Data protection and data privacy challenges are on the rise for corporate India, a new survey from Ernst Young (EY) has showed.
Nearly 70% of Indian survey respondents see data protection and data privacy compliance as increasing areas of concern and 46% are worried about cyber breach and insider threats, the company said in a media statement.
The survey also noted that advanced forensic data analytics (FDA) and emerging technologies will continue to be pivotal in mitigating escalating digital threats. According to the India findings, 71% had effectively utilised FDA in cases of data protection and privacy and 87% for financial statement fraud against the global average of 73% and 77% respectively, the survey stated.
However, 53% of Indian survey respondents highlighted a need to improve management’s awareness of the benefits of FDA, which is higher than the global average of 45%.
“The pace of regulatory change continues to accelerate and the introduction of data protection and data privacy laws, such as GDPR, are major compliance challenges for global organisations. But businesses that adopt FDA technologies can achieve significant advantages, benefitting from more effective risk management and increased business transparency across all of their operations,” Andrew Gordon, EY global fraud investigation and dispute services leader, said in the statement.
Arpinder Singh, partner and head for India and emerging markets, fraud investigation and dispute services, EY, said that though emerging markets, especially India are driving the digital
data revolution through rapid innovation and adoption of new technologies, 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.
“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,” Singh added.
The survey also said that the use of FDA in Indian organisations is steadily rising, with 95% stating that it leads to improved risk assessments, and 98% asserting faster response in investigations.
Globally, 42% of the survey respondents believe that data protection and privacy regulations have a significant impact on the design and use of FDA, but most organisations are still not using it in their GDPR compliance efforts, the survey showed. It further shared that Indian respondents showed limited understanding and readiness toward GDPR compliance and almost 60% are unfamiliar with the regulation with only 13% having a plan. It also showed that less than 30% of the respondents are not using FDA techniques to support GDPR compliance.
According to the survey, 2018 will see greater investments in emerging technologies. It said that Indian organisations are geared up to adopt emerging technologies such as artificial intelligence (63%), robotics process automation (53%), blockchain and distributed ledgers (50%), and user behavioural analytics (66%) 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,” the survey shared.