Page 136 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
th
nd
Webinar on
“ Cyber Insurance – Risk Mitigation for Cyber Security and Data Protection’’
organized by the Banking, Financial Services and Insurance Board (BFSIB) on
30/06/ 2022

Shri Shri Vijay Shankar Naavi, President, Data Protection Association of
India deliberating on the Webinar on Cyber Insurance – Risk Mitigation for
Cyber Security and Data Protection held on 30th July, 2022

Mr. Vijayashankar Naavi, shared his views when it comes to data. In data protection the
about the perception relating to how do the administrative fines go up to four percent of
industries particularly the organizations the turnover which is the biggest threat. He
commercial organizations look at the cyber discussed about the difference between PDPA
risk. He said lack of awareness, lack of proper in India and GDPR and said that at present
estimation of the risk and lack of confidence
of the corporates on the cyber insurance India has got Information Technology Act
industry is the reason of less penetration. The Section 43A which has got all ingredients of
underwriting has to be risk based so without this proposed Data Protection Act in terms
a risk assessment it is difficult to arrive at the of the responsibilities of a data fiduciary.
In GDPR, organizations are supposed to
premium and also the asset coverage how
much of assets is covered. There is very little follow privacy by design nobody is going to
understanding about valuation particularly check what they have done or what they are

The Institute Of Cost Accountants Of India

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