The internet and digital economy have revolutionized how we do business, trade, and consume information. This period is known as the ‘data economy’; be it analysing customer buying habits, detecting security threats or building AI models of tomorrow; data is now at the core of every business and it must be collected, managed, and secured properly for maximum efficiency and success.
Financial Secretary Paul Chan made these comments at the launch of Greater Bay Area International Information Technology Industry Association (GBAITA) and Institute of Big Data Governance on Thursday, which was attended by political heavyweights, mainland experts in data governance as well as overseas experts from around the world.
GBAITA, based in Hong Kong, works to facilitate the flow of data elements and activate their value, with particular attention paid to cross-border data collaboration and increasing security and compliance measures. GBAITA also works towards building high-quality infrastructure as well as providing a platform for idea exchange.
Data hk’s mission is to promote free movement of data elements while building a robust infrastructure for Hong Kong’s data economy. By offering an international trading platform with comprehensive features for international trade transactions, Data hk also cements Hong Kong as a centre of excellence in terms of data management and governance.
Data, in general, refers to facts or statistics collected for analysis and reference. It can take the form of numbers, text, or both and its purpose is usually to support decision making processes such as sales analysis, electricity meter readings or employee name records. Furthermore, additional details like weather data may add context and deliver greater value when added into an analysis process.
Under Hong Kong’s Personal Data Protection Ordinance (PDPO), data users must inform data subjects of certain information pertaining to their collection and use of personal data, which typically involves providing them with a PICS (Personal Information Collection Statement) prior to collecting their personal information.
Contrary to some other data privacy regimes, Hong Kong’s Personal Data Protection Ordinance (PDPO) only covers operations conducted within Hong Kong due to a lack of express provisions that would authorize extra-territorial applications of its provisions.
For datasets to maximize their value, they should be made accessible via an open data portal in an easily understandable format that can be automatically reused by users. Data must also be accurate, and used only legally. Finally, data stewards should take responsibility for monitoring quality within particular datasets by regularly inspecting for errors or anomalies, this ensures its accuracy when shared between organisations as well as comply with PDPO laws when transferred elsewhere.
