Today, around 66% of the world’s population has access to the Internet, contributing vast amounts of personal information daily. Yet, this data is often trapped within the walls of the platforms we use, leaving users with limited control and visibility. While these centralised systems offer convenience, they also come with significant risks: large data pools become prime targets for cyberattacks, and users are left vulnerable if these systems are breached. With that, individuals are rendered defenceless in a security breach; organisations with these large databases of information increase the attractiveness for cyberattacks.
The rising wave of data breaches illustrates the fragility of these centralised setups: online fraud cases have risen by 708% in the last two years, with the amount of money involved increasing by 145%, according to a Reserve Bank of India report. Meanwhile, a recent study by Cloudflare indicated that 83% of Indian organisations experienced cybersecurity incidents in the past year, with nearly half suffering whopping financial losses of over $1 million. These numbers highlight a key issue: the overarching need for robust data protection of consumers’ data.
This growing threat to data protection has triggered a shift in consumer mindsets. Individuals are becoming more conscious of how their personal data is being collected, stored, and used. As a result, data privacy is no longer an afterthought but a central concern for many users, driving the implementation of stronger privacy regulations like India’s Digital Personal Data Protection Act (DPDPA). A recent report by PwC India titled Voice of the Consumer Survey 2024 revealed that 82% of Indian consumers prioritise data protection for trust and 76% of Indian consumers were concerned about privacy, data sharing on social media.
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