Embracing GDPR should be the priority for Indian CXOs

“Indian businesses are battling severe issues of data protection and cyber security that have larger business implications on productivity and customer confidence,” says Shree Parthasarathy, Partner, Deloitte India. “GDPR is a welcome step towards addressing privacy issues, as it now brings data protection at the forefront. Embracing GDPR with a strategic roadmap should be the immediate priority for Indian CXOs that would include creating awareness, training as well as constitution of a dedicated data protection framework. GDPR can be a competitive advantage for India, if enterprises understand its relevance and further bring in a risk-based iterative mechanism to their business strategy that is trustworthy secure, and agile in the digital world.”

While many may be worried about the implications of a new regulatory era, in reality it will create trust and provide good practices that will benefit both the individuals and the business. These laws collectively present a positive business opportunity, when approached in the right way. Compliance can drive operational efficiencies, cost-savings and even fuel innovation. With strong data protection strategies in place, customers will place greater confidence in businesses, and businesses will minimize the all too common reputational and financial fall-out of a breach.

Hence, Indian Businesses need to implement more robust data protection measures to prevent and manage data breaches. Businesses should adopt a robust data protection policy which outlines the procedure and designates responsibilities for ensuring complete privacy of consumer information. This should include strong password policy, investment in the right IT security solutions, Data Loss Prevention (DLP) and Encryption, regular data backups, employee awareness programs, and a comprehensive action plan to counteract data breach incidents. This focus on data protection will help them in nurturing greater trust with their European clients and expanding their market footprint within the region.