THE LAW OF COMMERCIAL DATA

HIGHLIGHTS OF THE LAW OF COMMERCIAL DATA:

• Specifies requirements for obtaining consent, maintaining data accuracy, and limiting data usage to lawful and legitimate purposes.
• Mandates robust measures for safeguarding data privacy and security, including encryption, access controls, and regular audits to prevent unauthorized access, disclosure, or misuse of commercial data.
• Establishes procedures for reporting data breaches and mitigating risks to protect the confidentiality and integrity of commercial information.
• Requires entities to comply with legal standards and regulations governing data handling in commercial transactions and operations, such as data protection laws, industry-specific regulations, and international data transfer requirements.
• Enforces penalties for non-compliance, including fines, sanctions, and legal actions, to deter violations and uphold the integrity and trustworthiness of commercial data practices.

ISSUER OF THE LAW OF COMMERCIAL DATA:

The authority responsible for overseeing data protection and privacy regulations, which may encompass commercial data to some extent, is the Saudi Data and Artificial Intelligence Authority (SDAIA). SDAIA is tasked with formulating policies, regulations, and initiatives related to data protection, privacy, and artificial intelligence in Saudi Arabia.

Additionally, the Ministry of Commerce and Investment also have regulations or guidelines pertaining to the use and management of commercial data, particularly in the context of business operations and transactions.

WHO IS SUBJECT TO THE LAW OF COMMERCIAL DATA:

• Applicable to all entities, including businesses, organizations, and individuals involved in collecting, storing, processing, or transmitting commercial data.
• Ensures accountability and responsibility in data handling practices, protecting the rights and interests of data subjects and promoting trust and confidence in commercial transactions and operations.