Image credit: BW Disrupt
After making its way through several committees and public consultations, India's Data Protection Bill is on the cusp of becoming reality. While a Parliamentary Committee is putting final touches, it is clear that businesses will now be forced to revisit how they collect and process customer data. If they fail to meet their fiduciary obligations, the draft bill envisages fines of up to 4 percent of global turnover. The proposal is understandably making businesses anxious. Privacy, however, also helps businesses attract and retain customers. Businesses need not choose between compliance and customer experience. With PrivacyTech, they can do both!
Take data breaches, for example. From Mobikwik to Air India, many iconic Indian businesses have reportedly suffered data leaks of their customers' personal information. Data breaches are almost inevitable - 73 percent of Indian companies expect to face it in the next year. Today, these incidents pop up as headlines for a few days. But with the data protection bill, failure to notify the regulator can lead to a fine of up to Rs Five crore or two percent of global turnover, whichever is higher. Leaked data, however, could be floating in the open, deep or dark web for months before it is noticed. Companies that detect breaches faster can reduce its financial impact by 25 percent. Thankfully, PrivacyTech start-ups like CloudSEK serve as sentinels who constantly scan the internet to detect any data-based risks for their clients. Such AI-based software scan billions of documents to find traces of breached data.
To know more, read the full article here.
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