Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > GDPR in Context: 6 Key Data Protection Principles
    Top Stories

    GDPR in Context: 6 Key Data Protection Principles

    Published by Gbaf News

    Posted on May 8, 2018

    7 min read

    Last updated: January 21, 2026

    Image depicting protests at the Rafah border crossing, reflecting public unrest amidst economic tensions. This relates to the article's focus on the euro's decline against the dollar due to the energy crisis affecting Europe.
    Protests at Rafah border crossing regarding Trump's displacement plan - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    1. Lawfulness, fairness and transparency

    Our last blog, on Legal Bases, falls within this principle. Controllers essentially need to ensure that the processing activity doesn’t break the law and even if it is legal, it should be above board.

    Controllers need to also provide detailed information on who, why and how they are processing the data of individuals. This might be through an information notice given to each individual or through a privacy statement on their website. The circumstances of the activity determine if a notice is required or if a general statement will suffice.

    1. Purpose Limitation

    Tying into Principle 1, organizations must have a specific reason for collecting and processing data, which they must share with the data subjects. Furthermore, once that purpose has been achieved or is no longer a goal of the organization, they should cease processing that data. This essentially forbids a controller from using personal data for any purpose other than the original purpose. So, if you provide your contact information to an e-commerce company, for example, for the sole purpose of providing contact information when ordering goods online, they can’t use that information to send you marketing emails unless you have consented to that specific purpose.

    There is an exception to this principle: archival purposes in the interest of the public or scientific/historical research or statistical purposes, an example being a census of population.

    1. Data Minimization

    The data collected and processed by data controllers must be adequate, relevant and limited to that which is necessary i.e. the minimum amount of data required to fulfil the purpose. For example, Slovakia mandates the collection of gender type for individuals, however, it would be considered excessive to collect gender type for individuals who are not resident in Slovakia.

    1. Accuracy

    Organizations should make sure that the data they hold is accurate and up-to-date, and if it not correct, they need to take all possible steps to make sure it’s rectified. If the errors can’t be corrected, then the data should be erased. The onus is on the organization to proactively ensure the data they hold is accurate, so prepare for an onslaught of “Confirm Your Details” checks from various providers.

    This principle ties in well with the data subject’s right to rectification – we will go into detail on data subjects’ rights in a separate blog.

    1. Storage Limitation

    This principle insists that organizations can only hold on to data for as long as they have a relevant legal basis to do so. Organizations should periodically review their databases and scrub them of any out-of-date or unlawfully held information.

    This is where record retention rules come into play. Let’s say a bank has ended its relationship with a client. AML laws dictate that the bank must then hold the KYC information on that client for five years (this varies depending on several factors). The bank has a “legal obligation” to hold the data for that length of time. Once five years have passed, they must delete that information without delay.

    1. Integrity and Confidentiality

    The final principle relates to data security and demands that an organization takes adequate measures to protect against data breaches and unlawful processing. It also demands that an organization has suitable monitoring procedures in place to detect any gaps in their processes.

    There is a seventh principle – Accountability – but that warrants a whole other blog post. It essentially requires an organization to be able to demonstrate their compliance with GDPR through a number of obligations like policies, hiring a Data Protection Officer, Data Protection Impact Assessments and more.

    In our next blog, we will focus on data subject rights, specifically the “Right to Be Forgotten”.

    1. Lawfulness, fairness and transparency

    Our last blog, on Legal Bases, falls within this principle. Controllers essentially need to ensure that the processing activity doesn’t break the law and even if it is legal, it should be above board.

    Controllers need to also provide detailed information on who, why and how they are processing the data of individuals. This might be through an information notice given to each individual or through a privacy statement on their website. The circumstances of the activity determine if a notice is required or if a general statement will suffice.

    1. Purpose Limitation

    Tying into Principle 1, organizations must have a specific reason for collecting and processing data, which they must share with the data subjects. Furthermore, once that purpose has been achieved or is no longer a goal of the organization, they should cease processing that data. This essentially forbids a controller from using personal data for any purpose other than the original purpose. So, if you provide your contact information to an e-commerce company, for example, for the sole purpose of providing contact information when ordering goods online, they can’t use that information to send you marketing emails unless you have consented to that specific purpose.

    There is an exception to this principle: archival purposes in the interest of the public or scientific/historical research or statistical purposes, an example being a census of population.

    1. Data Minimization

    The data collected and processed by data controllers must be adequate, relevant and limited to that which is necessary i.e. the minimum amount of data required to fulfil the purpose. For example, Slovakia mandates the collection of gender type for individuals, however, it would be considered excessive to collect gender type for individuals who are not resident in Slovakia.

    1. Accuracy

    Organizations should make sure that the data they hold is accurate and up-to-date, and if it not correct, they need to take all possible steps to make sure it’s rectified. If the errors can’t be corrected, then the data should be erased. The onus is on the organization to proactively ensure the data they hold is accurate, so prepare for an onslaught of “Confirm Your Details” checks from various providers.

    This principle ties in well with the data subject’s right to rectification – we will go into detail on data subjects’ rights in a separate blog.

    1. Storage Limitation

    This principle insists that organizations can only hold on to data for as long as they have a relevant legal basis to do so. Organizations should periodically review their databases and scrub them of any out-of-date or unlawfully held information.

    This is where record retention rules come into play. Let’s say a bank has ended its relationship with a client. AML laws dictate that the bank must then hold the KYC information on that client for five years (this varies depending on several factors). The bank has a “legal obligation” to hold the data for that length of time. Once five years have passed, they must delete that information without delay.

    1. Integrity and Confidentiality

    The final principle relates to data security and demands that an organization takes adequate measures to protect against data breaches and unlawful processing. It also demands that an organization has suitable monitoring procedures in place to detect any gaps in their processes.

    There is a seventh principle – Accountability – but that warrants a whole other blog post. It essentially requires an organization to be able to demonstrate their compliance with GDPR through a number of obligations like policies, hiring a Data Protection Officer, Data Protection Impact Assessments and more.

    In our next blog, we will focus on data subject rights, specifically the “Right to Be Forgotten”.

    More from Top Stories

    Explore more articles in the Top Stories category

    Image for Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Image for Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Image for Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Image for Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Image for Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Image for Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Image for Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Image for PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    Image for A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Image for Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Image for Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Image for ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    View All Top Stories Posts
    Previous Top Stories PostThe SEC Continues Its Regulatory Focus on Advisory Fees and Expenses
    Next Top Stories PostOnTheMarket increases listing agreements to 7,500 agent branches, adding 2,000+ branches since Admission to AIM in February