In this video:
Kumar Priyank, CEO & Chief Privacy Officer, DPDP Consultants
Topic:
DPDP Act 2023 and Impact on BFSI
Key Highlights:
[1] Non-compliance can lead to a penalty of up to Rs 250 crore, depending on the extent of non-compliance and failure to meet obligations.
[2] Players in the BFSI domain will most likely become significant data fiduciaries responsible for DPDPA compliance.
[3] This law tells you what needs to be done, but it barely touches on how to do it.
[4] Challenges for the BFSI sector are valid consent management, data minimization and secondary use, timely response on data principal rights and redressal, third-party compliance, impact assessment, audit, risk, and mitigation.
[6] We at DPDP Consultants provide relevant tools to provide solutions for DPDP compliance for both technical controls and organizational controls. DPDP, we are your partners in privacy.