Data law to unlock a ₹10,000 crore space as firms boost compliance spends
Article excerpt
Highlighted: the sentence this signal was extracted from
Data law to unlock a ₹10,000 crore space as firms boost compliance spends. Global vendors such as ServiceNow, IBM, OneTrust and TrustArc are already making moves to capture early market share in consent management-as-a-service. India's new data protection law is expected to attract investments of about ₹10,000 crore over the next three years as businesses allocate more resources toward privacy automation and services to comply with the norms, according to consulting firm EY India. Two years after Parliament passed the Digital Personal Data Protection (DPDP) Act, the government on Friday notified the administrative rules that are required for putting the law into effect. According to EY India, of the nearly ₹10,000 crore anticipated in investments, consent management - a crucial element of compliance - could represent about 10% as large enterprises embed consent systems into their digital infrastructure over the next 12 to 18 months. Global vendors such as ServiceNow, IBM, OneTrust and TrustArc are already making moves to capture early market share in consent management-as-a-service. ServiceNow said it is working with four of India's top five banks. IBM's access management platform, IBM Verify, is also emerging as a major contender in enterprise deployment. Among startups, Atlanta-based OneTrust, a global leader in privacy and risk management, announced an expansion...
Keep reading with a free account
The rest of this article, and every signal for OneTrust, is in your free account.