Governance & Risk Management , Privacy

Protecting Privacy in a Data-Driven Economy

To minimize the risk of exposing data to cyberthreats, enterprises should take a collaborative approach with all the stakeholders to ensure privacy by design along with data classification in this data-driven economy, according to a panel of experts.

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Government and the enterprises should follow one basic rule: No individual’s data can be used without the consent of the person, and exceptions should be made only if appropriate clauses to establish privacy of data are used, says B. N. Srikrishna, former judge of Supreme Court of India and chairman of the Data Protection and Privacy Committee.

Enterprises must take a "privacy by design" approach to minimize data collection and risk, says Srinivas Poosarla, vice president and head, global, privacy and data protection, at Infosys Ltd.

Government and corporates should collaborate to restore data localization policies and stringent privacy regulations and follow data classification principles, adds Mohammad Mahbubul Alam Rafel, head of information security, Prime Bank of Bangladesh.

Moderating this panel discussion that was held at Information Security Media Group's recent Cybersecurity Summit: India & SAARC, Pawan Duggal, advocate at Supreme Court of India, said the need to balance privacy and data security has become more critical.

In this video, the experts offer insights on:

• Balancing security and privacy by harnessing technologies;
• The evolution of international privacy standards and frameworks;
• The relevance of cyber insurance in the context of privacy.

Duggal is an advocate in the Supreme Court of India. He is also the president of cyberlaws.net and is an expert on e-commerce law.

Srikrishna is a retired judge of the Supreme Court of India. He was appointed chairperson of the Committee of Experts of Data Protection Framework for India to identify key data protection issues in India and recommend methods of addressing them. He also was chairperson of the Advisory Committee on Individual Insolvency & Bankruptcy.

Poosarla is vice president, chief privacy officer and DPO for Infosys, working on compliance issues in over 40 countries as well as privacy-by-design initiatives. In his 31-year career, he has served in a number of enterprise roles.

Rafel is head of the information security division of Prime Bank, focusing on delivering deep-dive security testing, implementing contextualized cyber solutions and uplifting cybersecurity specialists' skills. He's also a member of the bank's digital transformation working group.