|
|
How EU data privacy law will apply to Indian firms
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 26 May, 2018
The General Data Protection Regulation (GDPR) designed to give citizens
in the European Union (EU) more rights to control their personal
information also applies to an Indian entity if it monitors the
behaviour of individuals in the EU.
Non-compliance of GDPR rules can cost companies a fortune -- 20 million Euros or four per cent of annual turnover.
"The
scope of GDPR is very wide. It does not matter whether you are in the
EU or outside," Supratim Chakraborty, Associate Partner at the law firm
Khaitan & Co, told IANS.
"If you are providing goods and services through the data subjects in EU, you will be covered under the ambit.
"For
example, the outsourcing services will be covered under GDPR. Moreover,
establishments which are engaged in tracking data subjects of the EU
through apps or any other tools will be liable to comply to the new
regulations," Chakraborty said in a statement.
According to the
European Commission, the law applies to a company or entity which
processes personal data as part of the activities of one of its branches
established in the EU, regardless of where the data is processed.
It
also applies to a company established outside the EU offering
goods/services -- whether paid or for free -- which monitors the
behaviour of individuals in the EU.
According to Shree
Parthasarathy, Partner, Deloitte India, Indian businesses are battling
severe issues of data protection and cyber security that have larger
business implications on productivity and customer confidence.
"Embracing
GDPR with a strategic roadmap should be the immediate priority for
Indian CXOs, that would include creating awareness, training as well as
constitution of a dedicated data protection framework," Parthasarathy
said in a statement.
"GDPR can be a competitive advantage for
India, if enterprises understand its relevance and further bring in a
risk-based iterative mechanism to their business strategy that is
trustworthy secure, and agile in the digital world," he added. According
to a Deloitte survey conducted in collaboration with Data Security
Council of India (DSCI), large organisations with more than 10,000
employees (21 per cent of respondents), embarked on their GDPR readiness
journey in 2016 itself.
Whereas, 43 percent of organisations started their GDPR readiness journey only in late 2017 or early 2018, the results showed.
"GDPR
compliance should not only be looked at as an effort and money draining
exercise but also as a business advantage which can be a differentiator
in the market. An entity compliant with GDPR requirements would
definitely command more confidence from customers as compared to those
who do not," Chakraborty said.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|