Explore Business Standard
Don’t miss the latest developments in business and finance.
India Data Privacy
India will come out with a legal framework to ensure data privacy that will encourage free data flow among trusted partners, Commerce and Industry Minister Piyush Goyal on Thursday said, as he sought investment in technology and innovation. Speaking at the UK India Business Council's 'UK-India Technology Futures Conference', the minister said India and the UK can collaborate on technology in the fields of AI education, telemedicine, climate modelling, precision agriculture and organic chemical, electronic and food industries. Goyal pointed out that it will be important to understand how in the future the digital world and sustainability issues will intersect. A major portion of energy will be consumed by systems that will churn out data and that will have an impact on sustainability issues, he said, adding that there are very few places in the world where there is an interconnected grid in the way that India has. The minister said that by 2030, India would have a thousand-gigawatt
Cyber risks are cited as the biggest threat faced by Indian organisations with 38 per cent of respondents feeling highly or extremely exposed to it, says a survey. With this, cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey, the PwC's 2023 Global Risk Survey- India edition stated. PwC said the final results of the survey are based on 3,910 survey responses from Business and Risk Management leaders (CEO, board, risk management, operations, technology, finance, audit) across 67 territories providing their views on the status and direction of risk in their organisation. 163 Indian organisations were a part of this survey. Other digital and technology risks are also top concerns for business leaders in India (at 35 per cent). To address the challenges, Indian organisations are making bold investments in cybersecurity with more than half of the respondents planning to invest in cybersecurity tools (55 per .
Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be better, which means either the building of awareness exercises are not sufficient, adequate" or there is a need for simplification of technology. "Banks, both public and private, have reviewed it with me once. Banks have become a member or a part of this account aggregators working, and it has actually helped," she said at the 'DATE with Tech' event here. She stressed that the enthusiasm of the banks has to be accentuated, only then that it will reach every customer. Allaying concerns about data security, she said, "Initially, there were some apprehensions that possibly, account aggregators are going to sit over data bank. They cannot hold data. They are just a pass-through. Neither the beneficiary customer nor the bank can sit on
A new law that defines how companies should process users' data came into force with the President giving assent to the Digital Personal Data Protection (DPDP) Act passed by Parliament in the just-concluded monsoon session. The law arms individuals with greater control over their data while allowing companies to transfer users' data abroad for processing, except to nations and territories restricted by the Centre through notification. It also gives the government power to seek information from firms and issue directions to block content. While the new law seeks to establish a robust framework for the protection of personal data in the digital realm, it has drawn criticism from some quarters over broad exemptions granted to state entities and some of its provisions diluting the landmark Right to Information (RTI) law. The new legislation comes after the government, last year, withdrew a December 11, 2019 bill that had alarmed tech companies like Facebook and Google with its proposals