We can expect a strong compliance culture for Payment Data security in 2021

Digital Innovations are on a fast track to fuel the digital economy. Government has to ensure that data is not an asset of an organisation but it is a responsibility and eventually a liability. We need a robust cyber security policy. Government should accelerate enactment of the Data Protection Act and set up a strong and effective Data Protection Authority. As digitalisation of the economy is taking pace, the focus of policy makers should be on building superior trust in technology. Allocation of 10% to 20% of the technology budget for cybersecurity initiatives should be a priority of the GOI. In this budget the government must add simulation-based cybersecurity training solutions in the Skill India campaign. We are expecting from govt to create a strong compliance culture for Payment Data security as well as PII security.

2020 helped the world unleash the true potential of digitization at a pace never seen before. As the world moved from offline to online, businesses adopted cloud and AI to automate operations and accelerated their digital transformation at record speed. Technology played a significant role in supporting the healthcare and pharma industry in the global fight against Covid-19 and catalyzed the process of vaccine creation. While we embrace the advancements 2020 offered, the year 2021 will witness faster innovation and advanced additions to the technology that exists today - It will mark the true starting point of an era that will last for decades. Companies will use the existing and upcoming advancements with increasing sophistication in ways never conceivable.

The transformational technologies like AI, Cloud, and Robotics have given birth to improved supply chains, we will see these technologies blossom as they are used to make life and society better and CEOs – along with their clients and consumers -- will be driving their CIOs to innovate beyond this year’s digital achievements.

In 2021, we will see enterprises investing in artificial intelligence, cloud technologies, and intelligent automation to further safeguard business resiliency and workforce. As AI becomes more ubiquitous and autonomous, governance and empathy will also play a key role in relation to it. With the proliferation of internet of things (IoT) devices and the increased adoption of 5G fueling this trend, computing power at the edge and the ability to leverage AI at the edge will grow too.

The digitally optimized traveler experience makes use of facial recognition and touchless technologies, embedded in various self-service devices. Automation and biometrics will become the norm rather than the exception at leading airports globally in the next few years. ModelOps will become the “go-to” approach for AI deployment. Much like the way DevOps has given structure to the way applications are deployed, ModelOps will reach a tipping point as a way for mainstream businesses to better develop and operationalize their AI models. Also, new technologies like augmented reality, virtual reality, and mixed reality will continue to advance and enhance customer experience.

S Mohini Ratna, Editor, VARINDIA