Khare sheds light on the emerging role of cyber insurance as a critical component in mitigating the financial impact of data breaches.
Nitesh Khare
In today's digital era, where information holds unparalleled significance, safeguarding data has become vital. Cybersecurity company CloudSEK has recently revealed a major security breach that has exposed the personal details of a staggering 75 crore Indians. This breach includes essential information like names, phone numbers, home addresses, and Aadhaar details.
With stringent data protection laws such as the General Data Protection Regulation (GDPR) and the Digital Personal Data Protection Act (DPDPA), the landscape of data governance has witnessed a significant transformation. At the helm of this transformative journey is Nitesh Khare, Managing Director of Zou Global Services, who champions the cause of data privacy and governance.
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Speaking to Mid Day, Khare emphasizes the need for businesses to prioritize data privacy in an era of data breaches. "Data breaches can be detrimental, damaging a company's reputation and causing problems with its work. There is an urgent need to make data more private and secure. This can be done by simple measures like teaching people regularly about security, making sure only the right people can access data, turning data into secret code, checking for security problems, and planning how to deal with security issues quickly," he said.
Khare sheds light on the emerging role of cyber insurance as a critical component in mitigating the financial impact of data breaches. "By transferring the financial risks associated with cyber threats to insurers, cyber insurance ensures business continuity, aids in regulatory compliance, and serves as a strategic investment for businesses operating in the digital landscape," he adds.
To effectively incorporate cyber insurance, he recommends assessing coverage, understanding policy details, and integrating it with the overall security posture. Khare said, "By aligning cyber insurance with comprehensive cybersecurity strategies, businesses can effectively manage the risks associated with cyber threats and safeguard their most valuable asset—data."
At the core of data protection lies the concept of data classification—a systematic approach to categorizing data based on its sensitivity and the level of security it necessitates. "The foundation of data classification under GDPR is built upon the distinction between general personal data and special categories of personal data. General personal data encompasses information handled without explicit notification and is considered non-sensitive. Examples of such data include names, addresses, and email contacts, constituting commonplace data points processed for various purposes. In contrast, special categories of personal data represent a realm of heightened sensitivity, necessitating additional protections and restrictions," he said.
Under DPDPA, personal data is categorized into sensitive personal data and digital personal data. Sensitive personal data encompasses information of a particularly sensitive nature, requiring heightened protection, while digital personal data refers to information that can identify individuals within the digital sphere.
Khare underscores the standard requirements for data classification, which are essential for regulatory compliance and the protection of sensitive information. He highlighted the core requirements to ensure robust data governance by upholding confidentiality principles, safeguarding protected health information, and classifying data to assess sensitivity.
"At Zou Global Services, we focus on securing your data and ensuring adherence to the latest regulations. Backed by a team of experts committed to safeguarding your digital assets, we specialize in guiding both organizations and individuals through the intricate landscape of data privacy. Zou Global is a trusted partner to hundreds of companies to fortify their clients' information and uphold confidence in the digital era.
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