Making the Case for Data LocalizationFIS Global's Bharat Panchal on Why Indians' Data Needs to Be Preserved and Secured Locally
"Data sovereignty is required for the growth of the country, and as data is the new oil, we would like to preserve it appropriately and in a secure manner within the country, which can be used for the betterment of the country," says Bharat Panchal, chief risk officer, India, the Middle East and Africa, at FIS Global, in support of data localization in India.
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The latest, revised version of the data protection bill would water down the originally proposed data localization requirement.
In a video interview at Information Security Media Group's recent Cybersecurity Summit in Mumbai, Panchal discusses:
- Bottlenecks in data segregation and storing data domestically;
- The cost of compliance for data localization;
- Challenges for law enforcement concerning borderless data.
Panchal is the chief risk officer for India, Middle East, and Africa at FIS Global, responsible for monitoring, evaluating and implementing improvements of risk management controls and governance areas. He formerly was the senior vice president and head of risk management at the National Payment Corp. of India and also worked at Kotak Mahindra Bank, Citi, Reliance Communications and Avaya Global.