Data privacy & sovereignty imperative: Industry leaders chart a course for AI innovation and digital trust
Published on : Monday 12-08-2024
Hosted by US Consul General Mike Hankey, the event brought together a distinguished gathering of government officials and industry leaders.
Mumbai, August 7, 2024 – As India emerges as a global AI frontrunner, the intricate interplay between data innovation, data sovereignty and robust privacy safeguards has become a paramount concern, especially given the rise of AI. To address this critical challenge, Data Dynamics and the Consulate General of the United States in Mumbai convened a high-level roundtable on 'The Future of Data Privacy and Security in the Era of AI'.
Hosted by US Consul General Mike Hankey, the event brought together a distinguished gathering of government officials and industry leaders. Sujata Saunik, Home Secretary of Maharashtra, and Yashasvi Yadav, Special Inspector General of Police, Maharashtra Cyber Department lent their expertise to the discussions.
Key decision-makers from India's corporate landscape, including top-tier CISOs, CIOs, and CTOs from BSE, LIC, HSBC, Citi Bank, HDFC Life Insurance, CAMS, ICICI Lombard, Glenmark Pharmaceuticals, Apollo Hospitals, Alkem Laboratories, Kenvue, L&T Technology Services, and Hitachi Vantara participated for in-depth discussions on data privacy for AI, data sovereignty, consumer trust, the evolving regulatory landscape, and the practical implications for businesses.
US Consul General Mike Hankey delivered the keynote address stating, "As AI technology rapidly advances, safeguarding data privacy and security becomes increasingly crucial. The roundtable highlighted the need for robust frameworks that foster innovation while ensuring the ethical development and deployment of AI solutions. Through international cooperation and adherence to ethical standards, we can empower societies and economies to fully leverage AI's potential while protecting individual rights and freedoms."
"Ensuring Digital Trust is foundational to our nation's digital aspirations. This is defined by a commitment to data privacy, ethical AI, data sovereignty and security, while complying with social and environmental regulations. It is imperative that we build a data ecosystem that is not just secure but also equitable and inclusive. This requires a collaborative effort between the government, industry, and civil society to establish India as a global leader in data governance and innovation while safeguarding the interests of its citizens. India has the potential to be a global data powerhouse, but realizing this potential requires a delicate balance between fostering innovation and protecting individual privacy rights," said Piyush Mehta, CEO, Data Dynamics.
The roundtable delved into the complexities of navigating India's data landscape, where the potential to harness data for economic growth is immense. Based on an Ericsson Mobility Report, India is set to become the world's largest mobile data consumer by 2028, surpassing even developed nations. With average monthly data consumption projected to reach 62 GB per user, India's appetite for data will outpace those of the US, Western Europe, South Korea, and China. This surge is fuelled by exceptionally low data costs, rapid 5G expansion, and increasing smartphone affordability.
Additionally, a Nasscom-BCG report has stated that India's AI market is expected to touch 17 billion USD by 2027. This creates urgency for enterprises to strike a balance between data innovation, usage, accessibility and privacy, while ensuring regulatory adherence and digital trust. However, a key challenge lies in the management of this very data — given that 80% of enterprise data today is unstructured (Gartner) — which will continue to grow due to the advent of AI.
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