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Indian banks ill-prepared for new data law, report says

( June 10, 2025, 07:07 GMT | Official Statement) -- MLex Summary: Banks in India are highly likely to be classified as "significant data fiduciaries" under the forthcoming Digital Personal Data Protection Act, 2023, primarily due to the immense scale and sensitive nature of the data they handle. This designation carries with it a heightened set of obligations, for which most banks are currently ill-prepared, as highlighted by a new report from Protiviti, released at the 4th IBA CISO Summit 2025, hosted by the Indian Banks’ Association. Painting a concerning picture of the current state of privacy preparedness within the sector, a prior Protiviti survey revealed that 52 percent of organizations, which included banks, had experienced a privacy breach in the past five years. Despite this, only 42 percent had a fully defined privacy program in place, and a mere 24 percent felt adequately prepared to manage the privacy risks posed by emerging technologies.  Attached is the Protiviti report on "Navigating DPDPA in Banking: Compliance, Impact, and AI-Powered Strategies for Futureproofing.”...

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