IANS | 02 Apr, 2024
In an era where data is both an asset and a liability, it is
important for company boards to consider integrating comprehensive risk
management and resilient oversight to navigate the complexities of data
privacy, a new report showed on Tuesday.
The Deloitte–CII report, titled ‘The DPDP act and enterprises in
India: Privacy for the board,’ underscores the critical importance of
data privacy in the digitally-driven world, focusing on the Digital
Personal Data Protection (DPDP) Act's impact on enterprises in the
country.
“This involves not just adherence to regulations but
fostering a culture where privacy is ingrained in the fabric of
operations. Strategic investments in privacy-enhancing technologies and a
commitment to continuous monitoring and education will be pivotal,”
said Tarun Kaura, Partner and Leader-Cyber, Deloitte India.
The
report outlined the growing significance of data privacy for
safeguarding individual rights and building consumer trust, India's
increasing data dependence amidst digital transformation, and the need
for attention to global and Indian data protection regulations.
Further,
it delved into the DPDP Act's provisions, its implications for
enterprises and their boards, and emphasises the board's role in
ensuring compliance and fostering a culture of privacy.
The
publication concludes with strategic insights for boards to navigate the
evolving data privacy landscape, including a privacy-specific reckoner
and future-oriented guidance for maintaining vigilance in data and
privacy matters.
Among the top imperatives for the board are
self-awareness, governance (enterprise, culture and people, enterprise
transformation, risk management, third-party risk management and
proactive compliance among others.
“As we stride into a future
where data privacy shapes consumer trust and enterprise success, the
Board's role transcends regulatory compliance, championing a
privacy-first approach that secures data while unlocking its value
sustainably and ethically,” Kaura mentioned.