Monaco’s business community is preparing for a major shift as a new law on personal data protection takes effect, requiring both private and public sector entities to strengthen their cybersecurity measures and ensure compliance with new data handling regulations…
At a breakfast conference hosted by the Junior Chamber of Economy (JCE), experts highlighted the law’s significance, emphasizing its dual purpose: safeguarding individuals’ rights while enabling Monegasque businesses to meet international data protection standards. This legislation will impose new obligations on companies that process personal data, reinforcing internal procedures to detect and report data breaches while enhancing security protocols against cyberattacks.
Speakers stressed that entrepreneurs must quickly adapt, gaining full control over the personal data they collect and implementing stricter security measures. Compliance will not only protect businesses from potential penalties but also enhance trust with customers and stakeholders. As data breaches become an increasing global concern, the law ensures Monaco remains aligned with international best practices while reinforcing the Principality’s reputation as a secure economic hub.
JCE’s next event on March 20 will focus on entrepreneurship, with a workshop led by Guillaume Verneuil from the economic development department, offering insights into setting up a business in Monaco. The session will provide essential guidance on navigating regulatory frameworks and optimizing compliance with new policies.
With personal data security now at the forefront of Monaco’s economic framework, businesses must act swiftly to integrate these new requirements and bolster their digital resilience.
Photo by FlyD
