India Getting GDPR Ready
Banking Frontiers|July 2018

Indian organizations will be impacted by the enactment of GDPR by EU and those organizations which deal with EU countries are getting themselves ready for the shift in managing data:

India Getting GDPR Ready

GDPR, or General Data Protection Regulation, is an EU specific legislation designed to give citizens of EU member countries adequate control over their personal data. It is enacted to ensure that businesses as well as citizens of these countries are not just protected but they derive maximum benefit from the digital economy that is evolving. It is an effort to bring laws and obligations that cover day to day life as well as personal data, privacy and consent across EU conform with the connected world.

GDPR insists that organizations will be required to ensure that personal data is gathered legally and under strict conditions and those who collect and manage it will be obliged to protect it from misuse and exploitation, as well as to respect the rights of data owners - or face penalties for not doing so. GDPR applies to all organizations operating within the EU, and all organizations outside the EU which offer goods or services to customers or businesses in the EU. This would mean that almost every major corporation in the world will need to abide by the provisions of GDPR.

PROCESSORS, CONTROLLERS

GDPR specifies two types of data-handlers - the ‘processors’ and the ‘controllers’. A processor is defined as a “person, public authority, agency or other body which processes personal data on behalf of the controller”. And the controller is a “person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of processing of personal data”. The regulation places a lot of legal obligations on a processor to maintain records of personal data and how it is processed, providing a much higher level of legal liability should the organization be breached.

Controllers will also be forced to ensure that all contracts with processors are in compliance with GDPR.

この記事は Banking Frontiers の July 2018 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Banking Frontiers の July 2018 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

BANKING FRONTIERSのその他の記事すべて表示
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 分  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 分  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 分  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 分  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 分  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 分  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 分  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 分  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 分  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 分  |
October 2024