“As for the protection side, the new legislation will enable us to conduct data warehousing where foreign companies can store all their data in offshore jurisdictions,” continued Pike.
Broadly, the Data Protection Bill will seek to enact the privacy principles set out by the OECD and covers the collection, processing and storing of individuals’ data on electronic systems. The Electronic Communications and Transaction Bill will govern legally binding agreements conducted over the internet. Meanwhile, the Misuse of Computers Bill broadly covers computer security in relation to hacking and follows OECD guidelines on unauthorised access to and modification of information.
By Amanda Banks, Tax-News.com
