Data protection, privacy challenges rise for corporate India: EY

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Corporate Indias journey toward digital transformation has introduced new risks, especially around managing data, over the last two years, a study by global professional services firm EY said here on Wednesday.

According to EY's Global Forensic Data Analytics Survey 2018, 70 per cent of Indian respondents see data protection and data privacy compliance as increasing areas of concern; while 46 per cent are worried about cyber breach and insider threats.

The study said the role of advanced Forensic Data Analytics (FDA) and emerging technologies would continue to be pivotal to mitigate escalating digital threats.

The India findings revealed that 71 per cent had effectively utilised FDA in cases of data protection and privacy and 87 per cent for financial statement fraud against the global average of 73 per cent and 77 per cent respectively.

The study also said 2018 will see greater investments in emerging technologies.

"Indian organisations are geared up to adopt emerging technologies such as Artificial Intelligence (63 per cent), Robotics Process Automation (53 per cent), Blockchain and Distributed Ledgers (50 per cent), and User Behavioural Analytics (66 per cent) this year.

"These would assist companies in continuous monitoring, policy adherence, and bolster business transparency. These tools can offer companies the flexibility to create customised risk programmes in line with their unique risk profile and culture."

"Emerging markets, especially India, are driving the digital data revolution through rapid innovation and adoption of new technologies. However, the current business environment demands reassessing the risk landscape as a result of new regulations around data protection and data privacy, increased multi-jurisdictional co-operation and rising digital vulnerabilities," said Arpinder Singh, Partner and Head - India & Emerging Markets, Fraud Investigation & Dispute Services, EY.

"This is an apt time for management to maintain the sanctity of data, and derive the true benefits of FDA by integrating it within their compliance programmes for increased return on investment," he added.

--IANS

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