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Data protection will be a top priority for businesses in 2023
Once passed, the Digital Personal Data Protection Bill 2022 will alter the way businesses operate. The new regulatory law requires businesses to abandon legacy processes and silos in favour of implementing a comprehensive data protection programme designed with resilience in mind. Below are some points defining the importance of data protection and how technology can help businesses make cost-effective investments to comply with the new regime.
1. Modern data protection – where and when you need it most
The phrase “Data is the new oil” has been around for quite some time. Historically, data protection has prioritised high availability and redundancy, with an emphasis on Recovery Time Objective and Recovery Point Objective. With the recent digital transformation, enterprise viability and success are dependent on proper data governance. Well-managed data can improve an enterprise’s ability to make effective and informed decisions for revenue growth and profitability. Most businesses require modern data security. Modern data protection enables organisations to handle data on a petabyte scale while also assisting them in complying with stricter data protection and privacy laws. It also provides resilience against both internal and external threats. As remote working becomes more common, modern data protection assists organisations in dealing with cyberattacks and ransomware.
2.The significance of data protection software in various environments
Data security software protects against cyber attacks and ransomware. Data protection software assists organisations in managing and protecting data across a distributed infrastructure as they insist transition to a hybrid model with on-premise and cloud systems. Having a centralised data management system allows us to view data through a single pane of glass, as well as identify and mitigate threats and vulnerabilities. A good data protection software aids in the achievement of broader business goals such as resilience, governance, and risk management.
3. How do data security and cyber resilience go hand in hand?
When it comes to the cyber risks that most businesses must deal with, one area has always been a major vulnerability: visibility into third parties. There is a knowledge gap regarding which third parties have access to organisational data and what data privacy risks arise as a result of this lack of visibility. There are also gaps in knowledge about third-party security practices. This is why any comprehensive data protection programme must also consider vendor risk. These risks can be mitigated with the right technology.
Data privacy and cybersecurity are inextricably linked because cybercriminals frequently target proprietary and consumer data when carrying out attacks. Having a solid data protection programme in place, complete with nuanced tools to mitigate legal and cyber risk, is more important than ever. However, a data protection programme would necessitate organisations coordinating their data deletion and retention strategies.
Simply put, data that you do not have cannot be breached. The proposed Digital Data Protection Bill 2022 calls for only the data necessary for essential business practises to be retained. Adopting data privacy tools can help organisations determine which data to keep and which to delete. Such technology can also determine whether data is subject to another regulatory obligation or has been requested for deletion by a customer. Data minimization and cyber security are two sides of the same coin in terms of assisting businesses in establishing deterrence against attacks.
When it comes to the cyber risks that most businesses must deal with, one area has always been a major vulnerability: visibility into third parties. There is a knowledge gap regarding which third parties have access to organisational data and what data privacy risks arise as a result of this lack of visibility. There are also gaps in knowledge about third-party security practices. This is why any comprehensive data protection programme must also consider vendor risk. These risks can be mitigated with the right technology.
Data privacy and cybersecurity are inextricably linked because cybercriminals frequently target proprietary and consumer data when carrying out attacks. Having a solid data protection programme in place, complete with nuanced tools to mitigate legal and cyber risk, is more important than ever. However, a data protection programme would necessitate organisations coordinating their data deletion and retention strategies.
Simply put, data that you do not have cannot be breached. The proposed Digital Data Protection Bill 2022 calls for only the data necessary for essential business practises to be retained. Adopting data privacy tools can help organisations determine which data to keep and which to delete. Such technology can also determine whether data is subject to another regulatory obligation or has been requested for deletion by a customer. Data minimization and cyber security are two sides of the same coin in terms of assisting businesses in establishing deterrence against attacks.
4. The commitment of businesses to effective data protection and management
Data protection is critical because it keeps proprietary business information and customer data out of the hands of cyber criminals who try to extract it through hacking, phishing, or insider threats and corporate espionage. In the age of data, any organisation that wants to work effectively must ensure the security of the data it holds. Countries all over the world are enacting data privacy regulations that define consumer and employee rights over business use of personal data, impose fines for breaches of personal data, and require businesses to retain the data that they require. A data protection programme can help a company’s credibility.
If organisations fail to recognise its significance, they will be forced to pay exorbitant fines and risk massive losses as a result. However, there is hope at the end of the tunnel. Many organisations are attempting to answer questions about what data they store, why they store it, how ready they are to respond to consumer requests for that data, and who has access to it. Every business is responsible for developing comprehensive data protection programmes, even if changes to processes are required to comply with standards.
5. The implications of the Digital Data Protection Bill 2022 for businesses
Currently, the Security Practices and Procedures and Sensitive Personal Data or Information 2011 and the Information Technology Act 2008 govern data protection in India. However, once the new Digital Personal Data Protection Bill is passed, it will have far-reaching implications for businesses in a variety of industries. Transitioning from SPDI Rules to the new and more complex law may pose significant challenges if companies do not begin making changes to existing processes. Most businesses currently store data in silos, and this approach will need to change if businesses are to comply with the upcoming law, which specifically defines responsibilities of organisations, how they must manage the data they hold, and how they must respond to data subject access requests. Businesses have no choice but to implement data protection mechanisms because it imposes steep fines for noncompliance.
However, any change in business processes cannot be implemented overnight, and organisations must begin developing comprehensive data protection programmes right away. The new bill requires organisations to establish a legally defensible data protection programme, but with data volumes skyrocketing, organisations will be unable to comply without the appropriate technology. Businesses must determine which technology is best for mitigating legal risks. When selecting the right technology, businesses must ask four questions: Is the technology assisting us in developing a defensible and scalable data inventory? Is it possible for technology to automate data subject access requests? Is the solution capable of addressing cyber risk? Is the tool capable of automating data minimisation and retention?