8 months ago
CEOs Must Prioritize Data Protection for Business Success
Sachin Tayal, the Managing Director of Protiviti, says that CEOs need to take data protection seriously.
With new laws in India, companies must ensure that their data is safe and that their customers trust them.
CEOs should be involved in making sure the company follows these rules.
A survey showed that many people don't trust how companies handle their data.
CEOs should also make sure that any data leaks are quickly addressed.
Small and medium businesses don't need to hire special officers for this; they can just give the responsibility to an existing executive.
Lastly, CEOs should have regular meetings to discuss data protection.
CEOs must actively engage in data protection efforts to ensure customer confidence and comply with new Indian laws.
A survey revealed that 82% of respondents distrust company data handling practices.
Companies should appoint a Chief Data Officer to manage data programs and ensure compliance.
Small and medium businesses can delegate data protection responsibilities to existing executives.
CEOs should conduct monthly reviews to address data leaks and ensure proper data management.
- Who
- Sachin Tayal, Managing Director, Protiviti
- What
- CEOs must prioritize data protection for business success
- Where
- India
- When
- With the enforcement of data and privacy protection laws in India
- Why
- To ensure customer confidence and comply with regulations
Key facts
- Key Person
- Sachin Tayal, Managing Director, Protiviti
- Data Protection Laws
- Enforced in India
- CEO Involvement
- Active role in compliance efforts
- Survey Findings
- 82% of respondents distrust company data handling
- Structural Change
- Appointment of Chief Data Officer
- Impact on SMBs
- No need for CDOs, responsibility can be delegated
- Digital Responsibility
- Critical for AI and data processing
- CEO Actions
- Monthly reviews on data protection
Quotes
Sachin Tayal
Managing Director at Protiviti
“It is extremely important for leaders to actively change workplace culture and to think in terms of data privacy. How do we protect the data and how to use that data? Employees need to be trained on that, which means every leader has to make it part of the leadership discussions. There are tools and technologies to manage such data and also such information. The whole process and workflow is becoming complex. CEOs must budget accordingly. Lastly, the response time when a breach or leak occurs, even if it is small in nature. How you address that will be very important. One of the credit bureaus in the US lost some 40 million users’ data, including credit card information. Thirty per cent of the share price dropped. Moreover, they did not didn’t have a policy or data officers.”
thehindubusinessline.com
“AI is based on data. It is very important to think about protecting data when collating and processing it. We must have a digital ambition, but it has to be built on the foundation of a proper data protection process of when such models are being built. They don’t have to slow down AI usage, but make sure all policies and frameworks exist, train every employee and ensure proper mapping of how data is collected, processed, stored and forgotten. Consent application needs to be applied, and the consent has to be graded. Lastly, CEOs need to make sure that any data leakages, escalations reach their desk. That is going to be very, very critical. In the next one year, they need to carve out time for having a monthly review on this issue.”
thehindubusinessline.com
