‘Data safety: few firms ready

‘Data safety: few firms ready

Context

With less than four months to go for the EU’s General Data Protection Regulation to kick in, “too many companies are still not prepared” for the regime that would also cover Indian IT firms, according to a global survey.

Only 33% have plans to comply with the EU rule: EY survey

“Asked to describe their company’s current status with respect to complying with the GDPR, only 33% of respondents said that they have a plan, while 39% said they are not familiar with GDPR,” according to EY’s Global Forensic Data Analytics Survey 2018.

GDPR

• An initiative to unify data protection laws across the EU, GDPR would apply to all firms, regardless of their location, that process personal data of people living in the EU
• Once in force, the GDPR would require companies to notify a data breach within 72 hours of the event.

‘Minimum €20 mn fine’

Violators could be fined up to 4% of annual global turnover or €20 million, whichever is greater, according to the report

New risks

• According to the survey titled ‘How can you disrupt risk in an era of digital transformation?’, corporate India’s journey toward digital transformation has introduced new risks, especially around managing data, over the last two years
• As many as 70% of Indian respondents see data protection and data privacy compliance as increasing areas of concern; while 46% are worried about cyber breach and insider threats.

Conclusion

The role of advanced Forensic Data Analytics and emerging technologies would continue to be pivotal to mitigate escalating digital threats.