IDfy Launches India's First Consent Governance Platform, Privy, for DPDP Act Compliance
IDfy has introduced India's first consent governance platform, Privy, to assist enterprises in adhering to the Digital Personal Data Protection Act 2023 (DPDP Act). This new platform aims to simplify consent management processes and enhance data privacy in financial services.
The DPDP Act emphasizes robust data privacy practices, requiring enterprises to obtain 'specified consent' for data processing. Failure to comply may result in substantial fines of up to ₹250 crores. Financial services companies processing large volumes of personal data are considered significant data fiduciaries and must adhere to the DPDP Act and sectoral regulations.
Privy, launched by IDfy, helps manage consent governance by rationalizing user permissions and consents, clear communication, easy revocation mechanisms, and maintaining detailed audit trails. This not only aids in regulatory compliance but also builds customer trust and mitigates data breach risks. Incorporating privacy into the software development lifecycle and empowering a Data Protection Officer further helps manage privacy challenges and stakeholders effectively.
IDfy's Privy platform is set to revolutionize consent management in financial services, ensuring data privacy and compliance with the DPDP Act. By simplifying and streamlining consent processes, Privy enables enterprises to build customer trust and mitigate data misuse risks.
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