Personal information has become a valuable asset in today's data-driven world, often traded for convenience or access to services. However, this exchange often comes at the expense of privacy, as individuals relinquish control over their data without fully understanding its implications. This is where data privacy laws like the Digital Personal Data Protection (DPDP) Act step in, empowering individuals and establishing a secure digital landscape.
Enacted in 2023, the DPDP Act marks a significant milestone in India's journey towards data protection. Aligned with international best practices, the Act grants individuals control over their data, ensuring transparency, accuracy, and informed consent. It also mandates robust data security measures, minimizing the risk of data breaches and misuse.
Consider a Financial Institution (FI) using social media data for personal loan assessments. The DPDP Act mandates explicit customer consent and ongoing consent maintenance during data usage. Transparency is key: the FI must inform customers and obtain their consent for social media data usage. This prevents unauthorized scraping and grants customers control to withdraw consent anytime. Post-consent, FIs need a Consent Manager framework and clear loan adjustment rules if consent is withdrawn. These changes exemplify how the DPDP Act shapes data practices in the BFSI sector.
At Trustt, we recognize the importance of data privacy and are committed to safeguarding our customers' personal information in compliance with the DPDP Act.
Trustt’s technology provides many guardrails that enable compliance with the DPDP Act for our customers:
The DPDP Act is not just a legal framework; it is a catalyst for data-responsible practices. As businesses navigate the evolving data privacy landscape, Trustt is a trusted ally, ensuring that data is handled not just legally compliant but also in an ethically responsible manner. We believe that data privacy is not just a compliance obligation but a fundamental right, and we are committed to providing technology solutions that handle end customers' data in a compliant and transparent manner.
Together, we can create a data-responsible ecosystem where individuals have control over their personal information and businesses operate with transparency and integrity. Contact today.