Logo CommuniQA Issue 50
May 2018
Logo Swan
Dear Readers,
Greetings from Swan Solutions!
The European Union's much-awaited General Data Protection Regulation became enforceable on the 25th of May. The regulation puts the users on centre stage, giving them more rights and better control over their own data.
Organizations around the world are rolling their sleeves up, as noncompliance to GDPR draws significant potential penalties. GDPR is essentially a gamechanger for all the organizations, within or outside the territory of EU, which deal with personal data of EU individuals.
For India, GDPR is that bitter pill which needs to be swallowed to achieve basic data protection hygiene across the board. Be it India's IT giants or a small digital marketing firm, Indian firms must now abide by the new rules, for a sustainable business model in EU.
Yet, only a small percentage of Indian firms are prepared to comply with GDPR. There certainly are critical challenges in this compliance journey that might be keeping many organizations from taking the plunge. But at the end of it, organizations will see benefits other than compliance-improved operational efficiencies, better cost savings and newer business models. So, let's take this plunge together!
Regards,
Signature
C.E.O
Tech Trend
Data Protection in India: What's the Need of the Hour
GDPR: A Reality Check for Indian Firms
GDPR is the biggest milestone for personal data privacy since the birth of the internet. While many organizations are still battling to achieve compliance with GDPR, plenty of organizations see this as an opportunity. A recent IBM study reveals that nearly 60 per cent of organisations are embracing the GDPR globally as an opportunity to improve privacy, security, data management or as catalyst for new business models.
Nevertheless, only 13 per cent of the Indian firms have a plan to comply with GDPR by May 25, according to the latest forensic data analytics survey by Ernst & Young (EY). Even the IT/ITeS sector, for which Europe is the second largest market after North America, seems to be take a wait-and-watch approach, with a mere 30-35 percent showing readiness.
Experts agree that compliance to GDPR is a daunting task as it requires substantial changes in all aspects of a business-people, process and technology.
Here are a few key challenges Indian firms need to tackle:
This complex piece of legislation will force organizations (that deal with data from EU individuals) to relook at the way they collect, process and use data.
A holistic compliance strategy needs to be put in place, involving legal, compliance and IT departments.
Lack of standards and the many grey areas within the legislation will make implementation a challenge, experts argue.
There is also a lack of awareness and the right skillsets in India around GDPR and its data protection mandates.
Creation of new roles like Data Protection Officer (DPO), the mandate to report a breach within 72 hours, and building a data management process will prove to be tricky for Indian firms.
Most Indian organizations are however aware of the importance of GDPR and treat it as a holistic business problem. Achieving compliance to the regulation is already a board room discussion and has been widely debated in the ecosystem.
Expert Tip
Investing on Effective Privacy and Data Protection
GDPR: Three Things IT Can Focus on
Compliance alone should not be the focus for organizations preparing for GDPR. Many compliant organizations still grapple with data protection issues. Data protection calls for a rather holistic approach-one that encompasses your business, strategies and commercial arrangements. It's also futile to focus solely on data discovery and data encryption as an answer to data protection. Encryption or data masking is necessary but are not the only factors to ensure safe data or compliance to GDPR. Experts recommend using additional measures like data governance technologies to meet data retention and defensible disposition requirements. It's also important that the IT department work alongside the legal and compliance departments to develop the right GDPR strategy.
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Swan is a 28+ year old, IT infrastructure and facilities management company providing state-of-the-art IT solutions to large and medium enterprises
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Andheri East, Above Kavish Ford Showroom, Mumbai 400 072;
Tel. 022-28034088 ; Email : enquiry@swansol.com Website : www.swansol.com
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