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:
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.
This story is from the July 2018 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2018 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Kamdhenu & Sammrudhi loans top rural customers
Unnayan Bharat Finance Corporation (UBFC) Director & Co-Founder Avneesh Trivedi shares the company's attempts to enhance the rural lending environment & deliver better services to its consumers:
It's going to be a 'world' of CBDCs
Practically, every central bank in the world is testing and readying a CBDC system:
Training for behavioral & social skills is key
3 CHROs from the top BFSI companies in India open up about their training and motivation programs aimed at enhancing employee effectiveness. The story is divided into 4 parts: (i) functional and behavioral training, (ii) manager to leadership training, (iii) learning-based training, (iv) motivational programs:
THE AI COMPASS
Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.
To mentor & coach emerging leaders
Manish Shah, MD & CEO of Godrej Capital, outlines his focus areas today and in the future:
Innovation will unlock India's Mission 'Atmanirbhar’
Sunita Handa is Chairman, Toyota FSIN and Principal Advisor & TLAB Chairman, Protectt.ai Labs. She shares her current activities and her deep insights on innovaiton in an interaction with Manoj Agrawal:
Algorithm is the Boss
Irem Sayeed, Chief Credit Officer at U GRO Capital, dwells into business focus and modernization at the lender:
Fintech and Neobank under the same Umbrella
It was started in 1902 to build what came to be called Israel:
Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation
A productivity booster shot at BALIC:
Small Beginning for a Big Opportunity
AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers: