Kumar Priyank, CEO & Chief Privacy Officer, DPDP Consultants

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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.