Company boards must navigate complexities of data privacy in DPDP era
New Delhi : 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.