C&L_December 2017 (1)

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GDPR: The Countdown to New Regime With less than six months to go before the most comprehensive personal data protection regime kicks in, Indian companies rush to comply with the new provisions. Looks like the IT/ITES and BFSI segments are way ahead By Shubhra Rishi
Transparency can never be a bad thing. In fact, it is perhaps the only absolute that organizations should be able to ensure their customers with certainty. Unfortunately, that’s not always the case. Blame it on the massive data growth today. In 2011 when IDC predicted that the data use was expected to grow by as much as 44 times, it may have surprised some of us. in a recent IDC Data Age 2025 whitepaper titled 'The Evolution of Data to Life-Critical' it forecasted that the data use is expected to grow to 163 zettabytes (approximately a trillion gigabytes), it only made businesses think about the unique user experiences and a new world of business opportunities that it will unlock. A lot has changed since 2011 to change the attitude towards how companies want to use the massive consumer data being generated from a multitude of sources such as social media, internet of things, mobile and real-time data. This user-generated information is the truth of our data-driven worlds. There’s a significant gap between the amount of data being produced today that requires security and the amount of data that is actually being secured –and this gap will widen. According to IDC’s recent whitepaper, by 2025, almost 90% of all data created in the global datasphere will require some level of security, but less than half will be secured – and that is highly disconcerting. Statistics reveal that some of the worst security breaches (amounting to 20) have taken place in the last 5 years; thus pushing the governments to act. The General Data Protection Regulation (GDPR) is a result of one such implication imposed by the European Union (EU) for organizations across the globe. The EU’s GDPR puts the onus of specific privacy requirements in the hands of the entities collecting, storing, analyzing, and managing personally identifiable information. Firms subject to the GDPR will have to demonstrate their compliance with the requirements by May 25, 2018. <strong>December</strong> <strong>2017</strong> | CIO&LEADER 9
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