Over 71% Indian enterprises say Global Data Privacy Regulation(GDPR) will help bring a sense of privacy in business and innovation in ideas, according to a recent survey conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP or Deloitte India or Deloitte) in alliance with Data Security Council of India (DSCI).
The joint study reaffirms, organizations that are GDPR ready will gain a competitive advantage, as they will be able to use personal data in their innovations and digitization, helping provide better delivery to their clients through the following measures:
· Provide better customer experiences (60%)
· Enhance productivity of internal operations (54%)
· Personalization of product & services deliveries (47%)
· Creation of new products and services (46%)
In addition, particularly small & mid-size EU companies would open up for business possibilities to Indian firms, given the ease of data transfer between organisations.
With respect to sectors, IT/BPM, Health, Ecommerce, Manufacturing and Pharma are the five frontrunners of the GDPR readiness journey.
Commenting on the survey launch Vishal Jain, Partner, Deloitte India said,” Digital transformation and advanced technologies have enabled enterprises to enhance customer experience. This requires a fair balance between data privacy and accessibility.
GDPR brings in a renewed focus to data privacy. While this is a new compliance imperative, it also provides a competitive advantage for businesses. Infact, our survey findings also infer that GDPR can be the new business opportunity for Indian firms.
The need of the hour for India Inc is to develop a strategic roadmap of adoption for this policy that is transparent and further allows them to build the next layer of customer trust."
Rama Vedashree, CEO, DSCI said “EU has been a key geography for Indian IT and has been servicing customers across several verticals including public sector.
Innovations in global services delivery models, best in class processes and standardization, attention to data protection has kept India’s IT growth story flying high. Scaling its people, process maturity and harnessing technology solutions for rigorous implementation has enabled driving conformance to data protection regulations in various geographies. Given EU GDPR, and impending India’s Data Protection Law, stepping up focus on Data protection practices and capability building, is a key imperative to satisfy expectations of customers and consumers
The joint survey from Deloitte and DSCI is an effort to analyse the current state of preparedness of Indian organizations basis the requirements mandated by the European Union’s (EU) General Data Protection Regulation (GDPR).
· According to the survey in India, even as 28% of the small organizations are yet to initiate their journey towards GDPR, 71% of survey respondents expressed that this regulation will help bring a sense of privacy in business and innovation in ideas.
· Out of the organizations that have taken action for GDPR readiness, 80% have conducted general awareness campaigns for all their relevant stakeholders to identify their processes, which access personal or sensitive data.
· While Right to Data Portability, Right to Erasure and Right to Restriction of Processing were recognised as most challenging data subject rights, 62% of respondents felt avoiding legal & contractual liabilities, fines & penalties as the biggest motivator for compliance followed by the need to get a competitive edge.
· The report also notes that IT/BPM sector was the most responsive sector in terms of taking any steps towards GDPR readiness with 84% of IT organizations having started readiness journey. This was followed by health and E-commerce sectors with 81% and 80% organizations respectively initiating their process.
As a step forward, this survey laid emphasis on the need for a dedicated privacy team and a Data Protection officer (DPO) as their absence may pose a problem for organizations once the regulations for data privacy of various countries broaden after the enforcement of GDPR. This team would set the ground for Data Protection Impact Assessment (DPIA) that would help organizations identify, assess, and mitigate or minimize privacy risks with data processing activities.
Furthermore, it suggest that it is important for Indian organizations, especially Business Process Management (BPM) organizations, call centres and Business Process Outsourcing (BPO) organizations, to assess their role under GDPR as that of a Data Controller (DC), Data processor (DP) or both, since regulatory requirements for a Data Controller may vary from those for a Data Processor.
Commvault, a global leader in enterprise data management, backup, recovery, archive and the cloud, today announced a new partnership with IBM, in which IBM Business Resiliency Services will be able to provide a managed service based on the Commvault software portfolio of data management and protection software, including the Commvault Data Platform. With this new relationship, IBM Business Resiliency Services will be able to deliver its global customer base a single powerful platform for managing, backing up, recovering, migrating and indexing of all their data, whether it is located on-premises or in the cloud.
IBM Business Resiliency Services will offer its customers the opportunity to deploy Commvault software on-premises, on infrastructure managed in IBM data centers and in IBM Cloud environments. IBM Business Resiliency Services will offer the software both as a solution or as a managed service. The Commvault software offerings will also enable IBM healthcare customers to manage critical MEDITECH, Epic and other EHR data, as well as medical images, across their healthcare enterprise.
IBM is partnering with Commvault as enterprises increasingly realize that they need a simple, powerful and comprehensive data protection and management platform to reduce complexity in their IT environments. The rise of the digital economy is increasing this complexity, as the amounts and types of data in the enterprise grows, while at the same time the number of sophisticated ransomware and other cybersecurity attacks rise. In addition, the implementation of GDPR and other new data privacy and other regulations, combined with increasingly diverse IT environments that consist of various kinds of on-premises infrastructure and multiple cloud services, are creating greater complexity for enterprises.
“The enterprise finds itself in an era where clients are seeking more simplicity and agility in their data backup and recovery solutions to help enable their digital transformation,” said Daniel Witteveen, Vice President, Global Portfolio, IBM Business Resiliency Services. “Seamless integration of IBM and Commvault solutions for on-site or off-site data backup will help deliver a more simplified business continuity model and help reduce operational risks and costs for customers.”
With this new partnership, IBM Business Resiliency Services customers can now easily purchase Commvault-powered services through IBM, empowering them with new ways to help maintain business continuity, streamline IT efforts, minimize cybersecurity and regulatory compliance risk, and use data as a business asset by:
· Optimizing backup, archiving, recovery, search and e-discovery operations across applications, databases and endpoints, with specific migration, granular search and other capabilities designed to optimize management of applications such as IBM DB2, Microsoft Office 365, Microsoft Exchange, Microsoft SharePoint, Microsoft SQL, Microsoft Active Directory and Oracle.
· Implementing comprehensive ransomware, GDPR and other data protection and regulatory compliance strategies that allow them to backup, find, govern and quickly recover data throughout their organization from a centralized portal.
· Enabling hybrid cloud strategies by moving, managing and activating data across on-premises and cloud infrastructures, including IBM Cloud, Microsoft Azure and Amazon Web Services (AWS) cloud environments.
“As an IBM Business Resiliency Partner, this extended partnership enables SHI to offer a leading data management and protection solution with deep integration into the Microsoft Enterprise,” said Ed McNamara, Sr. Director Communications and Marketing, SHI International (IBM AND Microsoft Reseller). “As a result, SHI’s customers will have a more streamlined way to acquire and deploy this powerful trifecta of world-class solutions from IBM, Microsoft and Commvault, empowering them to optimize the management and protection of their most vital applications.”
“The combination of Commvault’s industry-leading data management and protection platform with IBM Business Resiliency Services’ vast business continuity expertise will enable IBM customers to more easily manage, protect and archive their enterprise data wherever it is located,” said Owen Taraniuk, Head of Worldwide Partnerships and Market Development at Commvault. “By being able to offer their customers Commvault products, IBM Business Resiliency Services experts can better ensure their customers’ cybersecurity, regulatory compliance, cloud adoption and other digital transformation initiatives do not result in any disruption to their operations. This new partnership provides IBM Business Resiliency Services experts with the data management platform they need to solve the many IT resilience challenges their customers face as they move to new hybrid cloud environments.”
For the second year in a row, Philips Lighting India has been recognized as one of India’s Best Companies to work for in a survey conducted jointly by The Economic Times and Great Place to Work® Institute. As a part of the top 100 list, Philips Lighting has been acclaimed for its excellent work culture and key organizational values that the company believes in. Amongst 800 leading companies that participated in the survey this year, Philips Lighting India has made a significant progress from 82nd rank last year to the 69th spot this year.
Commenting on this achievement, Sumit Joshi, Vice Chairman and Managing Director, Philips Lighting India, said, “We are delighted to be recognized as one of India’s 100 Best Companies to work for, second year in a row. I am extremely proud of our team in India for their invaluable contribution in creating an incredible company culture and work environment over the years. This recognition is a strong affirmation of our key organizational values that form an integral part of our company DNA.”
The survey independently evaluates participating companies on various parameters that define a great workplace, assessed through employee feedback and critical evaluation of company policies and practices.
In a quest to continuously make the work environment better, Philips Lighting India has designed several platforms for the employees to bring forward their feedback, ideas and suggestions and over the last year they have worked towards improving the identified areas. The company also makes strong efforts to recognize and reward meaningful contributions by their employees across different functions and roles, through an innovative app called Light Up, using which employees can recognize their peers. Team leaders can also reward their team members under different category of awards, which makes them eligible for Light Up points that can be redeemed on popular shopping and travel websites.
Signify became the new company name of Philips Lighting as of May 16, 2018. The legal name of Signify will be adapted in India in the beginning of 2019.
Toyota Kirloskar Motor sold a total of 13088 units in the domestic market this month of June 2018. The company exported 1014 units of the Etios series this month thus clocking a total of 14102 units. TKM had sold 1973 units in the domestic market and exported 1655 units of the Etios series in June 2017 as a conscious decision to lower the volumes to lessen any impact on the dealers owing to the uncertainty surrounding implementation of GST in July 2017
The company has been able to register 23% growth in the first half of 2018 from Jan –June 2018 as compared to the same period last year.
Commenting on the sales performance, N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, “We have achieved triple digit growth this month as compared to June 2017 owing to last year’s GST scenario, wherein we supplied as per the market demand which was impacted due to impending GST implementation. The real scenario of June-July sales will be clear after July end compared to Jun –July 2017.
The positive growth in the first six months of 2018 over 2017 has been very encouraging. We have registered a 23% growth in Jan –June 2018 as compared to the same period in 2017. Thanks to the persistent support and trust from our loyal customers, Innova Crysta has recorded 43% growth in April-June 2018 as compared to the same quarter last year. Being the segment leader for more than a decade, it gives us the confidence that we have been able to win customer hearts through unmatchable quality, safety and innovation.
We are happy that Yaris continues to enjoy good traction from customers.
We will continue to push our boundaries to cater to customer needs in the country.
Underwriters Laboratories (UL NFP), the not-for-profit parent of UL has flagged off a unique and multi-dimensional initiative across 10 cities in India, the National Safety Science Campaign (NSSC). Promoting safety education for children is a key initiative for the UL NFP in advancing the organization’s public safety mission. The NSSC is a sustained commitment to improve the safety culture in India by harnessing the academic and creative potential of students to transform them as safety ambassadors.
The campaign is an evolution of UL’s National Safety Science Quiz (NSSQ), a multi-format competition that invited participation from 85,000 students from grade IX to XII across 10 cities in the country in its fourth edition in 2017. Building on the success of the NSSQ, the comprehensive plan for NSSC involves expanding the outreach to children from younger age groups and involving several stakeholders in the school set up – teachers, principals and parents and eventually, policy makers in the education sector.
With an aim to engage over 10 million youngsters across the country, the three-pronged NSSC is designed as an all-year agenda where participating schools will get many opportunities to increase awareness around topics such as electrical, road, fire, cyber, environment and food safety that are relevant to everyday life.
In addition to the NSSQ (focused on students of grades 9 – 12), the NSSC will include new avenues of expression through a poster and slogan contest (for students of grades 5 – 8) and a school contact program to establish safety clubs and provide safety mentorship training for teachers. The poster and slogan competition will be hosted digitally on the NSSC microsite and the quiz and school contact program will be held in the shortlisted cities – Bengaluru, Chennai, Hyderabad, Mumbai, Pune, New Delhi, Lucknow, Jaipur, Bhubaneshwar and Kolkata – covering all parts of India.
Commenting on the launch of the NSSC 2018, Suresh Sugavanam, Vice President and Managing Director, UL - South Asia, said, “UL believes that inculcating safety education in children is an important step to promote safety awareness in society. We are inspired by the response to the NSSQ over the years and we wanted to deepen our engagement with school community to build a grass-root movement for adopting safer practices in our daily life. While the NSSQ remains the cornerstone of the campaign, the other elements of the NSSC enables us to establish an inclusive platform to involve children of varying academic and creative potential, as well as the school ecosystem, in the journey to bring marked improvements in India’s safety culture.”
Payments Council of India (PCI), the apex body representing the companies in the payments and settlement system, in its latest Annual General Meeting, has announced the appointment of Vishwas Patel, Director, Infibeam Avenues, as its new Chairman. Vishwas has been associated with PCI ever since its inception in 2013 and was serving as its Co-Chairman of Payments Council of India. He takes over from Naveen Surya, who has been elevated to the post of Chairman Emeritus. PCI has also announced the appointment of Loney Antony, Managing Director, Hitachi Payment Services as its new Co-Chairman.
In his capacity as the Chairman of PCI, Vishwas will drive the agenda of creating a sustainable environment conducive to the development of digital payments industry in India. He along with Loney and Naveen will strive towards achieving the government’s target of growing the volume of digital transactions to 30 billion for the financial year 2018-19. The newly appointed leadership team will lay considerable focus on ironing out the micro issues faced by the industry such as Implementation of Interoperability of Prepaid Payments Instruments, , reimbursement issues related to Debit Card MDR for transactions upto Rs. 2000, and simplification of outward remittance regulations among others
Speaking on the occasion, Vishwas Patel, Chairman, PCI, said “I want to express my heartfelt thanks to all the members of the Payment Council of India. I am honored and humbled that they have placed their trust in me. With their trust, I will work tirelessly on PCI’s behalf to help address challenges, and to secure lasting and meaningful solutions to all the issues faced by our payments industry. The industry has huge potential in our country and simultaneously my considerable efforts will be laid on leapfrogging the industry to great heights.”
A veteran in the digital payments industry, Vishwas has been instrumental in driving the industry initiative of equitable distribution of Merchant Discount Rate (MDR) between acquirers and merchants. As a voice of the payments industry, he has also spoken at multiple government and industry forums highlighting the challenges faced by the net banking, debit and credit cards industry and possible recommendations to take the industry forward.
Commenting on the appointment, Mr. Naveen Surya, Chairman Emeritus, PCI, said ‘’I would like to congratulate Vishwas and Loney. Both are innovators and great leaders, who understand the nitty-grittys of the industry. The digital payments industry in India has seen uncharted growths in the last few years and I am confident that under their able leadership, the industry will reach new milestones. I wish them all the success.’’
President Ram Nath Kovind has said the Indian economy is set for a surge with the GDP size seen at doubling to USD 5 trillion probably by 2025.
He was speaking after launching the platinum jubilee celebrations of chartered accountants' apex body ICAI.
"Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion," Kovind said.
Emphasising that adherence to fair taxation system is much more than merely providing revenue to the government, Kovind said chartered accountants are the watchdogs of public trust.
Chartered accountants have a key role to play and are facilitators of tax payers as well as taxation system.
Minister of State for Corporate Affairs P P Chaudhary said the government's fight against black money is continuing and that around 2.25 lakh suspected shell companies have been identified.
These entities are being analysed and suitable action would be taken, he added.
ICAI President Naveen N D Gupta said the world congress of accountants would be held in India in 2022.
Minister of State for Communications Manoj Sinha also spoke at the function.
The Institute of Chartered Accountants of India (ICAI) has more than 2.80 lakh members.
