This Digital Personal Data Protection Bill will set a precedent for how companies use data and will only be a success if companies of all sizes come together to make it a success
The Rajya Sabha made a landmark decision on August 9th, 2023, by passing the Digital Personal Data Protection Bill. This bill aims to safeguard the privacy of every Indian citizen and regulate data usage by companies, offering protection from cyber threats and data misuse. This bill will set a precedent for how companies use data and will only be a success if companies of all sizes come together to make it a success.
“It is a moment of pride for us as the Digital Personal Data Protection Bill has been passed by the Rajya Sabha today. This is a major step forward for India in protecting the privacy of its citizens. Fulcrum Digital is committed to complying with the provisions of the Bill and ensuring that we handle our customers’ data responsibly. The Bill sets forth a comprehensive framework for the collection, use, and sharing of personal data in India and empowers individuals to take action against businesses that misuse it. The Bill also establishes a Data Protection Authority to enforce the law and protect the privacy of citizens. The passage of the DPDP Bill is a major victory for privacy advocates in India. It is a sign that the government is committed to protecting the privacy of its citizens. Fulcrum Digital is looking forward to working in tandem with the government to implement the Bill in an effort to respect the citizens it protects and empowers,” said Vaibhav Tare, CISO & Global Head, Cloud & Infrastructure Services, Fulcrum Digital Inc.
“The Digital Personal Data Protection Bill is a welcome step towards strengthening India’s cybersecurity posture. The bill provides a comprehensive framework for regulating the use of data by private businesses, and it will help protect Indian citizens from cyber threats and other misuse of their digital data.
We are pleased that the Bill includes provisions for data localization, which will ensure that data stays within the country’s borders. This is essential for protecting Indian citizens’ privacy and security, and it will also boost job creation within the security space.
We look forward to working with the Government of India to implement the Bill and strengthen cybersecurity postures within the country,” said Sunil Sharma, Vice President, Sales India and SAARC, Sophos.
“Data is one of the most important assets for every Organization in today’s digital era. As more and more organization start leveraging the power of digital, the risk of data breaches is also increasing. Today, Data is getting stored across multiple environments, such as on-premises, private clouds, different public clouds, third-party SaaS, and service providers, which makes it difficult for organizations to uniformly apply and monitor the necessary security policies and technical controls using traditional security frameworks and tools. The increase in number of Ransomware, social engineering attacks, and supply chain attacks in recent past have also resulted in many data breaches. The associated cost of managing any such data breaches has also increased multi-fold due to the increased scope and exposure to these diverse environments.
In a recent data breach study conducted by IBM in 2023, it was found that the average cost of a data breach has increased to $4.45 million. This is a significant increase from the average cost of a data breach in 2022, which was $3.92 million. The study also found that the number of data breaches has increased in recent years. In 2023, there were over 360,000 data breaches reported worldwide. This is an increase of 10% from the number of data breaches reported in 2022. The IBM study also found that the average time to identify a data breach is 280 days.
To be able to ensure data security and privacy in today’s world, organisations need to adopt a holistic “Digital Risk Management” strategy which should aim to assess, manage, and monitor the risk across all digital initiatives. Such a digital risk management strategy must include:
- An integrated Threat and Risk assessment framework to consider the new risk factors.
- Tools and technology platform which can work seamlessly across different environments.
- Real time visibility of data and any access attempts to the data.
- Faster detection and response leveraging enhanced automation and artificial intelligence.
- Skilled and Trained subject matter experts.
We at Happiest Minds Technologies are committed to help our clients protect their data. We have a team of experienced data security professionals who can help you assess your current risks and implement the necessary measures to protect your data. Our Digital Risk Management practice has adopted industry-leading research, frameworks, and tools to address data security and privacy requirements for today’s digital organization. We have leveraged our deep understanding of digital technologies, including cloud, analytics, IOT, blockchains, etc., to enhance all our Security services, including Vulnerability management, Identity and access management, data security, cloud security, etc., to address the security challenges typically faced by organization in their digital transformation programs. Our Managed Security services and platforms are designed to manage and monitor security across multiple environments and provide an integrated view of security posture across multiple environments.
As the world continues to adopt more and more digital technologies like 5G, AR/VR, newer AI/ML models, connected devices, etc., it will continue to drive tremendous growth in the amount and spread of data. We are already seeing the adoption of digital technologies by bad actors to create more threats like AI impersonation, vishing, deep fakes, etc., which can become more dangerous if bad actors get access to a lot of personal or private data. Any data breaches in the future may also have far more severe consequences due to their ability to cause physical, financial, psychological, and reputational damages.
It’s very important for the organization’s today to adopt a holistic approach towards data security, privacy and continue to enhance their Digital Risk Management capabilities either internally or leveraging a specialized partner like Happiest Minds,” said Vijay Bharti, CISO, Happiest Minds Technologies.
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