Beni Chugh & Srikara Prasad (Dvara Analysis) &
The Knowledge Safety Council of India[1]
Shoppers’ non-public records has turn into central to how monetary provider suppliers (FSPs) (i.e., regulated entities and intermediating provider suppliers) ship their products and services. Processing non-public records helps FSPs higher assess consumers’ wishes and supply extra amenable monetary products and services. On the other hand, FSPs can put consumers’ protection in danger from other varieties of injury in the event that they procedure records with out ok records coverage safeguards.[2] The potential of those dangers breeds distrust and apprehension about FSPs and fiscal products and services amongst consumers until they’re reassured of protection.
Many records coverage frameworks supply a suite of ideas that are supposed to information suppliers against imposing safeguards. On the other hand, those ideas are regularly summary and tough to place into observe. Extra importantly, those ideas don’t information suppliers against imposing safeguards in some way that earns the shoppers’ accept as true with.
To handle those gaps Dvara Analysis, with the Knowledge Safety Council of India (DSCI), co-developed two privateness handbooks directed at FSPs within the insurance coverage and banking sector. The handbooks lend a hand FSPs put into effect records coverage in a customer-centric means right through the information lifecycle, together with in legacy methods. The handbooks construct on international records coverage frameworks and best possible practices, and inputs from FSPs, records coverage mavens, and different stakeholders within the insurance coverage and banking sectors.
Whilst the handbooks are set within the context of insurance coverage and banking sectors, the foundations are widely appropriate to all FSPs that interface with consumers and procedure their non-public records. Those privateness handbooks supply 4 an important inputs to FSPs. They:
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Supply a suite of ideas and detailed motion issues for FSPs
to put into effect records coverage safeguards at each and every degree of the buyer adventure and knowledge lifecycle in some way that builds consumers’ accept as true with. -
Provide a ready-to-use self-assessment tick list that FSPs can use
to spot the gaps of their framework and know the way they may be able to cope with them to raised conform to regulatory pointers and globally recognised records coverage ideas.
The privateness handbooks, at the side of an summary of each and every guide, are to be had right here. We welcome comments from monetary sector suppliers, records coverage and knowledge safety practitioners, and visitor coverage mavens against making improvements to the guide
[1] The authors from the DSCI crew come with Varun Sen Bahl (affiliated with Nasscom on the time of e-newsletter), Anisha Koshy (affiliated with DSCI on the time of e-newsletter), and Anand Krishnan (affiliated with the CSSF India Cyber Program on the time of e-newsletter).
[2] Knowledge Justice Lab, Knowledge Hurt Document, 2020, https://datajusticelab.org/data-harm-record/.
