With less than a fortnight to go, GDPR now lurks just around the corner. Its reverberation will be felt throughout the world, including India. AdAge India recently spoke with Ashish Shah (Founder & CEO, Vertoz) on how it might affect the Indian Tech sector. Here are a few excerpts.
Any company under the sun, who collects, monitors or processes the data of EU citizens will have to comply with GDPR. It encompasses all sectors, across all industries. It thus follows that GDPR also includes Indian publishers and advertisers, who deal with the data on EU citizens. It is important to note that it covers even the British data subjects, in spite of Brexit. This is because the legal consequences of Brexit will take effect only after GDPR. Hence, the data of any EU citizen, including the British, cannot be tracked or processed without their consent.
In case of non-compliance, penalties going up to 20 million euros or 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher, will be charged to the offenders. Hence, in order to keep the losses at bay, firms will have to ensure that they are well informed about every rule that they are required to comply with.
Let’s check how the Indian companies are doing with this respect. The smaller Indian companies have to amp-up their preparations with respect to GDPR. The larger tech-giants, on the other hand, have not just done their part of the preparations, but are also seeing huge business opportunities here. They intend to monetize this by sharing with their clients the insights and leanings they gained during their GDPR preparations.
In fact, The size of the GDPR services market is estimated to go up to $1.1 billion by 2022, as per technology researcher NelsonHall. Thus, if India prepares well, it can actually turn this around into a growth opportunity for itself.
For more such insights, read the full article here.