Data privacy is the primary line of defence

Mohit Puri, Director Sales APJ -Datasafeguard.ai

“While cybersecurity has been prominent for the past two decades, the protection of PII and PHI is gaining significance. Synthetic frauds are on the rise, necessitating proactive measures to safeguard sensitive data. DataSafeguard was established three years ago during the COVID-19 period. Our dedication to data privacy was acknowledged by Microsoft, naming us the most innovative company in the US in terms of data privacy. As the focus shifts from cybersecurity to data privacy, significant investments are anticipated. Over the next three years, expenditures on data privacy are projected to reach $150 billion, with synthetic frauds accounting for $175 billion. Consequently, stringent measures are essential to combat evolving threats. Synthetic fraud involves the creation of Frankenstein identities, combining various personal details to fabricate false identities for illicit purposes.

The proliferation of PII elements underscores the urgency of protecting data. While 219 PII elements were associated with a single individual in 2019, this figure is expected to soar to 1,800 by 2025. With each breach costing millions, the financial ramifications of synthetic frauds are substantial. Compliance regulations are becoming increasingly stringent worldwide, with fines ranging from 5 to 250 crores under the DPDPA in India. To mitigate risks, DataSafeguard has developed seven tenets of data privacy, anchored by our patented product, ID Redact.”