Data privacy is crucial and most important for every industry to protect their confidential data. However, the fintech industry and the banking, financial services, and insurance (BFSI) sector is faced with major data privacy challenges because of increase in digitization and technological reliance. As guardians of vast amounts of sensitive data of customers, these sectors or companies are the target of cybercriminals. They are often the victim of ransomware, phishing, and social engineering.
Since India does not have a comprehensive data privacy law such as the General Data Protection Regulation (GDPR), BFSI and fintech companies must traverse a complicated regulatory environment that includes the Reserve Bank of India (RBI) recommendations and the Information Technology Act, 2000.
To avoid and tackle such obstacles, these corporations should start investing in robust frameworks for data privacy, adopt and implement privacy-enhancing tech, leverage blockchain for data integration, conduct privacy impact assessments, implement policies for comprehensive data privacy and start establishing strong data privacy governance frameworks.
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