CEO, Data Security Council of India
Any views expressed herein are not necessarily the views of CIPL nor Hunton Andrews Kurth LLP
While every country is pursuing a fast-paced growth trajectory of its economy, riding the digital wave with data as its new currency, Governments and Regulators worldwide are caught in this conundrum or Holy Grail of making businesses balance privacy and user trust with data driven business growth. Consumer trust and regulatory scrutiny are the two major challenges that businesses worldwide transitioning to a Digital and a Data Enterprise must grapple with. They must also demonstrate increased accountability and transparency with their data practices.
CEOs and Boards of technology-led enterprises are now beginning to give attention not just to Cyber Risk but some Governance and Policy dimensions around Data. This leadership attention to company’s Data Strategy and sustainable growth is not driven just by evolving Global Regulations but also in equal measure to position themselves as a trustworthy data fiduciary in the eyes of its users and consumers. It’s only a question of time before every “Corner Office” or Board Room, even if in the short term, over their virtual calls, discussions with their teams, delve into:
- Rapidly evolving regulations and laws around data protection and privacy and company’s readiness to conform in every geography they operate in.
- Is the company being transparent and accountable of their data practices and AI-based innovation strategy and are they being responsible enough in their data-centric innovation for their new products and services?
- Is Inclusion and Fairness driving the company’s data practises and ensuring algorithms are not comprising the company’s business ethics and values both with consumers and employees?
- Is the company ready for a paradigm shift in accepting the consumer as a key stakeholder and enabling a user-first approach to their products design and privacy practices?
- With new expectations from governments and communities to democratise and open up data for larger public and social good, is the company crafting a data strategy that can meet these new demands without diluting its market positioning and profitability?
- Does the company fully comprehend ramifications of balancing privacy and user trust with National Security and Lawful access requests for Crime Investigation?
- With global discourse around Data Monopolies and Competition and regulatory scrutiny on Big Tech, will there be an impact on company’s ecosystem partnerships and going global?
- Is the company crafting a focus on ecosystems collaborations and partnerships with start-ups to harness the real power of data centric innovation?
- Is the Company doing enough in educating employees and users about being Privacy-Aware and staying safe online?