date ; is kept in a form that permits identification of data subjects for no longer than is necessary ; and is processed in a manner that ensures its appropriate security. the consent of customers to the collection and processing of their data must be expressly obtained, as well as an explanation given as to the reason for collecting this data and its ultimate use. 1 / 2 bis - central bankers'speeches by implementing a stringent and effective data protection policy, banks can mitigate unauthorised access to sensitive data. the act lays a foundation via which a financial entity adheres to best practices and safeguards the rights of its data subjects. it also ensures that the organisation is transparent about how it handles, maintains, and safeguards personal information, thus building and maintaining trust with its customer base. the data protection policy will thus be in the vanguard of a bank's risk management strategy particularly if wedded to ( 1 ) a well - trained staff and ( 2 ) an appropriate tone from the top, thus forming columns of mutual defence and support. and while i now realise that an analogy of a three - way marriage might not be the most appropriate, i hope you at least agree with my point. the presence of your data privacy officer will also be an important element as this resource – which can be a shared resource – is the hub through which issues of data protection may be identified, advised upon and ultimately addressed. of course, a well written policy would probably be meaningless without effectively operationalised cybersecurity safeguards relative to electronically stored data. the central bank of barbados is particularly interested in ensuring that financial institutions have appropriate security measures in place to ward off possible cyber breaches. this is of particular importance where the institution is a payments provider and is connected to our domestic payments infrastructure. in closing let me reiterate the pleasure and interest of the central bank of barbados in being associated with this conference. compliance for the financial sector is vastly important due to the risks that compliance seek to mitigate against. it therefore behoves all stakeholders to co - operate to the greatest extent possible to secure the best outcomes for our jurisdiction. when it comes to data protection, it is our hope that the energy displayed and exerted in ensuring that this conference is a success, is a strong indicator of the road ahead. 2 / 2 bis - central bankers'speeches

important contribution to make to the national development of barbados. by your actions you recognise that there are persons in our society who need a helping hand. these are persons who, because of circumstances into which they were born or through personal misfortune, are unable to enjoy the quality of life to which we all aspire. just as the island is susceptible to natural catastrophes, including hurricanes because of our geographical location, so too are these persons especially vulnerable to the economic shocks that confront us from time to time. as a country, however, we have to ensure that we have mechanisms to help such persons. protecting the less fortunate in society is a must as we seek to create economic opportunity and avoid serious social and economic displacement, dislocation or disruption. this is true everywhere and various world leaders including mahatma ghandi, jimmy carter and pope francis have spoken eloquently about the importance of a society looking after its most vulnerable members. indeed pope francis notes that “ it is not enough to offer someone a sandwich unless it is accompanied by the possibility of learning how to stand on one ’ s own two feet. charity that leaves the poor person as he is is not sufficient. true mercy, the mercy god gives to us and teaches us, demands justice, it demands that the poor find the way to be poor no longer. ” every post - independence government in barbados has espoused the tenet of protecting the vulnerable and has demonstrated adherence by making the provision of social services and the maintenance of the basic social safety net a priority. it is no secret that barbados currently faces economic challenges. indeed, government ’ s recent budgetary measures, by their sheer magnitude, represent a substantial fiscal adjustment effort that seeks to restore macroeconomic stability, engender confidence and place the economy on a sustainable growth path. as an import - dependent country, foreign exchange is critical to sustain economic activity. unfortunately, the foreign reserves have fallen below the levels to which we have become accustomed in the recent past, raising concern among the public about the trajectory. this situation is reversible but increased foreign exchange inflows together with a dampening of demand for foreign exchange are now needed. at the same time, the taxes we collect to finance public services and facilitate the distribution of resources to the less fortunate have historically been less than necessary to meet the costs of public administration, social services and infrastructure development. education, health, sanitation, public housing and public transportation are all delivered to the public at below costs