Data protection a challenge with digital transformation: Study

Hyderabad: India Inc’s journey towards digital transformation has introduced new risks, especially around managing data, over the last two years, according to a survey done by global consulting firm EY. Over 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 survey titled 'How can you disrupt risk in an area of digital transformation?' said.

"The role of advanced Forensic Data Analytics (FDA) and emerging technologies will continue to be pivotal to mitigate escalating digital threats. According to the India findings, 71 per cent had effectively utilised FDA in cases of data protection and privacy, 87 per cent for financial statement fraud, against the global average of 73 per cent and 77 per cent respectively," the EY’s Global Forensic Data Analytics Survey 2018 said. According to Arpinder Singh, partner and head, India and emerging markets, Fraud Investigation and Dispute Services, EY, 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, he said. "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 programs for increased return on investment," Singh said. According to the study, in 2018 Indian organisations will see greater investments in emerging technologies such as Artificial Intelligence , Robotics Process Automation and Blockchain Technologies among others.