Role of Data Classification in Meeting Privacy Regulations in India’s BFSI Sector

Data breaches are rising both in frequency and complexity, and companies in the financial services sector are increasingly falling prey to them. Securing sensitive data is therefore not just a regulatory requirement but also a strategic priority.

Several countries, states, regulators, and authorities have released guidelines to ensure the safety and privacy of customer data. In India, the Digital Personal Data Protection bill is still in progress, but regulators, especially in the financial services industry, such as PCI SSC, RBI, and IRDAI, have released guidelines for their Regulated Entities (REs).

IRDAI requires all the REs to classify all their data based on the information asset’s relative risk, value, and sensitivity into 4 categories, while RBI’s new cybersecurity framework delves into the necessary controls to protect the confidentiality and integrity of data and processes associated with the digital product/ services. As the regulatory landscape continues to evolve, it is crucial for REs to stay informed and compliant. SISA’s exclusive webinar will help you navigate the intricate world of data privacy regulations and understand their impact on your organization.